Funded on Honeycomb: Pope's Kitchen's Credit Card Debt Refinancing
Updated: Feb 28, 2020
Pope's Kitchen is Cleveland's premier artisanal sauce & cocktail mix maker owned by Clark Pope, a former high school teacher and caterer. Pope's Kitchen products can be found at Giant Eagle Market Districts, Williams Sonoma, and 400+ retail and restaurant locations across Ohio.
Like many other small business entrepreneurs, Clark had to take on some credit card debt to start and scale his business: building a website, upgrading branding, creating new packaging, hiring graphic designers, and paying other essential upfront costs.
When he was ready to grow Pope's Kitchen regionally, Clark worked with Honeycomb to refinance $50,000 in credit card debt, reducing his interest rate from 19.8% to 11.2%.
By refinancing on Honeycomb, Clark has reduced his monthly payments by $300 and is on a strong path towards becoming a fully debt-free business by the end of the 5-year term.
With the freed up cash flow, Clark has been able to invest more into building his wholesale and retail relationships, and his revenue from retail sales has increased by 32% in less than a year!
Want to refinance your business loan like Clark? Let's talk!
Whether you need to refinance some credit card debt or a merchant cash advance from companies like Kabbage or Square, we can help you reach community investors and free up some cash flow.
The first step is to book a qualification call with one of our small business experts.