In a state notorious for a high cost of living, how are independently-owned businesses supposed to stay afloat in the face of rising inflation everywhere? Here are three examples of local businesses in California - Bakersfield, Placerville, and the San Fernando Valley - that are taking steps to beat inflation!
How A Small Business Loan Can Beat Inflation
Spoiler alert: the thing these three businesses all have in common is that they ran Honeycomb investment offerings to raise money so they could grow their businesses. However, they’re not worried about inflation affecting their interest rate price, because Honeycomb has a fixed-income interest rate. This means that no matter what the Federal Reserve does to interest rates in commercial banks, an interest rate through Honeycomb Credit will not be affected!
Prostainable is a zero-waste refill store in the San Fernando Valley that grew to a second location with their Honeycomb loan! Owner Laura Yochum raised $70,800 from 55 investors - and she told us she was delighted to find her first 30 investors were women!
Field Number Fifteen
Kenyon Elliot, owner and CEO of Field Number 15 left his job in secondary education to pursue his dream - making small-batch wine and beer. Field Number Fifteen is an organic winery, and it’s among the 1 percent of wineries that are Black-owned. Kenyon is seeking now to expand his Placerville winery, Field Number Fifteen, with the help of a Honeycomb loan, which has raised over $15,000 from 22 investors!
Track Time Hobbies
How many people can say they’re making a career out of something they’ve loved since childhood? Track Time Hobbies has the Bakersfield area’s only slot car racing track, and they’ve built a successful business selling slot racing cars and equipment. Now, they’re seeking to grow their inventory and e-commerce business with a loan funded by their community with Honeycomb!
Are you ready to grow your California independent business?
Get in touch with us today to learn more about Honeycomb’s small business loans - funded by your community!