Is Your Business a Good Fit for Crowdfinancing through Honeycomb?
Here are some characteristics we think are good indicators of being able to run a successful crowdfinancing campaign:
You’re a locally-owned business
You’re looking for $10K-$100K in growth financing
You sell your products direct to consumers or through a retail partner
You have steady revenue or on a compelling path to revenue
You have a strong, loyal customer following
Your business has an active digital and/or social media presence
What You Need to Get Started
Defined Use of Funds / Business Plan – tell us about your project! Why do you think this next step will bring value to your business and community? What costs are associated with the project? What is the timeline?
We’ll want to understand the details of your growth project and see that you are prepared to execute on the next phase of your business’s growth. If you have a growth project in mind, schedule a call with us now to chat.
✨Tip: Don’t be shy, let your passion shine through!
What You Need to Complete Your Application
2 years of financials and tax returns – to better understand whether your business is in a good position to borrow money, we’ll need copies of your business’s balance sheet, cash flow statement, income statement, and copies of your filed business tax returns.
If you’re a startup or have been in business for less than 2 years, we’ll want to see the financial statements you do have plus your business plan and financial projections.
We’ll use this information to understand your financing need and structure a loan that best fits you and your business’s needs.
✨Tip: If you keep your books current with QuickBooks or a similar accounting software, you can export your financial documents in just a few minutes!
List of any current personal and/or business debt – what other obligations does your business have? We’ll want to know the details about any other loans, credit cards, or lines of credit that you have outstanding. Specifically, we’ll need the 1) the creditor, 2) how much you currently owe, 3) at what interest rate, and 4) the minimum monthly payment.
With these documents, the Honeycomb team will work with you to design a loan that makes the most sense for your business.
✨Tip: We’re typically able to offer several loan options for you to choose, including varying term lengths, personal guaranty requirements, collateralization, and a 60-day payment-free period after the funds are raised!
Wondering if your business is the right fit or ready for crowdfinancing through Honeycomb? Or have a question about the paperwork you need to get started? Schedule a 15-min free introductory call with the Honeycomb Credit team, or give us a ring anytime at (412) 387-8467!
Ready to get started? Begin your application with Honeycomb here.
* Please note the documents highlighted above are necessary to submit an application with Honeycomb and that submission does not constitute or infer an offer of credit.