• Calla Norman

What Can I Use a Small Business Loan For?

Updated: Jan 10

Norraset Nareedokmai, owner of Kiin Lao and Thai Eatery in Pittsburgh with his young daughter

Restaurants like Kiin Lao and Thai Eatery have crowdfunded small business loans for their restaurants with Honeycomb Credit!

If you’re in the market for a small business loan, you might be wondering what kinds of projects you might be able to finance using a loan. The better question to ask might be, “what can’t you use a small business loan for?”

Small business loans are incredibly flexible, and allow you to finance most business operations or projects. Whether you’re starting a small business from scratch or looking to make the next step in your business’s growth, a small business loan can help you reach those goals.

Here are just eight ways that you can use a small business loan to build your business - and each one of these crowdfunded at least part of their capital needs with a small business loan from Honeycomb Credit, funded by their best customers and most loyal friends, not a bank.

1. Starting up a business

2. Expanding your small business’s distribution

3. Rebranding your small business

4. Moving your small business to a new location

5. Opening a food truck

6. Working capital for your small business

7. Refinancing high-interest and credit card debt

8. Buying equipment for your small business

Starting up a business - Gordo’s Tacos and Tequila

One way in which you can utilize a small business loan is by getting one to start up your small business!

Gordo’s Tacos and Tequila is a from-scratch restaurant in more ways than one. Located at the top of the Monongahela Incline, this gourmet taqueria will provide great Mexico City-style street food with one of Pittsburgh’s most iconic views.

In order to fund the start-up costs of the restaurant, including finishing the build-out of their second-story bar, Gordo’s Tacos and Tequila ran not one, but two Honeycomb Credit crowdfunding campaigns, and raised nearly $95,000 from both of them!

Expanding your small business’s distribution - Aurochs Brewing Company

If your small business is bursting at the seams in your market, it might be time to expand into new cities and states. This is a great opportunity for a small business loan, which can be used to improve distribution operations, marketing, or whatever you need!

Aurochs Brewing Company in Emsworth, Pennsylvania is a unique craft brewery in that they only brew gluten-free beers. Since opening, they’ve gathered a huge following and have grown to over 14 states in distribution!

In order to grow, Aurochs Brewing Company needed to purchase new brewing equipment, invest in marketing, and refinance old debt. So, they ran a Honeycomb campaign and crowdfunded a loan of $150,000!

a selection of Aurochs Brewing Company's gluten free beers

See how craft breweries like Aurochs Brewing Company can crowdfund their growth with a Honeycomb small business loan!

Rebranding your small business - Kiin Lao and Thai Eatery

Sometimes, you’re ready for something new, and rebranding your business can be a great way of freshening it up!

Kiin Lao and Thai Eatery in Pittsburgh rebranded from a beloved Thai restaurant, Bangkok Balcony because owner Norraset Nareedokmai fell in love with Lao food and wanted to bring the relatively underappreciated cuisine to America.

The rebranding of Kiin meant renovating the dining room and adding gorgeous graffiti-style murals made by a Lao artist, as well as including Lao specialties on the menu. To fund these changes, Kiin ran a campaign with Honeycomb and crowdfunded a loan of $33,658 from 30 investors!

Moving your small business to a new location - Square Cafe

Another great use for a small business loan is to finance the moving costs if you’re changing your business’s location to a new space!

Square Cafe, a popular brunch restaurant in Pittsburgh’s East End, moved from their small location in Regent Square to one three times the size in East Liberty. This move required, of course, renovations on the space, new chairs and seating, new kitchen equipment, and more. As a result, they needed funds in order to finance the move.

Owner Sherree Goldstein was no stranger to crowdfunding with Honeycomb, as she’d already had a successful campaign with her other business, My Goodness. This time around, she raised $250,000 in record time - one of the largest campaigns on Honeycomb yet!

Opening a food truck - Squash the Beef Vegan Catering

For many entrepreneurs in the catering industry, the next step is purchasing a restaurant, or if they want to be on-the-go, a food truck!