Honeycomb Crowdfunded Small Business Relief Loan
Community-sourced loans for small businesses impacted by the coronavirus (COVID-19)
Keep your business strong with the community at your side.
For the past few weeks, the coronavirus (COVID-19) has caused massive disruption to our communities, the stock market, and our daily lives. We know that small businesses like yours are facing unprecedented uncertainty. We also know that there are hundreds of people in your community and the Honeycomb network that want to support you.
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To help deliver the working capital that businesses need, Honeycomb is offering 45-day payment free and 6-month interest-only periods. We're also streamlining our due diligence to connect businesses with local investors as quickly as possible. As always, these loans are community funded via the Honeycomb crowdfunding platform.
Honeycomb Crowdfunded Small Business Relief Loans
Option 1
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Borrow $15,000-$75,000+ in working capital
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45 day payment-free period
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3.75% interest rate over an initial 6-month interest-only payment period
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5% interest rate over a 3-year fully amortizing loan after the interest-only period
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No pre-payment penalties
Option 2
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Borrow $15,000-$50,000 in working capital
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45 day payment-free period
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3.75% interest rate over an initial 6-month interest-only payment period
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7.5% interest rate over a 3-year fully amortizing loan after the interest only period
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No pre-payment penalties
Financial Qualifications
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3+ years of operating history
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Profitable in 2019
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Good credit score for 20% owners
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Debt service coverage ratio of 1.2 or higher
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Owners have positive net worth
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No delinquencies (personal or business)
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Lease agreement in good standing
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Registered and legally organized business
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Personal guaranty
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Blanket lien on the business (lien position negotiable)
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Demonstrated community support
Can you provide an example of how this works?
As an example, if Rudy’s Restaurant met all of the qualifications for Option 1, Rudy and his team would be invited to create an investment crowdfunding campaign. Rudy is borrowing $50,000 at 5% interest over 42 months.
What if I don't qualify for either option?
If your small business doesn't meet the qualification criteria as listed above, and you are interested in community funding as a tool to help support your business, then we would be glad to learn more about your business and see if there is an opportunity to work together. Please complete the form below to schedule a call with one of our small business experts.
What if I need more than $75,000?
If your business needs more than $75,000, then please reach out to discuss with one of our small business experts to see if a larger loan crowdfunding campaign is feasible for your business.
How quickly can I get the capital?
That depends on how long the campaign runs, and how quickly your business reaches its funding goal. Generally, we can have funds deposited within 30 days.
How is Honeycomb compensated?
Option 3
Not sure if you qualify for the first two options, or want to borrow more than $75,000? Fill out the form below and we'd be happy to see how we can help out!
​Notes: ​​
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Small businesses anywhere in the United States can apply, with the exception of South Dakota and Alabama.
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Businesses must complete an application, which must pass Honeycomb's due diligence process, to take part in either relief loan option
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This offer expires 12/31/2020. After that date, contact using the form below to see if you qualify for another loan program.
FAQs
Can you provide an example of how this works?
As an example, if Rudy’s Restaurant met all of the qualifications for Option 1, Rudy and his team would be invited to create an investment crowdfunding campaign. Rudy is borrowing $50,000 at 5% interest over 42 months.
What if I don't qualify for either option?
If your small business doesn't meet the qualification criteria as listed above, and you are interested in community funding as a tool to help support your business, then we would be glad to learn more about your business and see if there is an opportunity to work together. Please complete the form below to schedule a call with one of our small business experts.
What if I need more than $75,000?
If your business needs more than $75,000, then please reach out to discuss with one of our small business experts to see if a larger loan crowdfunding campaign is feasible for your business.
How quickly can I get the capital?
That depends on how long the campaign runs, and how quickly your business reaches its funding goal. Generally, we can have funds deposited within 30 days.
How is Honeycomb compensated?
Watch our webinar to learn more
In this video, we introduce how our investment crowdfunding model works, our Relief Loan program for impacted small businesses, and where we may fit into your COVID-19 cash flow strategy.
Get Started
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Our Loyalty Bonds program lets you sell gift cards at a discount now and gives your customers more reasons to return to your business for years to come!