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 our community and the Honeycomb network that want to support you.
StarkFresh and Honeycomb Credit have partnered to support farmers and food businesses with crowdfunded working capital. Launch a campaign and tell your story so with the help of the community, we can fight to eradicate poverty and hunger.*
Applications are now open to join the first StarkFresh cohort.
* Interested in learning more about StarkFresh and how you can help fight hunger?
StarkFresh Crowdfunded Relief Loan
Borrow $10,000-$25,000 in working capital
45 day payment-free period
3.75% interest rate over an initial 6-month interest-only payment period
7.5% interest rate over a 3-year fully amortizing loan after the interest only period
No pre-payment penalties
1+ years of operating history
Breakeven or profitable in 2019
Above average credit score for 20% owners
Debt service coverage ratio of 1.0 or higher
Owners have non-negative net worth
No delinquencies (personal or business), unless explicitly related to the economic slowdown
Lease agreement in good standing
Registered and legally organized business
Blanket lien on the business (lien position negotiable)
Demonstrated community support
Not sure if you qualify for the option, or want to borrow more than $25,000? Fill out the form below and we'd be happy to see how we can help out!
Note: Businesses must complete an application, which must pass Honeycomb's due diligence process, to take part in the cohort
We're in this together.
We’ve built Honeycomb by connecting great small businesses with investors right in their community. Making new connections and deepening existing ones is more important now more than ever.
To make this easier on you as a business owner, we are reducing the fee to launch a campaign from $250 to $100. We are also cutting down the success fee that we charge if your campaign hits its minimum goal from 8% to 6%, and investor fees from 2.85% to 1.4%. Capital can typically be deployed in as little as 30 days.
What if I don't qualify for the 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 $25,000?
If your business needs more than $25,000, 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.
Deadline: April 17, 11:59 pm EST