Wildroots Market

Relief Loan Cohort

Community-sourced loans for Wildroots artists + makers 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 our community and the Honeycomb network that want to support you.

Wildroots Modern Market and Honeycomb Credit have partnered to bring light and hope for local small businesses with crowdfunded working capital. We are honored to be able to offer your business this opportunity in a time of need. Launch with your Wildroots community and tell your story alongside fellow Wildroots Creative Family businesses and other local small businesses.

Applications are now open to join the first Wildroots cohort.

Wildroots 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 initial 6 month interest-only period

  • No pre-payment penalties

Financial Qualifications
  • 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

  • Personal guaranty

  • 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.

Crowdfund in 4 easy steps

1

Fill out the form below

Tell us about your business & which relief loan program interests you.

2

Talk to our team of experts

Jump on a call with our small business experts to discuss putting together an application.

3

Launch and tell your story!

After being accepted to the cohort, get your working capital crowdfunded by your community.

4

Keep your business strong

Make interest-only payments to your community for 6 months, then principal + interest payments.

To learn more, check out some of our live campaigns.

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.





FAQs

Deadline: April 17, 11:59 pm EST

Apply to join the first Wildroots cohort