Honeycomb Credit, a bank replacement platform that issues securities under Reg CF, says that many people do not associate Cleveland with healthy food but the loan platform currently lists five Northern Ohio businesses raising capital online.
The five following Cleveland businesses are each seeking investment from their customers, or anyone in the US:
- MinusG makes gluten-free baking mixes that service those with a variety of other dietary needs. The company is raising $65,000 at an interest rate of 9.00%. There will be a six-month interest-only period followed by a 54-month fully amortizing period.
- Leavened, which specializes in artisan bread and pastries made from scratch. Leavened is offering a secured loan for working capital and inventory. The company is seeking up to $50,000 at an interest rate of 11.25%
- Peer Pantry is a health & wellness company specializing in custom meal prep and sauces that are gluten-free, soy-free, and vegan-friendly. Peer Pantry is raising $25,000 at a 12.75% interest rate, paid over a 42-month term.
- StarkFresh is a nonprofit whose mission is to create a sustainable food system that brings nutrient-rich, locally sourced, and affordable food to everyone in Stark County. The company is looking to borrow up to $50,000. The annual interest rate includes a 3.75% interest-only period followed by a 30-month fully amortizing period repaying at 7.00% interest rate.
- Go Buddha prepares ready-to-eat plant-based meals packaged in plastic-free compostable containers. The company is offering a “loyalty bond” which is a COVID-19 program that sells a gift card that is worth 1.3x the value you contribute in-store credit/gift cards.
Many smaller firms cannot access bank loans as frequently banks are not interested in financing very small loans while some banks view these loans as too risky to issue. Honeycomb is matching investors, frequently customers of the business, to support these young firms.
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