How is your business helping to solve the health, social, or economic challenges created by COVID19?
During this crisis, small businesses need access to fair capital to survive and prepare to reopen. Unfortunately most sources of capital are currently unattainable - federal funding programs run out in weeks, banks are tightening their commercial lending standards, and many fintech lenders have shut down their credit products entirely. In the midst of this small business credit crisis, Honeycomb is a loan crowdfunding platform that helps local businesses borrow from their customers and community. On the platform, anyone can participate for as little as $100 and invest in the businesses and communities they believe in.In response to the economic shutdown, Honeycomb has launched two community capital products. First, the Small Business Relief Loan program, a low-interest crowdfunded loan for businesses affected by COVID-19. The Relief Loan program has been featured in 200+ COVID financial resource guides. Second, to help businesses who have reservations about taking on debt, Honeycomb launched our Loyalty Bond Program. Loyalty Bonds are a gift card subscription sold at a discount and distributed to customers over time. Even as other lenders are retreating, both of Honeycomb’s new products are already deploying capital to small businesses in need, uniquely positioning us as a tool to recapitalize Main Street America all while building community wealth in our local economies.
Does your business contribute most to recovery, response, or resilience?
Resilience - we're improving the broader infrastructure for responding to pandemic outbreaks.,Recovery - we're positioned to support in the recovery of those directly affected.,Response - we're responding directly to issues caused or exacerbated by the COVID-19 outbreak.
What is the stage of your product development?
I have a market ready product/service. I have sold to customers.
What strengths does your team bring? Include skills and personal experience with the problem.
The founding team:George Cook is a 6th-generation community banker from rural Appalachia, who saw firsthand how businesses and communities have struggled when local lending disappears. Ken Martin is an investment banker and small business owner who understands the challenges faced by our customers, particularly during this crisis. George and Ken met 5 years ago while getting their MBAs at Dartmouth.Christian Bilger is a compliance and operations expert with experience at hedge funds and investment banks; he expertly navigated the FINRA / SEC licensing process and now manages operations at Honeycomb. Christian joined the team out of Carnegie Mellon in the very early days as the company entered the AlphaLab accelerator in Pittsburgh.
What countries do you operate in?
United States
Is your company headquartered in a US "Opportunity Zone"?
No
