Honeycomb Credit Announces $1M has been Invested on its Platform
– Over 1,000 individual investments
– 31 successful campaigns in 4 states
Press Release – December 16, 2019, Pittsburgh, PA – Honeycomb Credit, an award-winning investment crowdfunding platform based in Pittsburgh, today announced that one million dollars has been officially invested on its platform. The SEC and FINRA registered portal funds small businesses in Pennsylvania, New York, Ohio and Michigan, and surpassed the $1M threshold on Small Business Saturday.
“We are thrilled to have hit this milestone so early on in the company’s development.” says George Cook, CEO of Honeycomb and a 6th generation community banker. “We’ve completed 31 successful campaigns since we started in late 2017. This demonstrates how much need there is for fair financing in the small business community, and how willing communities are to support the businesses that they love. ”
Loan terms for these campaigns are 3-5 years fully amortized, and have interest rates of 6%-14%.
Ron Adner, Professor at Dartmouth’s Tuck School of Business added “Honeycomb’s innovative platform is revolutionizing small business lending, and they have made great inroads in some vastly underserved markets. By innovating in the space left behind by larger bank consolidation, Honeycomb is poised to take flight.”
About Honeycomb Credit
Honeycomb Credit is a Pittsburgh-based investment crowdfunding website that connects small businesses looking for expansion loans with community members who want to invest locally. By allowing anyone to invest in their own local economy, Honeycomb Credit aims to unlock growth opportunities for small businesses to build vibrant, financially empowered communities. Honeycomb operates in Pennsylvania, New York, Michigan and Ohio. Businesses can borrow up to $100,000 for expansion purposes, and community members can start investing for as little as $100. More at www.honeycombcredit.com.
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