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Photo: N/A, License: N/A, Created: 2019:06:18 08:23:46

Cook

Photo: N/A, License: N/A, Created: 2012:06:26 11:39:51

Newman

by Jennifer Butler

 

Everyone deserves access to a community with exquisite character, a thriving economy and inviting public spaces that create a feeling of belonging for residents and visitors alike.

Honeycomb Credit recently joined forces with the Pennsylvania Downtown Center (PDC) to help make that dream a reality for small businesses throughout the commonwealth. And its unique crowd financing operations are heading to businesses all over Pennsylvania.

The Pittsburgh-based company helps connect small businesses looking for expansion loans with community members looking to invest local. 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.

Businesses can borrow up to $100,000 for expansion purposes, and community members can start investing for as little as $100.

“Locally owned businesses can borrow from their own community members, and these members can earn competitive returns on these investments,” said George Cook, Honeycomb CEO and co-founder of the two-year-old business. “It’s similar to a GoFundMe platform, but with a return for those who contribute. It is for businesses not ready for borrowing from a traditional bank,” he added.

Also, members of the PDC are eligible for an exclusive Main Street Champion program with Honeycomb. This allows them to use the Honeycomb platform to support small business growth in their communities while simultaneously building community wealth and pride through the power of local investments, according to the company’s CEO.

Larry Newman, executive director of the Diamond City Partnership in Wilkes-Barre, believes the crowd sourcing Honeycomb is offering is another tool that can assist business owners and downtown managers in furthering the growth of their communities.

“It’s a tool in a suite of tools we need to make our businesses more successful and our communities more appealing,” said Newman. “It will absolutely benefit us here in Wilkes-Barre.”

“This is a tool for businesses to use to expand their store fronts, equipment, working capital, and other business components,” he added.

Wilkes-Barre has seen its share of success with 47 more occupied storefronts than 10 years prior as a result of the community’s efforts to have a viable downtown center for shoppers to enjoy.

“Honeycomb is really excited about working with the PA Downtown Center,” said Cook. “They have an extraordinary reach throughout the commonwealth, and their programs already support so many towns that are currently revitalizing. We feel that the addition of Honeycomb Credit to their existing toolbox is not only an excellent fit, but one that could have ripple effects statewide.”

More information can be found online at

honeycombcredit.com.

As a Main Street America coordinating program, the Pennsylvania Downtown Center, is part of a powerful, grassroots network consisting of 45 coordinating programs and over 1,600 neighborhoods and communities across the country committed to creating high-quality places and to building stronger communities through preservation-based economic development.