Providing personalized solutions to meet financial goals.
Funding should be equally available to entrepreneurs, but the reality is, many Black entrepreneurs face challenges when trying to get funding for their businesses. Systemic barriers and limited access to traditional financing create hurdles that can hinder business growth. At Honeycomb Credit, we’re committed to empowering Black business owners by providing funding solutions that tap into your strengths.
Identifying Common Funding Challenges for Black Business Owners
If you feel like you’ve been working hard and getting nowhere on your funding journey, you’re probably right. It can be an uphill battle for Black business owners to secure funding. Common obstacles include:
Systemic Barriers: Historical disparities have resulted in limited access to credit and funding opportunities for many Black entrepreneurs.
Lower Approval Rates: Studies show that Black-owned businesses are less likely to receive loan approvals from traditional banks compared to their white business owners.
Higher Interest Rates: Even when loans are approved, they often come with higher interest rates, making repayment heavier.
Limited Networks: Networking is an important part in accessing traditional funding, yet many Black entrepreneurs lack access to networks that can connect them with investors and financial resources.
Understanding these challenges is the first step in developing effective solutions. At Honeycomb, we do things differently. And the deep roots Black business owners have in their communities becomes your funding super power.
Honeycomb Credit: Different & Powerful
Honeycomb Credit is more than just a funding platform. We’re a partner dedicated to helping Black business owners overcome financial barriers. Here’s how we do it:
Creative Funding Options: Our crowdfunding platform allows entrepreneurs to raise capital from your community. It provides an alternative to traditional bank loans - and - it leans on your tradition of lending a hand to your neighbor.
Community Investment: By connecting business owners with local investors, we help you strengthen your community’s sense of support and empowerment.
Resources: We offer resources to help entrepreneurs build strong starts to their offer. From strategy sessions to marketing support, our goal is to provide tools for long-term success.
Networking Opportunities: We facilitate connections between Black entrepreneurs and investors, more to help expand their networks.
Real-World Examples of Success
Want us to prove it? We can - and here’s a good one. Danielle Tubbs, the founder of Tubby’s Taste in Chicago, IL is a prime example. Danielle’s vegan Jamaican cookie company faced challenges in scaling its production and operations. When traditional funding options fell short, Danielle turned to Honeycomb Credit—and the results were transformative.
Tubby’s Taste: Turning Dreams into Reality
Danielle’s vision for Tubby’s Taste was bold: to bring the flavors of her Jamaican heritage to life in the form of vegan cookies, while scaling her business to reach new markets. But like many Black entrepreneurs, she faced barriers that made it difficult to access the resources needed for growth. That’s when Honeycomb Credit stepped in.
Through Honeycomb Credit’s platform, Danielle raised $55,925 from 74 investors—far surpassing her initial funding goal of $25,000. These were real people from her community and beyond who believed in her business and her story.
Danielle’s story shows that community crowdfunding is a movement. And she's not the only one. With the Honeycomb Credit platform, she transformed her challenges into opportunities—and showed other Black entrepreneurs what’s possible when the right resources are within reach.
Final Thoughts
At Honeycomb Credit, we believe that every Black entrepreneur deserves the opportunity to turn their small business into a legacy. Along with the Black business owners who join us, we’re creating a more equitable and inclusive business landscape.
If you’re a Black business owner looking to grow your business, Honeycomb Credit is here to help. Together, we can turn challenges into opportunities and dreams into reality.
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