Season 242 Episode 8291
S1 E57 - CEO Explains the Social Impact of Funding Small Businesses - George Cook, Honeycomb Credit
"Honeycomb Credit CEO George Cook Sees Community Capital Helping Both Lenders and Borrowers http://s4g.biz/22feb24 1. Devin Thorpe introduces his guest, George Cook, the founder and CEO of Honeycomb Credit, one of the leading crowdfunding portals focused on small businesses. 2. George Cook shares that Honeycomb Credit has grown from raising $1 million to being on its way to raising $25 million across its platform. 3. The platform enables small businesses to raise capital from customers, fans, community members, and internet supporters who are interested in aiding small businesses in their growth journey. 4. Honeycomb Credit has funded various businesses, including puzzle companies, ice cream shops, coffee shops, and microbreweries, helping them to purchase new equipment, launch product lines, or open additional locations. 5. The platform returns on investments can be compelling, offering a way for people to build a portfolio of loans with significant yields while also strengthening community ties as businesses repay their local supporters. 6. George discusses his background in banking and credit analytics and the need he saw for small businesses that were being left behind by traditional lending as industries evolved. 7. He shares the story of how he and his business school classmate co-founded Honeycomb Credit after his classmate, a former investment banker, had difficulties obtaining an SBA loan. 8. Honeycomb Credit focuses on empowering small businesses to raise capital from those who believe in them and know them, reinvigorating a sense of community lending. 9. George emphasizes the diversity of business owners who use Honeycomb, including women, BIPOC entrepreneurs, veteran-owned businesses, and businesses in low to moderate-income communities. 10. The company conducts thorough due diligence on all businesses seeking to raise money, including financial reviews, background checks, and credit reports, but also considers the businesses' community connections and customer relationships. http://superpowers4good.com "
