Cleveland Bakery Collective

Cleveland Bakery Collective

Cleveland Bakery Collective will be a retail outlet for Pierogi Pantry, a small craft food company serving up delicious scratch-made comfort food at farmers markets, local events, and wholesale to local restaurants.

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View on Honeycomb Credit
Security Type
Secured Loan
Categories
Consumer Goods & Products
Location
Lorain, OH
Offering Date
March 23, 2021
Expected Close Date
May 11, 2021
Target Raise
$20.00K-$85.00K
Deal Notes

Interest Rate 10.50%

 Payments Monthly, disbursed to investors quarterly 

 Maturity 6 months interest only + 54 months fully amortizing

Company Description

After our running a successful Honeycomb campaign for Pierogi Pantry, we have the amazing opportunity to open our own retail location. Instead of just selling our own Pierogi Pantry products, we have decided to create Cleveland Bakery Collective as a new company so that we can share this opportunity with many other local business owners who may otherwise not have the resources to sell out of a brick and mortar retail location or produce out of a licensed commercial kitchen. This will also provide a steady revenue stream for us.

Use of Proceeds

Hood: $20,000

Second Hood: $5,000

Contractor: $8,000

Construction: $20,000

Refrigerator: $15,000

Kitchen equipment: $8,900

Working capital/fees: $6,100

Management Team / Advisory Board Bios

About the Owners
Nikki Odongray is the owner of Pierogi Pantry LLC and Cleveland Bakery Collective LLC. In addition to running the business and financials, she also helps out with the day-to-day operation of the business and product creation.

Jay Odongray acts as General Manager of Pierogi Pantry, creating new recipes and overseeing all production and sales for the company. She has 10 years experience in the restaurant and food industry.

Deal Notes

Interest Rate 10.50%

 Payments Monthly, disbursed to investors quarterly 

 Maturity 6 months interest only + 54 months fully amortizing

Amount Raised : $0
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Security Description

Secured debt is debt backed or secured by collateral to reduce the risk associated with lending. If the borrower on a loan defaults on repayment, the debt holder can seize the collateral, sell it, and use the proceeds to pay back the debt. Assets backing debt or a debt instrument are considered as a form of security, which is why unsecured debt is considered a riskier investment than secured debt.

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