By Sonja Reis | MRCDC
Small business loan crowdfunding vehicles that allow entrepreneurs to improve offerings to their customer base have been on the uptick in recent years, with 5 Generation Bakers – maker of the popular Jenny Lee Swirl Breads – the latest local group to join the trend.
The community-minded 5 Generation Bakers group is looking to expand their capabilities and products to maximize capacity in their new Chartiers Avenue facility with a crowdfunding campaign through Honeycomb Credit where any investment is treated as a 60-month secured loan that yields 9.5 percent interest for the lender plus other investor perks like baked goods, bakery tours and limited edition t-shirts.
“We’re working on new projects and we’ve got some great ideas of some new items that we want to develop, hopefully with your help,” said Scott Baker, president of 5 Generation Bakers.
They currently have a purchase order for a Pullman-style bread and need to purchase additional quantities of a new type of pan to keep up with demand. This loan will allow them to bake enough bread to fulfill the year-long contract as well as purchase other artisan pans to allow for an increase to product lines.
Other projects outlined on the multi-tiered Honeycomb campaign which finishes up at midnight Nov. 6, 2018 include a French toast kit, a convenience store product geared toward replacing danishes and donuts, among other traditional items. More than $28,000 has been raised allowing products in the first tier to be funded. Tier two is focused on fulfilling whole grain standards for school districts. This will enable the ability to test and verify recipes that may include whole wheat, whole grain and whole grain cinnamon swirl bread.
Dedicated to giving back to the McKees Rocks and greater Pittsburgh communities, 5 Generation Bakers continues to enhance the lives of local residents with high-quality, non-GMO baked goods, community service outreach initiatives and a family oriented company atmosphere. The company also hires many of its employees locally.
Must be 18 or older to partner to expand the Jenny Lee brand throughout the United States.