What revenue milestones do I need to meet to unlock new sources of funding?

What type of financing fits my company's current stage and needs?

How do I leverage value from existing assets like my inventory to invest in my company?

After almost a decade of supporting food-related businesses, especially those that are scaling up from a small venture, Branchfood hears questions like this often. We know that having enough capital to invest in company growth is critical to scaling a successful business.

To answer these and similar questions, we invited five speakers from across the business financing ecosystem to share their insights. The panel represented diverse and unique models, ranging from crowdfunding, to credit cards with favorable terms, to loans repaid with future revenue. Each speaker shared details about their program requirements and terms, food business insights, and tips for diving into a new financing relationship. We also heard a short presentation on how best to match funding options with each stage of food business growth, from Branch Venture Group’s partner Marcia Hooper.

The speakers:

Jay is the Head of Sales at Flex, a Fintech company offering an all-in-one platform solution for businesses across various industries. Flex's mission is to empower CEOs and CFOs to run the finance operations of their business on one platform, saving operators countless hours every single month. Additionally, Flex offers a credit card with long-term payback options for growing businesses. 

Jacqueline Halber is the Philadelphia Manager at Honeycomb Credit, a community investment platform that empowers small businesses to grow by offering accessible and community-driven financing options. They have helped numerous food businesses scale through innovative funding that connects small businesses with local investors.

Susan Murray is the Executive Director of South Eastern Economic Development (SEED) Corporation, a mission-driven economic development organization serving Rhode Island and Southeastern Massachusetts. SEED’s mission is to promote economic growth and provide training, education, and equitable access to affordble capital to entrepreneurs seeking to start or grow a small business. SEED works independently or in conjunction with local financial institutions to provide below-market term loans and focuses on underserved individuals and markets.

Marcia Hooper currently serves as a Partner of Branch Venture Group, an angel investing network focused on food startups, food technology, business services for food-related companies, ag-tech, and sustainability. BVG’s multitude of portfolio companies is driving progress across the entire food system through strategic investments. 

Tor Trivers, CIO and Co-Founder of Pershing Ventures, focuses on providing flexible financing to underserved, private companies, making his expertise in private debt a key part of the customer's success story. Pershing Ventures offers non-dilutive growth capital which is based on revenue history and forecasted revenue growth and is repaid over time based on the amount of revenue generated in each period.

If you are interested in learning more about any of these options for your business, don’t hesitate to reach out to us. We have a decade of experience helping entrepreneurs like you build their businesses. Get in touch with us at info@branchfood.com for more information. 

Through the collaboration and support from Rhode Island Commerce Corporation, Branchfood has developed key resources for women and minority-founded food businesses scaling in Rhode Island including:

• Spanish translation of the Finance Webinar presentation deck

• Connections for Growth is our program to match entrepreneurs with trusted industry experts who can advise on their most pressing business needs and facilitate key partnerships to accelerate growth. Simply fill out the brief survey and we will connect you with the resources your business needs. 

• Get Ready to Grow, our food business growth toolkit has resources on expanding distribution, raising capital, and increasing production. 

• Assistance with the application to the Rhode Island DEDI certification program for women and minority-owned enterprises. Certified entities gain important visibility among national retailers and corporations seeking to meet their diversity procurement goals. 

• The new capital access grant program from Rhode Island Commerce Corporation, with grants up to $20,000 available to invest in growth for qualifying Rhode Island-based businesses. Reach out to karen@branchfood.com for more information. 

• One criterion for applying is completing 15 hours of technical assistance support from intermediary organizations such as Branchfood. This webinar and all technical assistance we provide will count towards those hours.

Keep up to date with Branchfood’s work and events by signing up for our newsletter, following us on LinkedIn, and attending our monthly Community Table. See more resources for Rhode Island entrepreneurs.