Access capital to bring your food business to the next level
Women entrepreneurs, especially women of color entrepreneurs, face systemic barriers to accessing capital, markets, and other critical resources that can position their business as a source of personal income and wealth generation. According to a report by Fundera, women are offered less money and receive higher interest rates on business loans than men do.
Hot Bread Kitchen’s Scale Program, in partnership with The Acceleration Project (TAP) and a network of Community Development Financial Institutions (CDFIs), responds to this systemic challenge. Specifically designed to support women and gender-expansive people, immigrants, and people of color, the Scale Program connects eligible food businesses to a network of mission-driven lenders and deepens entrepreneurs’ financial literacy so they are prepared to apply, secure, and understand loans that are tailored to their businesses’ unique growth trajectory.
With HBKi’s Scale program you can:
- Become capital-ready
- Access high-touch business coaching
- Connect to a network of mission-driven Community Development Financial Institution (CDFI) lenders that are tailored to your businesses’ unique growth trajectory (accessing loan amounts of $50,000+)
- Join a community of women entrepreneurs at Hot Bread Kitchen
| Best For | Women, nonbinary, and gender nonconforming people with a food business that is poised for growth and in operation for a minimum of 2 years located in NYC |
| Where | Virtual |
| When | Applications are accepted on a rolling basis |
Ready to take the next step?
First, fill out a short application with Hot Bread Kitchen. If we are moving forward with your application, you’ll complete a Loan Readiness assessment. Questions? Just reach out to hbkincubates@hotbreadkitchen.org!
In Partnership with
CDFI Partners
With Support From
FAQs
What kind of business is a good fit for this program?
Women, nonbinary, and gender nonconforming people with a food business that is poised for growth and in operation for a minimum of 2 years located in NYC. You must be communicative, transparent with financial information, and eager to learn. We anticipate entrepreneurs accessing loan amounts of $50,000 and above.
Your business must be “growth mature,” which is defined as
- Able to generate positive cash flow
- Looking to reinvest loan back into business
- Demonstrated demand for your product
The CDFI will require up to date P&L (profit and loss) statements as well as tax returns for the last two years of your business operations.
What is a CDFI and why are they important?
A CDFI, or Community Development Financial Institution, provides affordable and accessible financial services to historically under-funded communities and businesses, including individuals with imperfect, limited or no credit history. These lenders have a dedicated mission of offering business loans to entrepreneurs who can demonstrate that their business is poised for growth and require capital to take their business to the next level.
What kinds of loans will be available?
We anticipate entrepreneurs accessing loan amounts of $50,000 and above. There are several options based on the CDFI with their own repayment options and interest rates.
Loans accessed through this program can be used by food entrepreneurs for: renovations or expansion, expanding workforce, purchasing equipment, hiring a consultant, a down payment for brick-and-mortar space, and more!
If I am accepted, what are the commitments? What information will I be expected to share during the program?
Hot Bread Kitchen Scale Member commitments:
- Complete a Loan Readiness Assessment
- Participate in Capital Readiness Coaching at an agreed upon cadence
- Provide updated financial statements as requested
- Complete and submit a loan application to a selected CDFI partner
- Participate in Hot Bread Kitchen events, storytelling, and access to market opportunities as available
I have a question not listed here!
Email us at hbkincubates@hotbreadkitchen.org!
Community and Business Resources
“Hot Bread Kitchen has given me such a community of women. They are a resource beyond resource, connected [me] with financial planning, mentorship, photography support… The entire team, this entire experience, has taught me how to dream. That’s huge.”
—Shelly Flash, owner of 2 Girls & A Cookshop and Hot Bread Kitchen member
