Insights into the world of small business lending and development
Love food and small biz? There’s an app for that
Many small businesses involve food. The baker, the butcher, the coffeecake maker and the farmer-in-the-dell are all likely to be small businesses.
But as small businesses, most of these food-related companies have the same problem: how do their owners get the cash they need to buy supplies before they actually make sales?
Now, there’s a new app that helps food-related small businesses improve their cash flow and nurture customers at the same time, “Credibles.” The San Francisco-based start-up aims to help small food businesses by letting customers pre-pay from a growing number of small food companies, essentially setting up a prepaid tab. The businesses then have that money to use without having to take out loans.