Roanoke business expanding with help of new loan opportunity - WFXG FOX54 Augusta - Your News One Hour Earlier

Roanoke business expanding with help of new loan opportunity

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ROANOKE, VA - There's a new business inside CoLab in Grandin Village called Community Sourced Capital. The company started in Seattle and has now expanded to Virginia.

Community Sourced Capital works to get other businesses loans ranging from $5,000 to $25,000.

Viva la Cupcake says they want to buy a trailer so they can take their cupcakes to festivals and catering events.

"The next step that we need to be out more and have a safe way where the cupcakes stay nice and cool and fresh and we can deliver and two different festivals and different events that we've been invited to and had to say no to," said Pennie Ahuero, the Viva la Cupcake owner.

She went to the bank for a $10,000 loan.

"Banks like to lend a larger amount and we wanted a smaller amount and it wasn't going to happen for us that way," said Ahuero.

She turned to Brent Cochran and Community Sourced Capital who will give a loan to the bakery after money is raised in the Roanoke Valley.

"You have their friends and their family loyal customers. those people are all buying squares so a lot of little loans add up to one big loan. We give people like Viva la Cupcake one big loan, they go out and get their trailer there cupcake trailer and what we do is manage the repayment process," said Cochran.

Here's how it works. The business pays a $250 fee to get started and pays a percent of its revenue and $100 back every month until the loan is paid off.

"It's exciting. It puts a new feel on things. It's a great honor to have so many people that want to invest and see you follow through and see us even more successful than where were at right now," said Ahuero.

For more information about getting a loan visit the Community Sourced Capital website.

To be a part of the Viva la Cupcake investment visit the website.

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