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Wednesday, September 29, 2010

Cinnaholic Selling Microlending Certificates to Raise Much-Needed Cash

Posted By on Wed, Sep 29, 2010 at 12:05 PM

click to enlarge Cinnaholic launched a shop in July near the U.C. Berkeley campus. - TAMARA PALMER
  • Tamara Palmer
  • Cinnaholic launched a shop in July near the U.C. Berkeley campus.
It's hard out here for a vegan cinnamon roll startup.

This morning Vegansaurus passed along a microlending plea for Cinnaholic, the vegan cinnamon roll bakery that cranked up its ovens just two months ago in Berkeley. Owners Shannon and Florian Radke are seeking to raise $5,000 by Sunday through gift certificates redeemable in December ― certificates that'll realize a 15 percent bump-up in value.

"We initially bought some equipment at the beginning of the year that wasn't right, and with the return back and forth it ended up costing more than we've budgeted for," Shannon Radke tells SFoodie. The bill, she says, is coming at the same time as Cinnaholic's business license renewal. And rent. And payroll.

Radke says business has been encouraging, though the recent heat wave seems to have kept customers away. "The last few days have been kind of rough," she says. This is Cinnaholic's first foray into microlending. Radke says the business launched on a single bank loan, as well as other personal loans from friends and family.

Available online or at the shop, the certificates are available in amounts of $25, $50, and $100, redeemable in December for product worth $28.75, $57.50, and $115, respectively. The offer ends Oct. 3.

Cinnaholic: 2132 Oxford (at Center), Berkeley, 510-647-8684.

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