Viva la Cupcake is first business to seek loan assistance through the company Community Sourced Capital (CSC), a Seattle, WA based community lending company. CSC opened its doors in Roanoke on May 1, with the launch of their first Virginia-based loan for a Roanoke city business, Viva la Cupcake. CSC has an office in the newly opened CoLab, with the Roanoke office serving Virginia and the greater southeast.
Community Sourced Capital provides loans to small businesses using capital sourced directly from people in their own community. “It’s kind of like donation-based crowdfunding, except we enable people to make small loans instead of small donations,” said Roanoke-based CSC co-founder, Brent Cochran.
Viva la Cupcake needed between $5,000 and $10,000 to purchase a cupcake trailer. Think food truck, to be used at outdoor festivals, birthday parties, weddings, etc. Their Grandin Village-based business is steadily growing and this was the next step in their continued expansion.
Community Sourced Capital provides a unique opportunity for a business looking for a loan too big for bootstrappoing and too small for bank lending. “CSC is delighted to help Viva la Cupcake and their community share in their continued success as a home-grown Roanoke business,” said Cochran.
Community Sourced Capital (www.communitysourcedcapital.com) is a Seattle-based Social Purpose Corporation. CSC is currently in its start-up phase with the intentions of operating in all fifty states in a few years. Since launching loans in 2013, CSC has helped 20 businesses borrow over $300,000 from 2,000 lenders.
