If you aspire to start a food business in the DC area, you are most likely familiar with Union Kitchen. By offering kitchen space, catering, distribution, business and consulting services, as well as their own retail outlets, Union Kitchen is a one-stop shop for everything an existing or launching food business needs.
Able and Union Kitchen are partnering to fund more deserving food businesses. ”Able represents the future of entrepreneurial finance. Union Kitchen is excited to partner with Able to offer our members a new source of capital,” said Josh Hopkins, Director of Finance at Union Kitchen.
For new businesses just getting started, Able Start lets entrepreneurs raise funds from their network — friends, family, and fans who believe in the business owner and their food vision. With Able Start business owners can build a custom loan, recruit people who believe in to pledge their financial support, and secure legal loan documents to confirm the transaction. Able then takes care of loan management and servicing so the entrepreneur can focus on proving out their food concept.
Able Growth funds existing Union Kitchen members with the low-cost of capital needed for expansion — whether that’s opening a first or second location, purchasing bulk ingredients, helping fulfill purchase orders, or hiring and marketing needs. Union Kitchen member Cucina Al Volo, which means “kitchen on the fly,” in Italian was experiencing increased demand from restaurants and private catering opportunities for their homemade pasta and sauces.
A $30,000 Growth loan from Able is being used to help Cucina purchase a new, larger pasta machine. This will allow the owners to add more commercial customers, and meet the growing demand from farmers’ markets and their increased presence at Union Market.
“Thanks to funds from Able, Cucina has doubled our production output, allowing us to increase our commercial accounts,” said Daniele Catalini, founder of Cucina.
Able is proud to partner with such a forward-thinking, 360-degree food incubator and accelerator found with Union Kitchen. Looking to fund more companies in your portfolio? Partner with us to bring the lowest-cost of capital online to deserving entrepreneurs. Email us here.