SHED Barbershop & Supply is more than your traditional barbershop. It’s a sanctuary, a social hub, a place of ritual formation that delivers the standards: straight razor shaves with a full hot towel treatment, classic cuts with attention to the finest details, crisp lines and clean fades, all within a rugged and modern environment.
With the funding received from Able and our backers, we will open a second location in East Austin. This new space will combine our barber services with an expanded men's retail section. The demand for SHED’s services has been overwhelming and we can’t wait to serve more customers with this second location. Your contribution will help us reach this crucial next steps for our business.
Backers in our loan will recieve a return on their funds over the course of our loan. Use the tool below to see your estimated return.
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I was really impressed with SHED’s knowledge of their financials. They have a great handle on how they intend to use the funds to grow their business.
|Years in Business||6|
The Able loan helped us increase our production capacity by 45%, boost throughput on the brewhouse side, and expand our taproom space for our community of craft brew enthusiasts.
Josh Hare Hops & Grain
Businesses that have borrowed from Able share a common bond. We can share advice and support one another. Able’s like an extended family.
Matt Bolick Flat Track
My friends and family were relieved when I explained the concept of an Able loan. They appreciate that it was something official, and something they could add to their ‘business resume’.
Ross McLauchlan The Austin Winery
Able allowed us to leverage Wildway’s biggest supporters and provide them with an opportunity to contribute to the fast growth of our company. Now, we are on the way to fulfilling large purchase orders.
Kyle Koehler Wildway
Able’s loan model was exactly what we were looking for — we liked the opportunity to involve Backers, people who believe in our mission, to help fund a portion of the loan to help us empower women through design.
Kirsten Dickerson Raven & Lily
When you are a small business with a tight budget, time is money. Able allowed us to move forward faster than a traditional bank.
Jae Kim Chi’Lantro
A backer can be a friend, family member, advisor, or customer who believes in an entrepreneur and their business. We require that business owners recruit at least two outside backers for their Able Growth and Refi loan. Spouses and children can participate as backers, but can’t contribute to the required minimum backer amount.
A backer can’t be people without a valid U.S. bank account; people not legally domiciled in the U.S.; the business entity; anyone with whom we are legally prevented from doing business with; and anyone who we suspect presents a risk of money laundering or other illegal activities.
Start loans are funded 100% from backers. Growth loans require at least two outside backers. Refi loans require only one backer, which can be the business owner. Each Able loan can have a maximum of nine backers.
Most borrowers need to raise at least 10% of their total loan amount, and then we fund the remaining percent of capital. Borrowers may choose to raise more than 10% from backers, which lowers their overall interest rate. Able may also require some riskier borrowers to raise more than 10% from backers.
The minimum backer funded amount per business is $1,000 and there is a 50% threshold—no single backer can fund more than 50% of total capital.
Backers can charge the same interest rate as Able, or choose to go as low as 2%.
Absolutely, you can fund as many as five businesses per year through Able.
Every business that is approved for an Able Growth and Refi loan has gone through our underwriting process, which involves a credit check on the owner(s), and a thorough review of the business’s financials. Able does not vet Start loan candidates.
Able collects all the backer money then disburses it together with the Able money. (We do it this way to deter fraud).
Able collects one payment on behalf of Able and all backers, then makes payment to the backers.
Once the borrower has raised all their backers, it typically takes a little less than a week to fund.
You will receive interest-only payments until Able is paid back in full, which typically occurs when the loan reaches 75-90% of its term. At this time, you will then begin receiving principal and interest payments. Backers are paid back in full with interest when the loan reaches maturity.
By insisting that Able gets paid first, we can significantly decrease our risk. This gets passed onto the borrower in the form of lower interest rates.
Backers are subordinated to Able, who is senior in the Able loan structure. This means backers take first loss before Able if a borrower defaults. If default occurs before the loan term ends, backers get to keep the interest accrued to-date but lose your principal amount. Your personal credit is never impacted throughout the process.