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Pennsylvania

Square Cafe

About Documents
67%
$167,101 Funded
$250,000 Target
10 days Time Left
77 Investors
$100,000 Min. Raise
$250,000 Max. Raise
60 mo. Term Length
6.5% Interest Rate
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Overview

A staple in the Regent Square neighborhood for 17 years, we are moving to East Liberty to take advantage of a larger indoor and outdoor space. In the beginning of 2020, we were seating 200-300 guests Monday-Friday and 450-600 on the weekends. We are fast and love what we do every day. We will continue to be active in our community. We will always treat our customers with love. We operate in a cooperative environment, cooking with love and serving with grace; our employees stay with us for years. These things will only strengthen over the next several years.

This campaign is so important to many people. Square Cafe hires people with different capabilities. We believe success is for the cafe and everyone we come into contact with, from babies in their parents’ strollers, to the many dog friends that eat at our outdoor patio, to multi-generational meals, and our team. Our food is excellent, always fresh, and innovative. We are the HELPERS!

We are raising $250,000, paid over a 60 month period at an interest rate of 6.50%.

 

No need to choose between savory and sweet––we have a wide selection of both!

 

The Project

In May we were offered a much larger space in the East Liberty neighborhood of Pittsburgh. With the pandemic and not being able to accommodate table service in our current location, we decided this is the opportunity we have been looking for.  The new restaurant will be 8000 square feet. The kitchen, storage and server’s area are exponentially larger than what we have been used to.  Our goal is to begin seating in two dining rooms and the outdoor courtyard as well as a large rooftop deck as soon as we are able to open the doors. We will continue delivery, pick-up, and curbside offerings.

The loan we are going to secure through Honeycomb will give us the opportunity to replace worn out equipment, as well as upgrade and purchase new equipment.

We will need to purchase many new pieces of equipment including: 

  • Walk-in cooler $5,000-7,500
  • Salad and sandwich refrigerated prep station $2,500
  • Second delivery vehicle $15,000-18,000
  • Double oven with 10 burners $4,000-5,000
  • 60” griddle/grill $6,000-6,500
  • Double convection oven $7,500-8,000
  • Tables and seating $25,000
  • Smallwares (plates, glassware, utensils, pot & pans, cooking utensils, etc.) $15,000
  • Stock liquor and beer supplies as well as product $50,000

The remaining loan will support us as we hire and train 15-30 more employees.

 

The East Liberty location will provide an even larger outdoor space.

Business

History

Square Café opened May 16, 2003 during a time of uncertainty, post 911.  We created a mission to become active in our community and serve the best food with the best customer service possible.  With a business plan and financial goals in hand we opened the doors.  We initially had 8 employees and by the end of the first week we brought on 14 more. Everything we projected for the first 3 months tripled. Our income and community support were astonishing.

Over the years we have seen continuous growth. In 2004 our sales topped out at just under $500,000 and by 2018 we are hitting $2,000,000 in sales annually.  Square Café has been recognized as one of the most philanthropic businesses in the Pittsburgh region. We are able to employ as many as 28 staff at the height of our busier times. We believe this business has been built by our employees for our community.  We offer health insurance, paid time off, and flexible schedules. It is important to us that we have balance in our lives, physically, mentally, and spiritually.

 

Our red velvet pancakes.

 

The Future

In the next few months we will focus on getting the new restaurant renovated and ready for the high volume of sales we are used to. At our old space in Regent Square, we average 9,000-10,000 customers per month. With the COVID occupancy restriction we will be able to match that number immediately and with our take-out and delivery business skyrocketing we will far surpass our current averages.

Over the next 3 years we will secure a liquor license which will increase our sales goals as well as profit margins. In early 2021 Square Café will introduce a new beverage program including fresh and innovative brunch cocktails, local spirits as well as products from local breweries and distilleries. Just as we have continuously introduced new flavors to our food menu, we will build an outstanding beverage program.

 

Our takeout and delivery sales have skyrocketed during COVID.

 

Fast Facts

  • Award: Power of Work from Goodwill
  • Proclamation from City of Pittsburgh on the 15th anniversary of Square Cafe, May 16, 2018
  • Platinum rating with Sustainability Pittsburgh
  • All employees are paid a fair, living wage
  • Partnered with 412 Food Rescue
  • Over 10,000 likes on Facebook, 3,500 follows on Instagram, and 3,700 followers on Twitter
  • Owner is a Honeycomb alum!

 

A Golden Milk Latte.

 

Reviews

Google: 4.6/5 from 1,100 reviews

Facebook: 4.7/5 from 376 reviews

Tripadvisor: 4.5/5 from 213 reviews

 

Order summer staples for delivery!

 

About the Owner

Sherree Goldstein worked at Gateway Rehabilitation Center for 11+ years prior to opening Square Cafe. She works at the cafe or her new store, Honeycomb alum My Goodness, just about every day. Sherree treats her employees with great respect and believes they are the true doers every single day. She sits on the Board of Directors for PAAR currently. She was on the Board of POWER for 11 years, as well as the JCC, and has volunteered at several other local non-profits. Sherree has 2 adult children, and spends most of her time with family, friends, riding bikes, and working, She has also found a love for RVing.

 

Deal Summary

Deal Summary

 Issuer

 SC&C, INC.

 Doing Business As

 Square Cafe

 Security Type

 Secured Loan

 Loan Purpose

 Purchase Equipment

 Offering Amount

 $100,000 - $250,000

 Interest Rate

 6.50%

 Payments

 Monthly, disbursed to investors quarterly 

 Maturity

 60 months

 Personal Guaranty  

 Sherree Goldstein

 Security Interest

 Blanket lien on assets of company 

 Offered Portal 

 Honeycomb Portal LLC

 Offering Type

 Reg CF

 

Your Earnings Potential

If you choose to invest, you will make a one-time investment via ACH that will be transferred to a secure escrow account. If the campaign successfully reaches its target, the funds will be distributed to SC&C, INC..

For more information on the mechanics of Honeycomb’s crowd investing platform, please review our Education Materials.

 Investment Amount   One-Time Fee 

 Potential Quarterly

 Return: Amortization Period* 

 Potential Total Repayment* 
 $100  $2.85   $5.86   $117.39
 $500  $14.25   $29.34   $586.98
 $1,000  $28.50   $58.69   $1,173.96
 $5,000  $37.25   $293.49   $5,869.84

Your ongoing responsibilities from investing are very limited. Over the life of the loan, you will receive a yearly 1099-INT, which is a simple tax document similar to what you receive for most savings accounts.*Individual payments may vary slightly based on rounding. Potential repayments include principal and interest; they do not include the one-time fee which is assessed when you make your investment. These amounts are calculated as a hybrid interest-only + amortizing loan, which means that there is a specified interest-only period followed by a an amortization period. There are no prepayment penalties and SC&C, INC. may pay down their loan early, which may impact your earnings potential. Please note: returns are not guaranteed and investors could lose some or all of their investment.

SC&C, INC. pays as agreed. You will receive quarterly payments directly into your bank account. In the event of a default, you will be contacted by the administrative agent to manage the collections process on the investors' behalf.

 

How Honeycomb is Compensated

Honeycomb charges SC&C, INC. a $250 posting fee and a 6.0% loan origination fee on the total amount funded.

Additionally, to cover expenses associated with each investment, Honeycomb charges a 2.85% investment fee capped at $37.25 per investor.

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