Introduction

Glo Cleveland is a social enterprise with a mission of transforming people + places + spaces through immersive experiences and carefully curated ideas. We just opened our new 5,000 square foot event space and co-working studio EVOLV, and seek support to complete the build-out and branding campaign.

I am looking to borrow between $10,000 and $16,600 at 13.75% over 36 months. Anyone over the age of 18 is allowed to invest.

 


About Glo Cleveland

GLO began in April of 2016 as an incubator space for creatives, entrepreneurs and artists to gather and network. We launched the business at our studio where we still reside, as well as share space with residents and service providers who are able to support both the business and its constituents.

The original studio concept was founded as a community-based grassroots effort focused on barter and trade. The reason it was so successful for us is because of our core belief that to drive an economy you must create community through collaboration. Otherwise, you are detached from your purpose. This is the difference between a social enterprise and a typical for-profit business only focused on the bottom line. 

As we've grown, the need for a broader market base and new business model, a secure team of employees as well as stabilizing our foundation with funding and partners, has become apparent. We have seen how our unique approach to growing a community of social entrepreneurs has taken root here in Cleveland.

 

 


Fast Facts

  • Revenue has increased by 86% from March 2018 to March 2019

  • Studio rentals have increased by 92% from April 2017 to April 2019

  • Projected revenue $20k/mo over the next year due to upgrades, market expansion, and versatility of space

  • CEO is nationally recognized by news outlets including PBS, NPR, RevoltTV and more 

  • Open Lens, a GLO signature event, began with less than 20 attendees and within one year, is now a sell-out event

  • Impact oriented mission that has proven it's traction in the community

  • 13.75% annual interest rate 

 

 

 


The Project

EVOLV is a new iteration of the platform that has continually transformed over the past two years as we incubated the concept in our 5000 square foot warehouse. What began as a space to build a community for creatives is now becoming a more simplified business with a broader market base. What we learned since our inception is that in order for entrepreneurs to truly succeed you must be willing to evolve. This means making the decision to pivot your vision to accommodate your market. What we hope to accomplish with our new space is two-fold:

One, we want to allow clients the opportunity to immerse themselves in our large event space and create lasting impressions on their guests with meaningful gatherings. We will differentiate ourselves from similar spaces by being bold and innovative in how we approach space use. From mobile walls to modular staging we will always come back to our mission of transformation. Additionally, we will offer supportive add-on services such as event planning, design, photography and video, the best vendors in the city and consulting being a one-stop-shop for all things creative.

 

 

Two, by being 100% woman-owned we want to focus on building a community of female entrepreneurs in our new co-working studio. We will offer two private offices and a shared space that will accommodate those that exude vision, leadership and consider themselves game-changers. All members will have access to our event space to hold their own workshops, events, and classes and will become part of our eco-system of independent contractors offering their own services to outside clients.

We believe the only way forward is to create a new way of business – inclusive, collaborative and innovative. Inspiring change together one idea at a time.

 

Tier 1

$10,000 Total

  • $2,000 - Kitchen upgrades
  • $2,500 - Branding campaign
  • $3,000 - Lighting and audiovisual equipment
  • $2,500 - Co-working studio build out

Tier 2

$5,000 Total

  • New flooring in the studio

Tier 3

$1,600 Total

  • Working capital
  • Honeycomb's origination fee

$16,600 Total

Total cost for Tier 1, Tier 2, and Tier 3

 

 


About the Owner

Shelly A. Gracon, MSSA is the Founder and CEO of GLO Cleveland with a vision for creating platforms to light the city up through creativity, entrepreneurship and innovation. With over 20 years in the event planning industry in addition to leading countless community and creative projects, she continues to focus on making an impact with outside-the-box ideas and her collective approach to leadership.

Gracon is the recipient of the Irene Sogg Gross Award for The Butterfly Project, a community intervention based on building relationships and cultivating empathy through mindfulness and creative expression. Additionally, she has been featured in the PBS documentary The Talk, Think Magazine, Cleveland Magazine, Revolt TV, Action Magazine and in a multitude of news outlets nation-wide.

Through the development of GLO as a social enterprise, her work will always remain focused on impacting the greater good, not just the bottom line.

 


The Location

EVOLV is located at 2460 Lakeside Avenue in the Campus District of Cleveland and is the headquarters of Glo Cleveland. Sitting adjacent to downtown in an industrial mecca, our 5000 square foot warehouse cannot be missed - our outdoor mural and graffiti painted GLO car give it away! Once inside you are immersed in more art, vibrant color and a blank canvas for any idea. We are home to the only cyclorama like ours in the region, and wow guests and clients with our versatile and open-concept space complete with a full kitchen, dressing room and positive vibes.

While we continue to transform, our mission will always be the same - to become the hub for creators and entrepreneurs nation-wide and the best event space in the city.

 


Deal Summary

Issuer

GLO CLEVELAND, INC

Security Type

Secured Loan

Loan Purpose

Startup, equipment and construction costs

Offering Amount

$10,000 - $16,600

Interest Rate

13.75%

Payments

Monthly, Disbursed to Investors Quarterly

Maturity

36 months

Personal Guaranty

Yes, Shelly Gracon (owner) and David Gracon

Security Interest

Blanket lien on assets of business

 


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 Glo Cleveland, 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 Returns* (Amortizing Period) Potential Total Repayment*
$100 $2.85 $10.21 $122.60
$500 $14.25 $51.08 $613.01
$1,000 $28.50 $102.16 $1,226.02
$5,000 $37.25 $510.84 $6,130.13

*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 fully amortizing loan: principal and interest are paid down starting with the first payment. There are no prepayment penalties and Glo Cleveland 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.

Your ongoing responsibilities from investing are very limited. Each year over the life of the loan you will receive a 1099-INT, this is a simple tax document similar to what you receive for most savings accounts.

When Glo Cleveland 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 investors' behalf.

 


How Honeycomb is Compensated

Honeycomb charges Glo Cleveland, Inc. a $250 posting fee and a 8.0% 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.

Like what you see?  Check out our other campaigns here!