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Ohio

Black Crab Fam

About Documents
67%
$16,650 Funded
$25,000 Target
31 days Time Left
19 Investors
$25,000 Min. Raise
$60,000 Max. Raise
60 mo. Term Length
9.0% Interest Rate
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Overview

I am the Executive Chef at Black Crab Fam. Our customers consist of foodies, families of all types of demographics, and people who love trendy and delicious food. Our following on social media has had a huge impact on our success. People buy our food for our unique New Orleans flavors and for the positive atmosphere that we create surrounding our business. We pride ourselves on operating with a Love Heart Posture. This gives people the space to feel like they are not being sold on everything. Our customers feel the genuine love we are instilling in them through our food and every interaction. We also refer to our customers as family. This gives them the sense of being a part of something more important than just buying our food. You can’t put a price on love. When you operate with love it is obvious and it brings people back in abundance.

Our biggest accolades are that we moved our business to Columbus during the pandemic and did so well that we ended up with a 4.5-star rating on most of the popular delivery apps as well as Google. We also now have over 20,000 followers on Instagram who love to view our food and are interested in our products.

We are raising $60,000 paid at a 9.00% interest rate with a 6 month interest-only period at a 54 month fully amortizing period.

 

Since launching during the pandemic, we've gotten over 20,000 followers on Instagram!

 

The Project

Rent on our restaurant for 1 year $24,000
Inventory $12,000
Rebranding and Marketing $10,000
10ft Hood System and installation $6,299.89.
Double door reach in Freezer $2,849.00
Double door reach-in cooler $2,299.00
Sandwich Prep $1,549.00
3 Compartment Sink $1,000
3 Prep Tables $600.00

Purchasing these items will allow us our own restaurant space where customers can dine in and experience everything we have to offer. Purchasing the equipment will give us the opportunity to expand our menu and our inventory. This will also allow for us to serve double the amount of people we serve daily. By rebranding our restaurant we will be able to create an atmosphere where people can feel welcomed and loved. In the space we are in now our customers don’t have the ability to come in and order. Moving into a full-service space will have a great impact on not only our loyal customers but our prospective customers as well. We have people who come from out of town to eat our food routinely and they would love to sit down and dine with us. 

Our marketing and rebranding will include a new street sign, TV Displays for our menus, new uniforms for our staff, and a backdrop so customers can take pictures with their families at our location. We would also like to add in a Mukbang Table which is a very popular feature for Seafood foodies. This will give our customers the chance to do live reviews of their overall experience at Black Crab Fam.
 

With this raise, we will be able to open a dine-in restaurant space.

Business

History

I started this business at home in the Warrensville Heights area in late 2018. After visiting several restaurants and still being left unsatisfied my wife reminded me of the dream I had of starting my own restaurant. Not knowing what that may look like I trusted her advice, quit my job, and started the process. 

The beginning was very tough, to say the least. I loved cooking and I knew that my passion would be appreciated so that was all the motivation I needed. All I had was $200 and a big dream. I started off using Facebook as my platform to market my meals. This allowed me to sell 1-5 meals per day. No matter how many meals I sold I made sure I put my everything into them. My customers soon became regulars and started to spread the word. This brought in about 20-30 customers per day. I started off serving these customers with delivery only. I would cook for 10-15 people for lunch, deliver the food and collect the funds. Then I would go to the store and do it all over again for dinner.

This was a true success for me and I enjoyed every moment of it. Even the sweat and tears that came along with the long days and nights were things that I held close to my heart. I embraced it all because I knew that this was the beginning of something divine. Eventually, my wife quit her job and joined me in working towards legitimizing my business. We then created our website, shifted our social media marketing more towards Instagram, and literally began to blow up overnight. Gaining hundreds of followers per day gave us at least 100 customers per day, mixed in with new and old. From that point on we knew that this had become something special. 

We now have a community of entrepreneurs who are looking to us for advice and encouragement in the advancement of our beautiful city. This is literally why we do it. We are Grateful, We are Love, We are Black Crab Fam!
 

Instagram allowed us to blow up overnight, securing 100 customers per day.

 

The Future

The future for our business is to open up locations in every major city in Ohio. The idea is to create an environment for people to connect with each other and to allow them to grow for the betterment of themselves and their respective communities.
 

The success of our business has allowed us to mentor an amazing community of entrepreneurs.

 

About the Owner

My name is Jermil Martin. I am 31 years old and the owner of Black Crab Fam. I grew up in the city of Cleveland as a very ambitious young man. I fell in love with my community and the people of Cleveland and always felt a responsibility to them. The passion we share to grow and elevate our lives is incredible to me. I now understand that many of us have gifts that just need to be properly cultivated for the greater good of our communities. I graduated from Glenville Highschool and went to play college football at The Ohio State University. There I learned how to be beneficial not only to myself but to the people around me. Growth in the greater Cleveland areas has always been a driving factor for me and now God has given me the perfect Catalyst to connect individuals with their true success. In our community, we are so willing to do anything to succeed ourselves but my goal is to see us doing everything for the success of others as well. This will give Cleveland a true space to advance and improve on a major level.

 

Jermil, right, with his wife and General Manager Daqueeta Martin.

Deal Summary

Deal Summary

 Issuer

 Black Crab Catering, Inc

 Doing Business As

 Black Crab Fam

 Security Type

 Secured Loan

 Loan Purpose

  Rent, Inventory, Equipment

 Offering Amount

  $25,000 - $60,000

 Interest Rate

 9.00%

 Payments

 Monthly, disbursed to investors quarterly 

 Maturity

 6 months interest only + 54 months fully amortizing

 Personal Guaranty  

 Jermil Martin

 Security Interest

 Blanket lien on assets of the 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 Black Crab Catering, 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: Interest-Only Period* 

 Potential Quarterly

 Return: Amortization Period* 

 Potential Total Repayment* 
 $100  $2.85   $2.25   $6.78   $126.48
 $500  $14.25   $11.25   $33.88   $632.41
 $1,000  $28.50   $22.50   $67.77   $1,264.83
 $5,000  $37.25   $112.50   $338.84   $6,324.13

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 an amortization period. There are no prepayment penalties and Black Crab Catering, 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.

Black Crab Catering, 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 Black Crab Catering, Inc a $250 posting fee and a 7.0% - 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.

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Offering Documents

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