This is a business owner who has reached out to Slow Money NC.
Business Owner: Stephanie Berry-Terry
Business Name: Medicine Mama’s Farmacy
Location: 2418 Hillsborough Street
Raleigh, NC 27607
Email: click here
How did you hear about Slow Money NC?:
I heard about Slow Money NC from Morgan Siegel of Jeddah’s Tea and the folks at Cocoa Cinnamon.
Tell us your story. What is your business idea? Tell us your plan.:
Medicine Mama’s is a small, woman-owned and run business in Raleigh. I started my company at home like most small businesses do, out of a need for a better pain relief option. I was diagnosed with fibromyalgia in 2016 and was originally prescribed multiple pills to try to combat the issue. I hated being on prescription medication and started doing a lot of research on Hemp and the benefits of CBD. After spending months at home working on recipes for edibles and topicals for myself, I started sharing my “medicine” with close friends and family for them to try. The response was overwhelming. They started sharing with their friends and family and eventually we had no other choice but to open up shop. We opened our first store last year in Raleigh and things did very well. A few months later we got the opportunity to open a second location right across from NCSU. This location is intended to be more than just a “CBD shop”. This location is Raleigh’s first Cannabis Cafe. We are facing a difficult road ahead due to the current pandemic. Our beautiful cafe opened two weeks ago, and is struggling. I worry we may not make it to see the students come back this fall, so they can fully experience what we have built here. We’ve created an incredible study space for the future bright minds of Raleigh, where instead of going to a local pub – they can come see us, sit on a couch or at our community table to study and enjoy coffee or delicious baked goods with a CBD infused side. I know our business will be successful, I just worry about being able to get through our first summer on Hillsborough street without the necessary funding. I’m doing my best to pave the way for the future of Hemp and CBD in North Carolina, and your help would make a world of difference to the Medicine Mama family, and benefit the local economy and community as well.
Please briefly describe your commitment to sustainable food systems in North Carolina.:
We only source our Hemp Flower and any other collaborative efforts through North Carolina Farmers. Everything we use for our recipes only comes from NC Farmers and companies. We also serve coffee, pastries etc that are all sourced from other Small Businesses based in NC. We have an extensive wholesale client base that is comprised of NC business.
What will your sales be? What do you anticipate your profits/your margins will look like? How will you make the money to pay this loan back?:
Before the pandemic, our sales were going very well. Roughly 30-40 thousand dollars in sales per month at just the original store. We have yet to see the potential of our Hillsborough street Cafe because NC State sent kids home due to COVID-19. With the loan, we could jumpstart the cafe and be fully prepared to serve our community of students once school is back in session, as well as. continue to employ our small, but mighty team to fulfill wholesale orders, in order to allow our clients to thrive.
Have you borrowed money before? How much did you borrow? From where? How long was the term? Is there a balance still due on that loan?:
No- I have invested my life savings into ramping up our business.
Do you have people who would vouch for your credit worthiness? Who are they?:
Felisa Brown, owner of Elevated Chocolates
Morgan Siegel, owner of Jeddah’s Tea
Andrew Ullom, owner Union Special Bread
Allison Vick, owner of Little Blue Macaron
Sherif, owner of Raleigh Raw
Tell us about your business background. Have you been in business before?:
I owned a successful custom apparel company, Wham Bam Customs, from 2015-2017. I was able to pivot to pursue my passion via Medicine Mama’s Farmacy in 2018, and have been hard at work at markets, events, and now our 2 brick & mortar locations since.
How much money do you need to borrow to make your project work? How long do you think you would need to pay that back?:
[Please contact Stephanie or Carol directly about this.]
Are there other lenders involved in your project or business?:
What is your timeline for this project? Would you like it to start in a month? 6 months? A year?:
I would like to start ASAP
Is there anything else we forgot to ask you?:
I don’t believe so, but please don’t hesitate to reach out if you think of any.