GinRic Foods LLC
I grew up in Jamaica but migrated to the United States in 2013. I studied finance in college and spent a few years in the corporate world. I always envision owning my business but I had too many ideas that I was not sure which one to start. I did taxes for a few years but got bored with it. I had a passion for making sauces and would get very excited when a request was made for my sauces. I was sitting with an 11 year old child one day and he said to me after tasting my sauce ” you should start your business selling sauces, it taste amazing.” At the time I was in the process of researching sauces. I decided to start the business in 2015 and it has brought me great pleasure in helping people taste a difference with an easy to use sauce. My financial knowledge is very useful in the business as I am the head of operations at Ginric Foods. I hope to expand the business and employ additional workers so we can make a difference society.
This loan is special because:
More about this loan
GinRic Foods LLC is a family owned business. We manufacture and distribute island flavor sauces. Our signature sauce, GinRic Sweet ‘n’ Sour is an asian inspired island sauce. I have been making sweet and sour sauce for more than 10 years but got incorporated in 2015. My children motivated me to start making sweet and sour sauce, and they would demand it every Sunday for dinner. Soon they began telling their friends about it and a line started forming in my kitchen. I experimented with both meat and vegetarian products and people enjoyed it. We will be introducing three additional sauces, Ginger sauce, mustard sweet sauce and sweet ‘n’ sour dip soon. Our customers are working mothers between the age of 30-50, who are too busy to make their own sauces.
My biggest challenge is working capital. My husband and I play many roles, since we are unable to hire new people. Our expertise in Management and production has given us a direct advantage in managing the day to day operations. We have been able to start and continue operation without any debt so far. Our goal for GinRic Foods is to distribute in all states and be more recognized. With increased recognition, there will be a greater demand for production. The company is currently seeking additional funding to increase production by purchasing new equipment and increase working hours.
We anticipate GinRic Foods’ success as we are very passionate about the vision of our company.
What is the purpose of this loan?
Equipment $2,500, Raw material – $3,900, Marketing – $2000
The purchase of raw material in bulk will reduce the cost of production, therefore increasing our profit margin. It will be more efficient and effective to use these new equipment to increase rate in production. The marketing effort will enhance visibility and create more awareness and demand for products. This will improve our working capital and we can put more focus in growing the business.
Years in operation: 1 year – 3 years