Business Description
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.