For full Danbury News Times article details and related content, please click here.

By Chris Bosak

DANBURY – A $10,000 loan would go a long way toward helping Sade Owoye expand her new bakery, Sweet Equations.

The Danbury native and UConn graduate could use the funds for equipment, marketing and event fees. She recently moved her commercial kitchen to East Hartford, but the core of her sales still come from the Danbury area.

Owoye is trying a non-traditional route in obtaining a loan through Kiva.org, a crowdfunding site whereby people pledge money to businesses seeking loans. She is also working with reSET, a Hartford-based nonprofit that helps entrepreneurs and serves as Connecticut’s official “Kiva advisor.” If successful, Sweet Equations would be the first Connecticut company that reSET helped to secure a Kiva loan.

It is a zero percent loan that the business owner pays back according to the terms agreed upon. Individual lenders are paid back as the loan is repaid. Lenders can contribute to a business owner’s loan goal with as little as $25.

“It takes a community to get a small business off the ground,” Owoye said.

Owoye would pay back the loan over 36 months. As of Tuesday afternoon she had nearly $2,000 pledged from 44 lenders. She has until July 20 to raise the full $10,000.

“It’s all or nothing. If you don’t reach your goal you don’t get the money that was raised,” she said. “It is yet to catch on in Connecticut. Kiva really has the business owner in mind. It’s zero percent interest and low risk – and the lenders get their money back over time.”

Kiva is based in San Francisco and refers to itself as a “nonprofit fueled by passionate people.” According to its website it has helped to facilitate more than $870 million in loans in 83 countries. In keeping with its goal of having a positive social impact, loans may also fund education and access to clean energy.

Kiva partnered earlier this year with reSET, which helps social entrepreneurs and small business owners through mentoring and encouraging community collaboration.

“Sade has worked with us extensively over the years with her business model,” James Woulfe, director of advocacy and external affairs at reSET, said. “Helping her through the Kiva process is just one other way we can help her. She’s dedicated and wants it to happen.”

Owoye hopes to expand Sweet Equations this year by having her products available in stores across the state, particularly in the Danbury area. She also hopes to open her own store and eventually has her eye on franchising the brand. For now, her products are available through her website and at events she attends. She also holds baking classes at her kitchen in East Hartford.

“The goal is by the end of summer to be in Danbury locations,” she said. “I’m not ready to open a store yet and I don’t want to rush it. If I were to open a store, it would be in Danbury.”

A Facebook posting inspired Owoye to open the baking business. During the holiday season two years ago she baked a cake and decorated it with KitKat bars and other candies. She snapped a photo of her creation and posted it on social media.

“The photo blew up,” she said. “I was getting orders and I didn’t even have a business yet. It just made sense to open a business.”

“There’s a really unique market for this,” added Owoye, a 2005 graduate of Danbury High School. “People are tired of ordinary cakes. We put a different twist on things. It’s very unique.”

Owoye is hoping lenders from around world agree. To find her entry on Kiva, visit www.kiva.org and enter “Sweet Equations” into the search field.