In a large mixing bowl dissolve yeast in the warm water. Stir in eggs, cheese, red or green pepper, onion, shortening, sugar, salt, and thyme. Gradually add 2 cups of the flour, beating with an electric mixer on medium speed until smooth. Using a wooden spoon, stir in the remaining flour (batter will be stiff).
Cover; let rise in a warm place until double in size (about 1 hour). Stir down dough. Grease a 9x5x3-inch loaf pan. Transfer dough to prepared pan. Smooth top of dough with floured hands. Cover; let rise in a warm place until nearly double in size (about 40 minutes).
Bake in a 375 degree F oven for 40 to 45 minutes or until bread sounds hollow when you tap top. Immediately remove loaf from pan. Cool loaf on a wire rack. Makes 1 loaf (16 servings).