Rende Progress Capital has made another loan to a business owned by entrepreneurs of color from its RACE4Progress Fund for COVID-19 relief.
Eric Foster, co-founder, chair and managing director of Rende Progress Capital (RPC), said last week that the racial equity lending firm made a loan of an undisclosed sum to Mosby’s Popcorn, at 15 Ionia Ave. SW, Suite 100, in downtown Grand Rapids.
“RPC is pleased to share another example of a new loan customer who is also another business in our portfolio located in downtown Grand Rapids — Mosby’s Popcorn,” Foster said. “An African American family business headed by Brian and Shavyea Mosby, this (company) lives by the brand of being ‘popcorn connoisseurs’ and displays excitement for their offerings, innovation, quality and community support.”
Launched in 2015, Mosby’s offers an array of specialty popcorn flavors, serving customers at its downtown storefront, as well as selling its products at events such as ArtPrize and to clients including Grand Valley State University and other corporations and organizations.
In addition to business considerations and the opportunity for the loan to help a Black-owned business to remain downtown, RPC and its loan committee said they were intentional in approving this loan based on the family business ownership and family economic security at stake.
According to Brian Mosby, the RACE4Progress Loan will help Mosby’s “adjust (in a COVID-19 environment) to increase our visibility online and the ability to expand our online presence,” in addition to bolstering sales at its location.
The RACE4Progress Loan also will allow Mosby’s to meet rent and payroll obligations and increase inventory.