Rende Progress Capital has selected a restaurant and an adult daycare business to receive loans from its RACE4Progress COVID-19 small business relief fund.
The Grand Rapids-based racial equity lender said last week that its RPC Loan Committee met Dec. 10 and approved a pair of applicants to receive loans from its RACE4Progress Fund for Excluded Entrepreneurs in County Kent who have suffered financial harm due to the impact of COVID-19.
The company selected Emonae Korean BBQ Restaurant, at 6246 28th St. SE in Cascade Township, and A Grand Rapids Senior Social Exchange and Adult Day Care, at 3212 Eastern Ave. SE in Grand Rapids, as next loan recipients.
Eric Foster, co-founder, president and CEO of RPC, said that “although (standard lending) has moved intermittently in this environment”, RPC is still reviewing applicants for its small business lending products on the racial equity.
“While the COVID-19 environment creates continued needs for relief for businesses of color who are experiencing financial damage due to the pandemic, it is good that we can provide loans to businesses that have pivoted and are experiencing good terms that enable growth”, he mentioned.
Emonae Korean BBQ
Founded in 2016 and owned by Myong Yoon Holloway, Emonae Korean BBQ has demonstrated “a need for support amid the pandemic, resilience and pivoting to meet the challenges of COVID-19,” RPC said. Some members of the RPC loan committee said they could “witness Myong’s perseverance and passion for his work”, as they visited Emonae for a lunch meeting last month.
Specializing in authentic Korean cuisine and barbecue “with a lot of Seoul in Grand Rapids”, Emonae Korean Barbecue serves Korean specialties, soups, vegetarian dishes and tofu and barbecue via meals (when allowed) and online orders.
The RACE4Progress loan will allow Emonae to meet its rent/occupancy and utility obligations and replenish its food stocks, RPC said.
More information about Emonae is available on the restaurant’s Facebook page.
A Grand Rapids Senior Social Exchange and Adult Day Care
Owned by Jodie Robertson and founded in 2018, A Grand Rapids Senior Social Exchange and Adult Day Care is another RACE4Progress loan client.
As RPC’s only portfolio company in the area of mental health and wellness services for vulnerable populations, A Grand Rapids Senior Social Exchange and Adult Day Care supports seniors in the Grand Rapids area with services social, behavioral, medical and financial. Additionally, the company provides on-site services, activities and events for seniors while their families and caregivers take care of errands and other obligations.
The National Institute on Aging estimates that 8.5% of the world’s population in 2015 was made up of geriatric people, or approximately 617 million people, which will grow to more than 1.6 billion by the end of 2050 and account for nearly 17% of the world’s population, RPC said.
Given that A Grand Rapids Senior Social Exchange and Adult Day Care operates in a market where demand for adult day care is expected to grow through 2024, RPC said it was important to ensure the business had the opportunity to survive the pandemic and thrive after it.
The RACE4Progress Loan will allow the business to meet rent/occupancy and utility obligations and leverage working capital to support operations and unforeseen business expenses during COVID-19.
More information about A Grand Rapids Senior Social Exchange and Adult Day Care Center is available online or by calling (616) 591-2908.