A revolving loan fund from Delaware’s Division of Small Business enabled a Wilmington entrepreneur to perform a makeover of his grocery store and coffee service after it fell victim to the pandemic.
The Department of Commerce’s Economic Development Administration provided a $1.5 million grant to Delaware in February 2021 to create and manage Rise Up Now Delaware, a revolving loan fund that offers crucial bridge funding to companies in Delaware that have been negatively impacted by the COVID-19 pandemic, according to a news release issued Dec. 6.
“This award provided funding to 31 projects throughout the state, in areas that had experienced decades of disinvestment. One such project was the redesign and redevelopment of the former Faire Market and Café,” Patricia Cannon, director of Special Projects for Delaware’s Division of Small Business, said in the release.
Both the food and the decor underwent a total makeover thanks to the EDA financing, which also funded a thorough design upgrade, the release reported. In June 2022, Rob Snowberger restarted his company under the new name Faire. Today, it provides full-service coffee, beverages and upmarket breakfast and brunch options.
Cannon said what makes this so special to her team is that most of them come from families that have small businesses. They are excited to give these struggling businesses a gift of working capital or seed capital to help them get started, according to the release.
The federal funds came from the American Rescue Plan and the CARES Act, the release reported.
