Florence Dennis had a problem. A good problem, to be sure, but a problem all the same. The owner of Flows Tasty Treats, LLC, a Newark, N.J.-based company specializing in Ghanaian-inspired snacks, Ms. Dennis had just scored a $375,000 order for a peanut and corn snack from retail giant Costco after over three years of pitches – more than double her business’s revenue for the entire previous year. The order exceeded Ms. Dennis’s wildest expectations – but now came the business of actually fulfilling it.
The Wall Street Journal’s Ruth Simon recently chronicled that process, the many challenges it entailed – and how Renaissance helped her overcome them. In late May, Renaissance had its first meeting with Ms. Dennis, who was born in Liberia, later lived in a refugee camp in Ghana when her parents fled Liberia’s civil war – which broke out when Ms. Dennis was just six years old – and ultimately moved to the U.S. at age 19. When Ms. Dennis met with Renaissance, she badly needed financing to help pay her peanut and corn suppliers, who demanded payment up front before shipping her the goods, or risk losing the Costco deal entirely. Ms. Dennis approached several lenders but, for various reasons, was turned down.
Fortunately, Renaissance, in partnership with the New Jersey Economic Development Authority’s Capital Access Fund, stepped in and provided Ms. Dennis with $150,000 in September. This loan not only helped her fulfill her order, but helped her avoid other, higher-interest financing. Renaissance cautioned Ms. Dennis about this financing – Renaissance’s Managing Director, Jessie Lee, is quoted in the Wall Street Journal article, saying:
“It’s not just how you fulfill the contract, but how to take that revenue and turn it into more revenue.”
With some help from Renaissance, Ms. Dennis did fulfill the Costco contract, and has now moved onto her next good problem: how to best publicize her product and maximize sales. Every small business owner deals with their share of problems – both good and bad – and even more so for the majority-immigrant and low- and moderate-income (LMI) clients Renaissance serves. We are inspired every day by the perseverance of people like Ms. Dennis, are thrilled to see this well-deserved recognition from the Wall Street Journal – and, of course, are honored to be a part of her journey, wherever it leads next.
