$100,000 participation in a $346,800 loan with Northern Initiatives
Supermercado Mexico is a local grocery chain with three stores in Western Michigan’s Grand Rapids metro area. The Division Street location opened in 2011 in a corridor of businesses serving a largely Mexican clientele. It has since become its anchor location store with a full-service butcher, produce, baked goods, and other culturally relevant products and services. The Supermercado stores are owned by Olvera Enterprises, which is led by brothers Javier and Pablo Olvera. The Olvera’s are deeply connected to the community and leading other local economic development projects supporting Hispanic-owned businesses in Grand Rapids.
Financing Purpose & Date:
As Supermercado outgrew its Division Street location, store owners purchased a nearby building to expand. In July 2021, Fair Food Fund provided a $100,000 participation in a $346,800 loan with Northern Initiatives, a fellow lending partner in the Michigan Good Food Fund. December 2021 saw follow-on financing also with Northern Initiative. Financing is supporting building improvements, equipment, and working capital for inventory. These investments are supporting building improvements, equipment, and working capital for the expanded store.
The new building will triple the store footprint allowing them to expand offerings and bring on 20 new full-time employees.