Olive Market recovers from COVID-19 with Renaissance Emergency Small Business Relief Loan

This month, Renaissance highlights essential business Olive Market, a deli/grocery store in Flushing, Queens. Owned by AAPI business owner Song Ku Paek, the business launched in 2017. Mr. Paek dreamed of owning his own business for years and spent time considering the best options to ensure his success. When he found a convenient location with high foot traffic, he knew he was ready to realize his dream.

Mr. Paek first approached Renaissance in the very early stages of opening his business after being denied a loan for startup capital from a commercial bank. Luckily, because Renaissance has many bank partners for referrals, bank staff knew about our services and recommended Mr. Paek seek out our assistance.

After working with Renaissance business counselors, Mr. Paek received a loan to support startup costs. He began making plans to grow his business into the go-to market in the neighborhood.  When COVID-19 hit, Mr. Paek saw a dramatic decrease in sales, and called his business counselor to see what support Renaissance could offer. After working with our experienced team, Mr. Paek received two Paycheck Protection Program loans over the course of the pandemic to help keep his business afloat. Recently, Renaissance offered additional support via our Emergency Small Business Relief Loan, helping Mr. Paek bring his business back to pre-pandemic levels along with individual technical assistance to help Olive Market meet its recovery goals. “With the support of Renaissance and my Business Counselor Andrew Shinn, I have been able to overcome a difficult situation and continue to operate my business well,” said Mr. Paek. He now looks forward to growing Olive Market into a place where he can enjoy interacting with and serving his neighbors in the community for many years to come.

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