Mom's Wholesale Foods
We had talks with other banks, but ultimately The Progress Fund was able to give us a good deal. We felt comfortable in that relationship, knowing that it’s genuinely a partnership, and not strictly business.
People
Pepperoni rolls have been a 3-generation family specialty since the Depression, so it’s no surprise that the Pratt family’s bakery was bursting-at-the-seams by 2020. They couldn’t expand their rented space, and the search for a new location was interrupted by COVID-19. “We just had way too much stuff in there and not enough room,” says Philip D. Pratt, whose parents founded Mom’s Wholesale Foods. By 2022, demand had only increased as stores and restaurants affected by the staffing crisis sought more quality prepared foods. Says Philip: “We need to make a move.”
Progress
The Pratts found a former craft store in New Castle they could buy and adapt into a bakery. Mom’s had borrowed from The Progress Fund early in its history and decided to do so again. The Progress Fund customized the loan to include lower payments during months in which Mom’s would still owe rent on its old bakery.
Impact
Mom’s now has around 60% more floor space. It is enhancing efficiency and increasing production while also developing a small retail operation. Mom’s now has flexibility to expand with the growing demand of their pepperoni roll business. “We needed to own,” says Philip, “if we wanted to have more control of where this boat is going.”
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