CBN MEMBER BRIGHT SPOTS
3 Justine PETERSEN Board Members honored in "Top 100 St. Louisans to Know to Succeed in Business"
Three of Justine PETERSEN’s board members were recently honored in St. Louis Small Business Monthly’s “Top 100 St. Louisans You Should Know to Succeed In Business”: Niccole Clements of PNC Bank (also a CBN member), Elissa Schauman of Leverage Law Group, and Allan Ivie IV of SImmons Bank.
The magazine also honored Scott Held of Ameren Corporation, Greg Kendell of Commerce Bank, Nancy Petersen of Enterprise Bank & Trust, Arrey Obenson of the International Institute of St. Louis, Dara Eskridge of Invest STL, David Noble of Midland States Bank, and Neal Richardson of St. Louis Development Corporation.
Congratulations!
Image by Justine PETERSEN
Justine PETERSEN launches DRIVE auto loan program
Justine PETERSEN has partnered with NISA Charitable Fund to launch DRIVE, a pilot auto loan refinancing program with wraparound financial credit counseling. The program allows participants to refinance their auto loans at an annual interest rate of 6%, significantly below the average 20% that borrowers with subprime credit typically pay for their auto loans.
Justine PETERSEN Makes 2021 Top-Rated List of GreatNonprofits
Justine PETERSEN has made the 2021 Top-Rated List of GreatNonprofits, an online platform for community recommendations of charities and nonprofits!
Justine PETERSEN launches North of Delmar Bulletin
Justine PETERSEN is rolling out North of Delmar Bulletin as a commitment to unite the division of Delmar. Starting with a bulletin of resources for opportunity and growth.
Justine PETERSEN Impact Page and Shop Local Tool
Justine PETERSEN introduces a search bar of locally owned business in the St. Louis area! The JP tool includes of minority and female owned business. As well as a map to navigate all the wonderful clients and companies! The map ties into an impact sheet of transparency and growth.
Justine PETERSEN Profiled by Wall Street Journal for PPP Lending
Many small businesses across the country are struggling to make ends meet in the wake of COVID-19, and the St. Louis region is no exception.
To meet the need, Justine PETERSEN stepped up as a Paycheck Protection Program (PPP) lender to support small businesses in the St. Louis area who might not have connections with traditional banks. The Wall Street Journal recently took notice of how Justine PETERSEN is doubling down on their commitment to support small businesses in 2021.
Rebecca Mawuenyega of Dellwood Pharmacy was one of those businesses in the St. Louis area struggling to recover from the COVID-19 pandemic. Her business benefitted from PPP lending at Justine PETERSEN after losing more than 40% of her revenue. Her business was able to receive $16,000 through the program at a critical time and is pursuing PPP lending for a second time due to recent increases in local COVID cases.
“Because the COVID numbers are going up, it’s happening again.”
-Rebecca Mawuenyega
The PPP loan made possible through Justine Petersen helped Dellwood Pharmacy to keep her business open and serving the local community.
And her business isn’t the only one benefiting from the program.
“There seems to be a healthy demand” said Galen Gondolfi, Chief Communications Officer at Justine PETERSEN. In the first week, they received about 150 inquiries from small businesses asking about the PPP program.
Rebecca Mawuenyega of Dellwood Pharmacy
Moreover, Justine PETERSEN has been tracking where their PPP lending is going. 75% of the $14.8 million in their PPP lending went to BIPOC-owned small businesses, which were much less likely to access PPP lending during the first round of the federal stimulus program.
Justine Petersen’s mission is to connect institutional resources with the needs of low- to moderate-income individuals and families, helping them to build assets and create enduring change - not just for each individual or family that they assist, but the community as a whole.
Justine PETERSEN is a member of the St. Louis CDFI Coalition, a partnership among eight CDFIs that offer an array of capital, development, and consulting services and share a common mission to empower a comprehensively healthy St. Louis community through support for nonprofits, small businesses, and communities facing disinvestment.
All photos from this story taken by Rebecca Mawuenyega. Read the full story from the Wall Street Journal here.
Justine PETERSEN Breathes Life into Fiddlehead Fern Cafe
Darcy Heine, owner of Fiddlehead Fern Café, dreamed of opening a neighborhood cafe and gathering place in the Shaw neighborhood on the site of an abandoned gas station.
She was looking for funds to use for a build-out of her restaurant, equipment, and furniture, as well as working capital. However, traditional banks and lenders don't typically lend to start-up businesses.
After getting rejected by traditional funding sources, Darcy found Justine PETERSEN.
“Darcy Heine, owner of Fiddlehead Fern Café, is a 4th generation and lifelong resident of the Shaw Neighborhood. Her passion for the community is what the Café has been built upon. Darcy has a background in both photography and restaurant management. In 2012, after finishing her BFA and managing a small neighborhood cafe in Lafayette Square, she realized how important it is for a neighborhood to have a place to gather.”
The loan from Justine Petersen allowed her to create the space she had always envisioned. She was also able to get the proper equipment to run the business efficiently and effectively, and have working capital to get them through the first few months of having a new business open.
Owner Darcy Heine
Built on the site of a long abandoned gas station, Fiddlehead Fern Café is committed to both the physical and social revitalization of the Shaw community. What was once an empty corner in the middle of a residential neighborhood is now a welcoming and lively place for people to gather. Whether working, studying, visiting with friends and family, meeting neighbors, or enjoying live music, there is a place for all at Fiddlehead Fern Cafe.
Justine PETERSEN is proud to have helped put together such a strong pillar in this community and can't wait for them to continue to succeed.
Justine PETERSEN is a member of the St. Louis CDFI Coalition, a partnership among eight CDFIs that offer an array of capital, development, and consulting services and share a common mission to empower a comprehensively healthy St. Louis community through support for nonprofits, small businesses, and communities facing disinvestment.
Justine PETERSEN Wants to Help You Shop Local & Support Black-Owned Businesses
CBN member Justine PETERSEN can help you shop local and support black-owned businesses!
Their newly-renovated website has a page listing all the local businesses supported by their CDFI lending and a map showing where to find them across the region.
Screenshot from Justine PETERSEN’s new homepage
Justine Petersen Profiled in the New York Times for Their Work Defending Minority-Owned Businesses
photo by Vanessa Charlot for the New York Times
Justine Petersen was profiled in the New York Times for their work defending minority-owned businesses in Ferguson, MO—both literally and figuratively.
The story focused on Galen Gondolfi and other team members who formed a protective line around The One And Only BBQ during protests in support of the owner Red Harris.
Justine Petersen runs a Community Development Financial Institution (CDFI) that lends to many minority-owned businesses using a combination of government funds and private donations.
Read more about this story and the role of CDFIs in the community by clicking here!
photo by Vanessa Charlot for the New York Times
Justine PETERSEN Featured in National News for Work on CARES Act Relief
Justine PETERSEN got a big shout-out in a national news piece that featured discussion of Community Development Financial Institutions (CDFIs), promoting racial equity in lending, and the CARES Act relief, including the Paycheck Protection Program.