Simon’s Supermarket

Finance Fund Capital Corporation’s COVID-19 Recovery
Loan Program Provides Relief for Euclid Supermarket During
Pandemic

As COVID-19 caused an economic and health crisis in Ohio,
entrepreneurs saw a decrease in revenue, especially due to supply
shortages and increased vendor costs. With support from Wells
Fargo, Finance Fund Capital Corporation (FCAP) created a COVID-19
Recovery Loan program to provide emergency financing for several
Ohio entrepreneurs impacted by the pandemic. The COVID-19
Recovery Loans, which consist of low interest rates and other flexible
terms, were funded quickly to help these small businesses remain
open and survive the crisis.

Simon’s Supermarket, an immigrant-owned grocery store in Euclid,
was one recipient of these loans. Located in an underserved,
urban neighborhood, Simon’s provides neighbors with food that
is both nutritious and cost friendly. When COVID-19 struck Ohio,
Simon’s suffered supply shortages and increased vendor prices that
decreased profits, but owner Hussain Basharat knew where to turn
for aid. As a previous client of FCAP, Simon’s sought out FCAP support
again and successfully applied for one of the COVID-19 Recovery
Loans.

FCAP loaned Simon’s Supermarket $202,000, which will be used
to cover operational costs from supplementing payroll to buying
addition sanitation and safety supplies.

The neighborhood surrounding Simon’s Supermarket has been
suffering economically, especially since COVID-19 swept through
the state. Unemployment spiked to 11.4% in November 2020. The
median household income ranges from $18,017 to $23,382 and
the area is designated low supermarket access by the United States
Department of Agriculture.

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