For a fifth-generation Colombian coffee grower, coffee is more than a commodity; it’s a link to a way of life that has driven global connection and commerce for centuries.
Maria Palacio started Progeny to show coffee drinkers in the U.S. the struggles of the coffee region of Colombia and demonstrate that specialty coffee (similar to fine wine) can help make farmers’ lives better.
Progeny is a major supplier of specialty coffee to Bay Area technology companies, and when California’s stay-at-home order took effect, the company’s revenue dropped significantly. Palacio needed a lifeline and found one in a PPP loan from CRF.
Facing a backlog of inventory with no way to move it, Progeny sought PPP financing from several sources, including CRF. With six employees and several farmers depending on the company, Progeny shifted focus to consumer and e-commerce prospects.
A PPP loan ensured Progeny could stay focused on keeping employees and helping coffee farmers in Colombia weather the economic impact of COVID-19. All of the company’s employees expressed gratitude to CRF and Palacio for getting a PPP loan.
