Although 2016 Black History Month concludes in a few days, it’s never too late to shine a spotlight on and African American entrepreneur who is successfully growing a small business and creating new jobs.
In 2013, Brewster wanted to accommodate several marquee clients who wanted to be billed for payment. He required working capital to meet this challenge and approached a major national bank for a loan. He was denied and his story was told in a Wall Street Journal article in the context of SBA loans made to African American-owned businesses.
Shortly thereafter, Brewster was approached by New York Business Development Corporation (CDC) who offered to help with an SBA Community Advantage loan, but they needed a California partner. CDC Small Business stepped in and together they provided Mosaic a $250,000 working capital loan. In addition, CDC Small Business Finance provided ongoing advising as Mr. Brewster seized his growth opportunity.
“We were on the cusp of expansive growth. Without the SBA capital infusion, we would not have been able to grow at the rate we wanted,” said Brewster. “The bank that denied us made a decision based on our past. CDC believed in our future and our plans to do great things. It’s paying off!”
Brewster now employs 84 people and expects total revenues this year to settle in the $8 million range, as he continues to service marquee clients such as Facebook, Apple, Google and Mitsubishi.