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Excluded Entrepreneurs are small business owners facing historical, data and evidence-based challenges in the marketplace and economy along with experiencing capital barriers to their businesses that prevent or restrict their access and opportunity to traditional financing.  Based on surveys and deep listening sessions with them, Underrepresented Entrepreneurs are promising businesses who are, have been, or perceive themselves to face barriers from traditional loans from financial institutions for a variety of social, conventional bank regulations and other factors . In turn, their families and communities also experience social and economic pressures as a result of underinvestment or none at all.

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RPC supports promising new, emerging and existing business with loans to certain businesses led by Underrepresented Entrepreneurs. The market lending area at this time is West Michigan, Kalamazoo, Holland, Muskegon and other areas in the state at RPC’s discretion. Other geographic areas may be considered in the future. The current RPC lending market has been affirmed by data and insight from Underrepresented Entrepreneurs.

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For those interested in applying for RPC loans and investments, there are four steps to review: 1. Learn about our criteria and apply for eligibility; 2. Permission to review your financials and other information; 3. Complete and submit a loan application ; 4. Receive a determination after careful consideration. Whether an Underrepresented Entrepreneur is being considered for a loan or investments, the RPC team will review each proposal with diligence, review of financials and other business documentation necessary for our analysis, our impact investing criteria and business objectives that fit the mission of RPC and benefit to the community.

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RPC standard loans are our main financial product that we use to invest in businesses owned by Underrepresented Entrepreneurs. Standard loans are term loans and potential Line Of Credit loans to existing businesses [5 years old or longer], emerging businesses [2 years in tenure] or early stage businesses [at least 6 months in tenure] to provide investments in their growth and that have quality business capacity. Such loans have fixed rates, and some may have flexible rates, and are provided to approved applicants with good business fundamentals, quality professionalism and demonstrated record and need for growth. RPC is distinctive in our investment approach as we determine such approvals based on a combination of loan underwriting standards that are different than banks---and we determine approval using impact investing criteria and other factors such as geography and a business’s ability to enhance access to employment, provide good wages and have business practices that eliminate financial instability and poverty for employees and community.

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All RPC loans are financial investment products. Therefore, all loans require the personal guarantee by the business. As a loan investment fund that is accountable to its capital, RPC in turn must ensure that the business borrower is responsible for their loan, our investment and approaches repayment of their debt with seriousness and professionalism. In addition to personal guarantee, cash flow and good financials, collateral serves as the other source to ensure that a borrower has an ability to repay their RPC loan. Certain loans may involve filing on a borrower’s assets such as vehicles, real estate, equipment, etc.

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RPC Standard Loan interest rates may between the small business lending Community Development Financial Institution industry ranges of 6% to 10%.

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RPC Standard Loan terms can range from 12 months to 36 months.

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While RPC has different and progressive loan consideration standards than traditional banks, there are processes, information and requirements that an applicant must follow and provide for RPC loan consideration in general---and standard loans in specific. Applicants must provide financial statements/tax information, business plan, proof of business insurance, and other information for an informed decision. Please visit the RPC loan application portal or contact our team at contact@rendeprogresscapital.com to learn more. We appreciate applicants who can also demonstrate seriousness and professionalism to understand the importance that RPC places on making investment decisions by having full and timely applicant information and standards met. Such full and timely information may also assist in our timely decisions on investing in Underrepresented Entrepreneur loan applicants. Upon any loan approval and closing, RPC standard loans also include a closing fee.

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All RPC loans are financial investment products. Therefore, all loans require the personal guarantee by the business. As a loan investment fund that is accountable to its capital, RPC in turn must ensure that the business borrower is responsible for their loan, our investment and approaches repayment of their debt with seriousness and professionalism. In addition to personal guarantee, cash flow and good financials, collateral serves as the other source to ensure that a borrower has an ability to repay their RPC loan. Certain loans may involve filing on a borrower’s assets such as vehicles, real estate, equipment, etc.

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The interest rate is 1% for the entire term of the loan.

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The minimum loan term period is 12 months. The maximum loan term period is 60 months.

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After concluding the RACE4Progress Loan, RPC launched the RACE4Progress 2.0 Loan on October 14, 2022.