Rende Progress Capital hopes that our loans-and how we provide them-will positively change the life and businesses of our borrowers. We also hope to create positive change for communities and families because our borrowers will have high growth businesses to hire people, serve more customers and pass on wealth to their children.
Rende Progress Capital provides loans through a combination of traditional loan approval criteria merged with our FAREsm system (Financing Approval through Racial Equity). FARE is used to establish character criteria for a borrower and provide important information and lending decisions that traditional lenders cannot and do not use.
As you start the first steps for Rende Progress Capital, please complete and submit the Pre-Loan Application in order to ensure we learn relavent details about your business.
The loan officer will work with you throughout the loan process to determine the best loan product that fits your business needs. We will look forward to contacting you upon your completion of the Pre-Loan Application.
In the time period of COVID-19, the initial RACE4Progress Loan offered a low-interest small business loan and flexibility in the loan term periods to the Excluded Entrepreneurs of Color from existing businesses as soon as possible and includes application processes where RPC can offer flexibility in the areas of term periods, loan amounts, absence of collateral, and reduced financial statements documentation.
In recognition of the impact of our original RACE4Progress financial relief loan, RPC has launched the RACE4Progress2.0 loan to continue providing low-interest small business loans with flexible loan term periods to the Excluded Entrepreneurs of Color owned businesses who can provide financial documentation of their business operations continuing to face financial harm from the continuing economic effects from COVID-19. Similar to RACE4Progress, RACE4Progress2.0 offers flexibility in the areas of term periods, loan amounts, absence of collateral, and reduced financial statements documentation. This loan does provide opportunities for undocumented entrepreneurs to apply. The loan is for such businesses that can demonstrate negative economic impacts on their business due to COVID-19.
Only Excluded Entrepreneurs of Color located in the Grand Rapids Area are eligible for considerationApply Today
RACE4Progress Applicant Checklist:
information required during the application process
- Business License/registration proof from Michigan Department of Licensing and Regulatory Affairs (LARA):https://www.michigan.gov/lara/
- Current Driver’s License, State Identification Card, Consulate Identification, or Passport
- Cash Flow or Business Forecast 12-months
- Business Budget for the next 12-months
- Personal Budget for the next 12-months
- Current 12-months of Business Bank Statements
- Loan Application
- Previous Years’ Business Tax Returns:
- For businesses that existed prior to January 1, 2020, please submit 2019 or 2020 and 2021 Business Tax Returns
- For businesses that existed after January 1, 2020, please submit 2020 and 2021 Business Tax Returns
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