Rende Progress Capital (RPC) is pleased to announce grant support from the Wege Foundation. Today's announcement of the RPC/Wege Foundation partnership to promote economic equity and eliminate the racial wealth gap through financing businesses of Excluded Entrepreneurs who face barriers to loans due to bias was announced by by Eric K. Foster, RPC Co-founder, Board Chairman and Managing Director/Portfolio Manager.
RPC announced that the Wege Foundation is providing $49,712 multi-year funding to support the RPC Grand Rapids Area Economic Equity for Entrepreneurs (E3) Initiative. Funding for E3 will support RPC’s initiatives to equip potential loan borrowers with servicing and business technical assistance. The grant will also support personnel and organizational operations that will assist RPC in the effective management of loan services to local Excluded Entrepreneurs in the Grand Rapids/Wyoming Metropolitan Statistical Area who face barriers to conventional loans due to racial bias and lending disparities.
Foster stated that “The Wege Foundation has a comprehensive and demanding set of priorities for themselves and grantees in order to promote diversity and inclusion whether in Economicology or education and to advance economic equity for all---particularly those individuals and communities facing disinvestment due to racial bias. Therefore, we appreciate that the Foundation has placed confidence in our unique mission, lending focus and proprietary racial equity lending systems used in loan and investment decisions to provide capital to Excluded Entrepreneurs in order to create jobs, develop intergenerational wealth and inspire their confidence in a bias-free lending system. On behalf of our board, investors, allies and future customers, I thank The Wege Foundation for its support.”
Please visit the following link for the full press release announcement by selecting the Press Release titled Press Release: Wege RPC E3 Grant at https://www.rendeprogresscapital.com/downloads