RPC Announces First Loan
Rende Progress Capital [RPC] announces an inaugural loan to a local business through a participation loan with Northern Initiatives, a Community Development Financial Institution. RPC is participating in a loan with Northern Initiatives in a $250,000 loan to Reliable Medical Transport. Founded by Mr. Richard Flowers, the Grand Rapids, Michigan based company provides door-to-door destination services for the needs of mobility impaired individuals requiring critical transportation services---particularly those of a non-emergency nature.
RPC Co-founder, Chair and Managing Director Eric K. Foster appreciated the company’s business model, perseverance, growth and meeting RPC’s lending and racial equity criteria. Mr. Flowers is an African-American entrepreneur who founded his company three years ago without any capital. As Foster stated, “RPC is pleased to partner with Northern Initiatives in this loan to Reliable Medical Transport. RPC’s analysis and loan consideration assessed the business growth of the company and Mr. Flowers who has established great mentoring networks with organizations."
In addition to an analysis of the business, growth of the company and Mr. Flowers' relationships with local organizations, RPC approved its participation in the loan by also taking into account racial equity aspects and Reliable Medical Transport's services that could be key in addressing barriers to health care, employment and business opportunities that racially diverse communities face.
Please visit the following link for the full press release announcement by selecting the Press Release titled Press Release: RPC Lending at https://www.rendeprogresscapital.com/downloads