In its second year of operations as the nation's only racial equity focused loan fund and emerging Community Development Financial Institution [CDFI], Rende Progress Capital [RPC] has received technical assistance funding from the U.S. Department of Treasury's Community Development Financial Institutions Fund [CDFI Fund]. RPC is one of three organizations in Michigan to receive an award funding.
RPC is excited to achieve and announce another milestone for the start of 2020 work and its mission to eliminate the racial wealth gap through providing services and lending to Excluded Entrepreneur-owned businesses facing barriers to conventional capital due to bias and other factors.
The CDFI Fund award will provide RPC support to secure certification as a CDFI, build personnel and systems capacity as well as the ability to enhance efficiencies and progress of operations.
Eric Foster, Co-founder, Chair and Managing Director stated "At our early but impactful stage of inaugural racial equity small business lending and services, it is a milestone to have our first partnership with the federal government helping us build capacity to serve disinvested communities lacking fair access to affordable financial products.”
Cuong Huynh, Co-founder and Managing Director for Investments noted that "This much needed support will allow RPC to assist more entrepreneurs and to change lives for the better for them, their families and communities.”
Please visit the following link for the full press release announcement by selecting the Press Release titled RPC Press Release: RPC and U.S. CDFI Fund at https://www.rendeprogresscapital.com/downloads