RPC announces new loan customer---the first line of credit customer


Rende Progress Capital [RPC] announces another new Excluded Entrepreneur customer--and the first customer receiving RPC's line of credit product. This customer, Studio 824 Beauty Lounge is also the first receiving lending through loan capital from the RPC/Doug and Maria DeVos Foundation lending partnership.

Studio 824 Beauty Lounge is a Beauty Spa, retailer of skin care products and provides beauty/skin care treatment services and counseling to women. A young business that also provides research to clients on beauty product ingredients beneficial to one’s unique needs, it is a business that received mentoring by SpringGR. Its founder and owner is an African-American woman, Janiece Stewart.

RPC, the nation’s only racial equity loan fund focused on lending to Excluded Entrepreneurs facing barriers to conventional lending due to racial bias, approved this business as the owner represents a perseverance through inequity, business adjustments through challenge and a commitment to promoting entrepreneurship to the community.

Ms. Stewart on her loan and work with RPC:

"I want to give a huge thank you to Rende Progress Capital for helping with my business goals. They offered funding, as well as advice, resources and information that I wouldn't have been able to get anywhere else. With their help, I am now able to have a line of credit that I can use to grow my business. The main thing that I loved was their willingness to work with me on the amount and terms. Kevin [RPC loan officer] has been extremely helpful, walking me through everything step by step, and offering great business advice as well. Overall, I am so happy to do business with RPC and would recommend them to any minority owned business that is looking to grow and scale their business," Ms. Stewart remarked.

“Ms. Stewart represents the case for our new loan product as she demonstrates initiative in the face of barriers to capital, our balance of recognizing racial equity and business criteria and her focus on making improvements in administrative services and capital equipment for an eventual return to her site. RPC also values that she is one of the few solo Estheticians with a diversity in products and services. More important, she has not been dormant or deterred amid COVID-19 but has strengthened her work by pivoting to her first online sales with a test offering of services and consultations to her clients. That has led to new sales and revenue in April. Also, her encouraging entrepreneurship to others in the community is to be commended during a time when she could choose to focus on herself. If Ms. Stewart is working hard during this challenging time, then RPC wants to work hard in offering support so that she can be a fixture in the community for all customers and future women of color business owners,” stated Eric K. Foster, RPC Co-founder, Chair and Managing Director.

Please visit the following link for the full press release announcement by selecting the Press Release titled RPC.Studio.824 at https://www.rendeprogresscapital.com/downloads

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