RPC launches RACE4Progress Fund for Grand Rapids Area Excluded Entrepreneurs of Color

 

Rende Progress Capital [RPC] has launched the RACE4Progress Fund [Recovery Addressing COVID-19 and Exclusion] to provide small business relief funding to Grand Rapids Area/Kent County [Michigan] Excluded Entrepreneurs of Color whose businesses have experienced negative financial impact due to COVID-19.

 

The RACE4Progress Loan Fund was co-developed by RPC [The nation's only racial equity loan fund and emerging Community Development Financial Institution] and professionals of color in order to provide progressive, low interest loans and a flexible application process to existing businesses owned by Excluded Entrepreneurs----African-American, Latino/Hispanic, Asian American, Native American, and immigrant business owners-----who have experienced barriers to capital due to racial bias, growing financial harm to their business due to COVID-19 and exclusion from some small business recovery initiatives.

 

A fund with support from the W.K. Kellogg Foundation of $550,000 and $250,000 from the Grand Rapids Community Foundation for operations, the loan fund provides the following to local Excluded Entrepreneurs of color:

 

RACE4Progress Fund Overview:

  • 1% interest rate small business loan.  Loan amounts are between the ranges of $10,000 to $25,000.

 

  • No principal and interest payments for the first 90 days after the loans are approved.

 

  • For Grand Rapids/Kent County Excluded Entrepreneurs owning existing businesses meeting our racial equity criteria and who can share in brief narrative how COVID-19 has impacted them as a business of color.

 

  • Patient loan terms from 12 months to 60 months.

 

  • Convenient process of application with other flexible criteria that is also open to undocumented immigrant business owners.

 

RACE4Progress Fund Additional Information:

 

 

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