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:
RACE4Progress Fund Additional Information: