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:
The accompanying RACE4Progress Frequently Asked Questions One-Pager with Application Checklist items. The FAQs can be accessed at https://www.rendeprogresscapital.com/clients
RPC is now accepting applications through its RACE4Progress Fund Home Page at https://www.rendeprogresscapital.com/
NOTE: You can also visit the following link for the full press release announcement titled RACE4Progress Press Release and RACE4Progress Fund FAQ by visiting https://www.rendeprogresscapital.com/download