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By Mary Minette, Consultant, Mercy Investment Services
The pillars of environmental, social, and governance (ESG) form a basis for responsible investing that prioritizes the long-term health of our economy, societies, and planet. This has been a key component of the approach of the Portfolio Advisory Board (PAB) since its inception as an important expression of alignment between the investments and the mission of the Adrian Dominican Sisters.
As ESG investing has grown as a share of the overall market, an anti-ESG movement has developed among some politicians and state treasurers, who decry such investments as “woke” capitalism.
New legislation in some states prohibits state contracts and investments with investment firms that use environmental or social indicators to inform investment decisions. Sometimes, government entities may not enter contracts for goods or services without written verification that the vendor will not boycott fossil fuels. Legislation of this nature has been introduced in 37 states, targeting investors who have made climate commitments.
In July, the US House of Representatives Financial Services Committee held a series of hearings called “ESG Month” that targeted ESG investors. They introduced bills designed to curtail social and environmental investment and the regulatory powers of the Securities and Exchange Commission to allow for greater disclosure of ESG information. None of these bills is expected to move to the Senate during this session of Congress, but they represent a disturbing trend that would curtail the ability of investors to choose how and where they invest.
In early June, the PAB joined 77 fellow Interfaith Center for Corporate Responsibility members in a letter asking members of Congress to publicly speak out against these anti-ESG campaigns and efforts to derail environmental and social progress resulting from shareholders’ efforts. The letter encourages members of Congress to advocate for prudent, non-partisan investment practices and to consider the financial damage to state and municipal pension funds due to the anti-ESG legislation.
The PAB will continue to advocate for the importance of addressing these factors in investing and engagement.
By Sister Marilín Llanes, OP Director and Portfolio Manager Office of Portfolio Advisory Board
Redbud Financial Alternatives, Inc. is a community development financial institution (CDFI), which, since 2014, has shepherded and strengthened a handful of rural communities located in underserved and underbanked eastern Kentucky. Redbud is committed to answering the needs of the communities it serves with equitable financial action, often transforming the lives of many.
In March 2023, the Adrian Dominican Sisters’ Portfolio Advisory Board (PAB) members unanimously approved a loan request to first-time recipient Redbud. Redbud’s mission aligns well with the Adrian Dominican Sisters’ 2022 Enactment that beckons us to build “the beloved community in which everyone is cared for, absent of poverty, hunger, and hate.”
James Caudill, Director, shares how Redbud answered the call for help from this single mom in deep financial stress.
Lindsey, a single mother of two young children, recently approached Redbud for help when she noticed that the balance on her auto loan wasn’t going down. For over two years, Lindsey had led a successful life in substance use recovery, working as a carpenter and assistant trainer in the Housing Development Alliance’s Hope Building Program.
Upon reviewing her credit file, we discovered that she was paying a whopping 23.89% interest rate on her loan! We discussed the situation with Lindsey, and afterward, we paid off both her current loan and the finance company loan, using a Redbud loan with a 6.00% interest rate. This financing helped Lindsey save $188.33 a month and lowered her debt-to-income ratio by 7.85%!
One of Lindsey’s greatest dreams is to be a homeowner, and now, with Redbud’s help in refinancing her car loan, she is one big step closer to realizing that dream.
Predatory lending practices are widespread in eastern Kentucky, impacting the lives of thousands of people burdened with high debt due to unfair and abusive loan terms on borrowers. This results in stripping the borrower of any chance of equity.
Redbud promotes individual financial stability and greater community development by focusing on financial literacy, financial rehabilitation, and equitable alternatives to high-cost lenders. One of four CDFIs in this area, Redbud has made more than $2 million in fair and affordable consumer loans, collectively saving clients more than $400,000 in interest and fees.
A client of Redbud shares this note of gratitude:
Redbud has been so easy to work with and extremely eager to help during times that we really needed them. The flood of July 2022 left us with the loss of multiple vehicles and our home was left unlivable. Redbud gave us the ability to purchase a vehicle that we could use for transportation for all of our family members. … Thank you, Redbud!!
We in the PAB stand in solidarity with Redbud as it continues its work for the common good against high-cost lenders and serves as a beacon of hope in answering the financial needs of people with catalyzing action.
By Sister Marilín Llanes, OP Portfolio Manager of Community Impact Investments, Portfolio Advisory Board
Imagine this situation: Mariela, 41, a Latina with limited resources living with an adult child scrambling to pay legal expenses for a divorce. Where will she go for help to get a small consumer loan in the big metro city of Miami, Florida? During this difficult time for Mariela, she turned to Capital Good Fund for a $3,500 Impact PLUS Fund instead of going with payday lenders that take advantage of people in such dire situations.
“Capital Good Fund made me feel supported, empowered, and confident,” she said. “Capital Good Fund offered options and solutions instead of creating problems. The tools are there. There are people willing to help you.”
The Adrian Dominican Sisters Portfolio Advisory Board (PAB) welcomed in March 2023 Capital Good Fund as new partner borrower. Andy Posner, Founder and CEO launched the nonprofit certified Community Development Financial Institution (CDFI) in 2009 with a mission to create pathways out of poverty and advance a green economy through inclusive financial services. It grants loans nationally – in Rhode Island, Florida, Massachusetts, Delaware, Illinois, Texas, Colorado, New Jersey, and Connecticut – and is incorporated in Providence, Rhode Island.
The PAB is especially pleased to partner with Capital Good for its commitment to address racial equity and its recognition that racism, discrimination, poverty, and financial exclusion are all linked.
Capital Good Fund’s mission is well aligned with the Congregation’s 2022 Enactment on Diversity, which calls the Adrian Dominican Sisters to “build the beloved community in which everyone is cared for, absent of poverty, hunger and hate.”
Capital Good engages daily with underserved families and provides tools for savings, building credit, investing in themselves, and avoiding high-interest debt to be able to reach their goals.
All loans are offered through a financial technology (fintech) platform. Fintech transactions are efficient, reliable, and easily accessible to the client who is often living with time and energy constraints, and limited resources. The array of products Capital Good offers range from car loans, immigration loans to cover cost like green card acquisition and citizenship; consumer loans, weatherization loans to make homes more efficient and emergency loans for unexpected expenses like in Mariela’s story.
Ana came to the United States with a dream: to start her own business, buy a house, and create a better life for her children. But she had a problem: she needed $5,000 to get her work permit. That's where Good Fund came in. By providing the loan, Capital Good enabled Ana to get a work permit and launch her business. This opportunity for Ana boosted her credit score, allowing her eventually to buy her own home for her husband and two children. Watch Ana tell her story here.
Mariela and Ana are two of the thousands of individuals and families serviced by the Capital Good Fund team.
Learn more about Capital Good Fund at https://capitalgoodfund.org/en/.
Reprinted with the permission of the Latino Community Credit Union
Vicky Garcia, Senior Vice President of Latino Community Credit Union (LCCU) – a community investment of the Adrian Dominican Sisters – participated in a late January 2023, moderated conversation with Vice President Kamala Harris and Isabella Guzman, U.S. Small Business Administrator. The conversation was introduced by Marla Bilonick, President and CEO of the National Association for Latino Community Asset Builders (NALCAB) and moderated by Jorge Buzos of Univision.
Marla framed the conversation perfectly, explaining the important relationship between small, Latino-owned businesses and the community lenders that are “entrenched in the communities they serve … and fill an important gap by providing loans and financial services that traditional banks are sometimes not able or willing to provide.” She concluded by celebrating LCCU as a “superstar in the community lending field.”
Vice President Harris said community lenders like LCCU “understand the capacity of the community. They understand the culture of the community, the mores of the community, what the community wants for itself.” These words beautifully describe LCCU, which has established a national model for financial inclusion and has provided $1.6 billion in loans to Latinos traditionally marginalized from economic opportunity.
“Vice President Harris is a proven champion of community lenders, including credit unions like LCCU,” Vicky said. “By taking the time to come here and meet our members face to face, the Vice President is recognizing their important contribution to the U.S. economy and LCCU’s role as a driver of economic opportunity and growth.”
Vice President Harris met several LCCU members who have used LCCU loans to start and grow their businesses, buy homes, and build generational wealth. Additionally, she and Administrator Guzman visited a local bakery owned by LCCU members.
Vice President Kamala Harris visits a bakery owned by members of the Latino Community Credit Union. (Photo courtesy of the Latino Community Credit Union)
The vice president was also on hand to celebrate the federal government’s investment in community lenders like LCCU. As part of the U.S. Treasury Department $9 billion Emergency Capital Investment Program (ECIP), LCCU received a $99 million, 30-year, low-interest loan from the U.S. Treasury Department.
The federal investment provides LCCU the equity to build its capital base dramatically and quickly expand its impactful, public-private partnership model. LCCU is now positioned to raise significantly more deposits from mission-aligned private sector partners – corporations, foundations, and health systems – and immediately deploy those deposits as life-changing loans to those who need them the most.
Over the 30-year term, LCCU expects to raise $700 million in private sector deposits, which in combination with member deposits, will allow for the union to make one million fair and affordable loans, for a total of $30 billion in financing, to its growing membership of Latinos in the Southeast.
Vice President Harris concluded by underscoring that LCCU’s “one million loans will have a profound exponential impact on the economic health and wellbeing of the community.”
Watch a video of the event below or on YouTube.
By Sister Marilín Llanes, OP Portfolio Manager of PAB Community Impact Investments
The Ecumenical Church Loan Fund (ECLOF) International is a Swiss non-profit microfinance institution with a mission-driven compass, serving low-income micro entrepreneurs and farmers in 12 developing countries. Since 2018, ECLOF International has been a loan recipient of the Adrian Dominican Sisters’ Portfolio Advisory Board (PAB) community impact Investment initiative.
The ECLOF International Hub is committed to empowering low-income people to create, manage, and own their own businesses, especially with a focus on gender inclusion and equality. Two stories featured in this article are prime examples of ECLOF’s engagement.
- Article courtesy of the ECLOF Dominica website
In the Dominican Republic near the Santo Domingo area, ECLOF Dominica serves mainly women engaging in urban and rural businesses. Besides loans, ECLOF Dominica provides business education and financial literacy training to its clients.
In the community of El Toro de Guerra, at the periphery of Santo Domingo, 28-year-old Lidia de la Cruz runs “Escuelita Arco Iris” (Rainbow School) for children in the community who need help with homework and their lessons. The children would not be able to do so at home due to their family’s lack of time or knowledge to assist them. Lidia welcomes 25 to 30 children ages 4 to 11 every day.
With consecutive loans from ECLOF Dominica over the last four years, Lidia has set up a small classroom with basic equipment: a few desks and chairs. Beyond school knowledge, Lidia teaches children social values and how to interact with each other. She motivates them and accompanies them in their self-development.
Characterized by perseverance and a desire to serve her community, Lidia has been supporting children since the age of 12. Although she never attended college, she took her knowledge from school and continued learning on her own without the benefit of formal education. Lidia wishes eventually to go to university to improve the quality of her teaching to her young pupils and her own children in the future.
Lidia won second place as Educational Microenterprise of the Year in the CITI Micro Business Award 2013 sponsored by Citibank. More importantly, the people of El Toro de Guerra describe Lidia as playing the role of the sun that hits the rain to brighten the lives of her small neighbors with a beautiful rainbow every day.
- Article courtesy of the ECLOF Philippines website
Victor, 38, is a proud farmer and role model for the next generation of farmers on the Filipino island of Palawan. It wasn’t always easy for him. As a teenager, he steered clear of farming and instead trained as a mechanical engineer. But when his father passed away in 2014, Victor decided to give farming a try on the family’s 1.7 hectares (4.2 acres) of land.
Victor started attending specialized agricultural training sessions and events organized by ECLOF Philippines. He was also invited to showcase his work and represent his hometown in Manila. Next, he took a big leap to apply for first loan of $220 to develop his farm, despite initial reservation against borrowing money.
In the following seven years, he diversified his father’s monoculture rice field into a mixed field for livestock, fruit, and vegetables. This model proved so successful that Victor turned it into a training center for other farmers that is accredited by the Technical Education and Skills Development Authority (TESDA). In April 2022, it was awarded as a learning site for capacity building of the farmers in their communities.
The entrepreneurial stories of Lidia and Victor offer hope and opportunity for the present and future generations of business seekers in the Dominican Republic and Philippines.
Feature photo at top: A woman from Santo Domingo in the Dominican Republic seated at a table writing
By Marilín Llanes, OP, Portfolio Manager Community Impact Investments
In 2020, the idea of the Emergency Relief Loan Fund emerged during a Portfolio Advisory Board (PAB) meeting rising from a deep sense of “what more can we do” during the two colossal pandemics. The looming effects and complexities of COVID-19 and the rise of racially based deaths weighed heavy in our hearts. It was an urgent call to respond to the great economic challenges facing our country and world. The moment to invest for change and restore hope was realized in the selection of four financially struggling communities in or near areas of Chicago, Seattle, Detroit, and Oakland impacted by these extraordinary events.
This engagement was well aligned with Congregation’s 2016 Enactment on Race, Violence, and Diversity, beckoning us to “pledge our lives, money and other resources to facilitate and create” opportunities with people “relegated to the margins.” A proposal was drafted and presented to the Adrian Dominican Sisters General Council. Swiftly it was approved to create a $1 million Emergency Relief Loan Fund with zero interest to be disbursed into four equal parts among the four selected Community Development Financial Institutions (CDFIs) for three- to five-year terms.
The criteria for disbursal of funds by CDFIs was determined by PAB members was two-fold: relief to people of color who were unable to make mortgage payments and support for rebuilding small business owners in impacted communities of color.
Two years later, the four CDFIs are sharing stories of resilient people who have benefitted from the loans.
Ventures is a Seattle-based nonprofit that empowers aspiring entrepreneurs with “limited resources and unlimited potential” with 100% focus on BIPOC (Black, Indigenous, People of Color), women, immigrants, LGBTQ, and individuals with low income.
The featured story is about Once Upon a Time Early Childhood Family Daycare, a bilingual school located in Burien, Washington, that provides activities to reinforce children’s learning. It is unique in that there are not a lot of bilingual programs in the area that offer both full-time and part-time care. Owner Diana Llanes (no relation to Sister Marilín), is a certified teacher in early childhood education and for more than 11 years has taught social, emotional, and behavioral skills and promoting an environment of learning and curiosity.
Allies for Community Business (A4CB), located in East Garfield Park on the West Side of Chicago, is a nonprofit that helps neighborhood entrepreneurs. With the Emergency Relief Funds, A4CB provided small business loans to assist minority and women business owners who experienced financial hardship due to unprecedented times.
Since the inception of the loan, A4CB team has dispersed 19 loans in the neighborhoods of Bridgeport, Brighton Park, McKinley Park, and New City. According to Mary Tristis, Director of Community Lending, business owners who benefited from loan funds have been women-owners (nine), African American owners (six), Latinx owners (six), and Asian American owners (two).
A loan recipient of A4CB, Jeff Yumul and spouse Deanna Spear-Yumul followed their dreams and founded Bjjxyoga Studio in the McKinley Park neighborhood. The studio specializes in Brazilian Jiu Jitsu and mixed level yoga for all ages.
Bijjxyoga Studio, McKinley Park, Illinois. Photo courtesy of business.
Like many businesses, the studio was forced to close temporarily due to the pandemic. After reopening, Jeff found that customers were apprehensive to attend in-person group classes, further delaying the studio’s return to pre-pandemic operating levels.
In early 2022, Jeff received an A4CB small business loan to help his business grow. “We used the funds to expand our location by double the square footage,” Jeff said. “More space means more customers we can inspire!” (Article courtesy of the A4CB website in celebration of Asian American /Pacific Islander heritage month, May 23, 2022).
Working Solutions CDFI was founded in Oakland, California. Since October 2020 it has made 10 loans totaling $250,000 with Adrian Dominican Sisters’ community investment capital to entrepreneurs in Almeda County (specifically in Oakland, Emeryville, San Leandro, Hayward, and Fremont), with 100% deployed to low-income individuals, 89% to women, 96% entrepreneurs of color.
A. Romo’s Café, a Latinx-owned, woman-owned coffee shop, received the first loan from Working Solutions in 2020, to support the transition to take-out orders at the start of the COVID-19 pandemic. Today, Romo’s Café is thriving and has a five-star rating on both Yelp and Facebook. As Working Solutions’ client, Laura Hernandez Romo, owner, has received free, personalized business consulting support on cash flow management from Business Consulting team.
The fourth CDFI recipient, Opportunity Resource Fund (OppFund) is based in Grand Rapids, Michigan. Adrian Dominican Sisters was its first investor more than 30 years ago and continues to partner in this mission-driven work.
Over the course of those two years, OppFund deployed 28 loans made in amounts ranging from $9,500 to $15,485. These affordable mortgage loans were made for a term of 60 months, and the majority, 22, were made to single female heads of household. Twenty-seven borrowers were African American, and one was a member of the Latinx community. All loan borrowers resided in Detroit. This project has been a great success and OppFund looks forward to these clients completely paying off their mortgages in the coming few years.
The Adrian Dominican Sisters Portfolio Advisory Board continues to boldly keep alive the living legacy set by our women to bravely respond in times of crisis: to show our solidarity and support in the ways we have done for more than 45 years, and to do it by investing in people’s lives, hopes, and dreams in the Spirit of the mission of Jesus.
By Kimberly Pelkofsky, Director of Design and Planning, Thunder Valley Community Development Corporation
In 2018, Thunder Valley Community Development Corporation (TVCDC) began construction on 14 single-family homes – part of a larger goal of providing 21 homes for ownership at affordable prices to community members on the Pine Ridge Indian Reservation.
The three- and four-bedroom homes are all energy and water efficient, highly insulated to weather temperature extremes, built to withstand 120 mile per hour sustained winds, and finished with low-to-no volatile organic compound (VOC) paints, carpets, and materials. Each home also comes with a TVCDC owned and maintained solar array to help keep energy costs low, and a structurally robust carport that can withstand the frequent and severe summer hailstorms. With all of these features, these homes are a unique housing product in the Reservation.
Initially, six investment partners, including the Adrian Dominican Sisters, were identified to fund the construction of 11 homes. Each investment partner contributed capital by way of a construction loan to a specific lot or lots.
The Adrian Dominican Sisters were introduced to TVCDC through Nick Tilsen, a featured speaker at the Congregation’s 2018 Resilient Communities Symposium at Weber Retreat and Conference Center in Adrian in March. Nick, a citizen of the Oglala Lakota Nation, was then Executive Director of the TVCDC.
Although construction began with a great deal of momentum, it was not too long before challenges surfaced. Costs were rising far beyond original estimates and at a rate faster than TVCDC could find additional funding to cover the difference. Workforce challenges with consistency and workmanship meant that progress was slow. Construction was put on pause. A dramatic shift in approach was needed.
The idea of an Intercreditor Agreement was proposed during one of our investor calls. To put it simply, rather than having six investors operating independently of each other to complete a specific home, all investors would collectively work together to complete the 11 homes. This consolidated the financial structure of the project; set a cap on loan interest rates; and extended the repayment term, which had previously varied by investor.
Sales proceeds are now first returned to TVCDC to cover ongoing construction costs and are repaid in a rolling fashion by proportion of principal investment as homes are completed and sold. This streamlined process gives TVCDC additional time to complete the project, source additional funding, and reduce reporting burdens.
Although the break in construction could have been seen as a detriment to the project, the additional time gave the organization the opportunity to continue to work with potential homeowners to ensure they were on solid footing before a purchase.
Since executing the Intercreditor Agreement, TVCDC has restarted construction and completed four homes. To date, two of these homes were sold in 2022. The first, a three-bedroom, closed in April and the second, a four-bedroom, was closed in mid-August.
The four-bedroom home – the lot that the Adrian Dominican Sisters originally contributed to – was sold at $200,000. It is now owned by a woman and is the residence of the community member, Lakȟóta spiritual leader, and TVCDC founding member who led the Inípi Ceremony that brought forth the idea to create TVCDC all those years ago.
The following article was written by Iroquois Regenerative Farms, Inc., an organic farmland real estate investment trust that provides organic and regenerative farmers with land security through long-term leases and mortgages. In turn, Iroquois Regenerative Farms receives a low-interest loan from the Adrian Dominican Sisters’ Portfolio Advisory Board. The article was submitted by Donna Holmes, Investment Relations, Iroquois Valley Farms.
We are excited to introduce one of the newest farms in our portfolio: Vollmar Family Farms, located in Tuscola County, Michigan. Mark and Dawn Vollmar farm 500 acres of diversified row crops in an “organic hotspot” of Michigan, surrounded by more than 10,000 acres of certified organic farmland within just a few miles of their properties. Their son, Jordan, farms with Mark, and he has expanded his own organic operation to an additional 500+ acres in the same area.
Mark is a fifth-generation farmer whose family has farmed in Tuscola County since the 19th century. This legacy includes challenges, along with a deep respect for the land and community. Mark is grateful to be farming with his son and to know that the legacy will continue. Mark's father was forced to sell much of their land and exit farming during the 1980s farming crisis.
Certifying organic in 1997, Mark rebuilt the operation to what it is today. The Vollmars are strongly committed to organic and regenerative farming practices. They are certified organic and are moving to regenerative organic certification (ROC). Their diversified crop rotation includes dry beans (pinto, navy, and black), grains (spelt, einkorn, rye, blue and yellow corn), and hemp.
Mark started farming as a teenager and decided to pursue organic farming 24 years ago to provide a better living for his family. He quickly realized that organic farming's positive effects on human health and the well-being of the environment are equally important.
Mark now seeks out regenerative, no-till farming techniques to further improve soil health and has learned from Rodale Institute and Rick Clark, a prominent no-till organic farmer from Indiana. The family uses no-till practices as much as possible, and they also embrace planting cover crops.
Feature photo at top: Mark and Dawn Vollmar at their 500-acre family farm in Tuscola County, Michigan.
After serving as Portfolio Manager for Community Investing for the Portfolio Advisory Board (PAB) for the past four years, Corinne Florek, OP (left), will bring this work to completion at the end of this fiscal year. We thank Sister Corinne for her many contributions to the work of PAB, for building long-lasting relationships with borrowers, and for sharing her expertise and commitment to social impact investing.
The General Council invited Marilín Llanes, OP (right), to succeed Sister Corinne in the role of Portfolio Manager. In informing the PAB of Sister Marilín’s selection, Elise García, OP, General Council Liaison to the PAB, stated:
“The General Council is deeply grateful to Corinne Florek, OP, for her extraordinary decades-long leadership in the field of community investing and for her current service as the PAB’s Portfolio Manager. We are delighted to inform you that Marilín Llanes, OP, has accepted our call to take on the role of Portfolio Manager effective July 1, 2022, and that Associate Dee Joyner has agreed to continue as PAB Director through FY2023.”
Sister Corinne will be working with Sister Marilín during an on-boarding period until the PAB Annual Meeting in September 2022. Sister Marilín, currently serving as the PAB Board Chair, will step down from this role following the March 2022 Board meeting. She will remain a member of the Board until July 1, 2022, when she joins the staff as Portfolio Manager. The PAB will elect new leadership at its March meeting.
By Eric K. Foster, RPC Co-Founder, Chair, and Managing Director
Rende Progress Capital (RPC), a racial equity loan fund and emerging Community Development Financial Institution (CDFI) located in Grand Rapids, Michigan, provides small business loans and technical assistance to excluded entrepreneurs of color. They work with African-Americans, Latinx/Hispanics, Native Americans, and Asian Americans who statistically represent the racial wealth gap and face barriers to conventional loans.
In turn, RPC is a recipient of a loan from the Adrian Dominican Sisters’ Portfolio Advisory Board (PAB). The PAB was among the first to invest in RPC.
Eric K. Foster, Chair and Managing Director, founded RPC as a result of his W.K. Kellogg Foundation Fellowship Project. He later met colleague Cuong Q. Huynh and together launched RPC in 2018. They made their first loan in the fourth quarter of 2018.
Founded and managed by professionals of color trained in racial equity, business, and law, RPC uses racial equity impact assessments in loan origination and committee review and uses its proprietary Financing Approval through Racial Equity in loan underwriting. Nearing its fourth year, RPC has grown and deployed nearly $500,000 in loans to Excluded Entrepreneurs of Color.
RPC combines racial equity and due diligence, with one loan moving to default in the third quarter of FY 2021 and annual delinquency rates well under its 0.12% to 5% threshold goal. This results in a portfolio that serves women of color, Asian Americans, Hispanic/Latinx, and African Americans within industries such as restaurants, technology, financial professional services, and communications. Seven percent are family-owned businesses, and 80 percent are first-time loan recipients.
RPC develops products for excluded entrepreneurs of color, such as the new Relief Addressing COVID and Exclusion Loan and Reduced Interest Schedule for Excellence Loan.
RPC is also intentional that its growing team reflect the fastest growing group of entrepreneurs: women of color. RPC’s new staff – portfolio manager and loan officer – are women of color.
RPC operates as an anti-racist financial institution and considers racial inequities experienced by applicants as character factors. This aligns with the vision of the Adrian Dominican Sisters to root out racist practices in our lives and systems.
RPC affirms the perseverance of applicants. Clara Guevara, owner of Maily's Dominican Salon, stated, "Rende was very personable … I still had to follow the policies and procedures, but I was able to, for the first time, have someone see me."
Dreams By Bella, owned by Isabel Lopez Slattery, specializes in photography and photo design. Even though she ran a solid company and was a good customer with her bank, Isabel could not obtain a loan. RPC had the same faith in her that she had in herself. This faith continues as RPC recently connected with the law firm Warner Norcross and Judd to help her acquire a new contract, her first major contract.
RPC invested in Reliable Medical Transport – an African American-owned non-emergency medical transportation company – guided by due diligence and the company’s focus on addressing barriers to healthcare for many people of color. Such a focus contributed to the decision to lend to Taylor’s Homecare and Grand Rapids Senior Social Exchange, RPC’s first loan to senior care sector customers.
Caption for feature photo at top: Eric K. Foster, Managing Director of Rende Progress Capital (RPC), speaks to graduates of the RPC Fifth Third Bank/CDFI Pre-Loan Readiness Incubator Program.
Portfolio Advisory Board, Adrian Dominican Sisters | 1257 E. Siena Heights Drive | Adrian, Michigan 49221 Phone: (517) 266-3523 | Email our office: