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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: