Posted on Feb 8, 2019 in Blog, Investees, Models | 0 comments

Rende

Michigan based Rende Progress Capital is the recipient of the foundation’s most recent loan. Rende is a Community Development Financial Institute or CDFI, a mouthful either way!

CDFIs include a variety of banking institutions that provide credit and financial services to low-wealth communities. They are a great place to put savings, receive interest on that money, and know your money is creating a more equitable economy. There is probably a CDFI in or near your community that is improving things locally.

There’s more to the story with Rende. We selected this CDFI because of its focus on racial equity. Its lending will focus on entrepreneurs, who have been excluded in the past, due to racial bias.

Studies by the U.S. Department of Commerce show that minority-owned firms are three times more likely to be denied loans than white-owned firms. When they are fortunate enough to be offered loans, they are offered only half the amount as white-owned firms.

Untours Foundation founder Hal Taussig was a big supporter of CDFIs and helped to seed one of the nation’s first. For a period of time, he offered friends a free stay in an Untours apartment, if they would put some of their savings in a CDFI.

See if there’s a CDFI near you!