Rende Progress Capital is a Community Development Financial Institution (CDFI) and community loan fund that provides investment with a focus on racial equity.
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. Rende’s mission is to serve what they have identified as the Excluded Entrepreneur: business owners of diverse ethnic and racial backgrounds who have been excluded from traditional investment and loan opportunities for reasons of bias and socio-economics.
The fund uses an innovative racial equity system to inform its lending decisions. As part of its mission to build economic development, Rende also offers business technical assistance to its clients and runs venture capital training “boot-camps.” They currently operate in Michigan with plans to expand to Maryland, Virginia, and Washington DC.
Untours Foundation founder Hal Taussig was a big supporter of CDFIs and supported one of the first ones in the US. Elizabeth Killough met Rende co-founder Eric Foster at a conference and was immediately impressed with his vision. The racial equity frame of this CDFI is a perfect match for the Untours Foundation.