Rende Progress Capital awarded CDFI funding

82
Cuong Huynh. Courtesy Rende Progress Capital

The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Program awarded a local racial equity lender $125,000 to continue its technical assistance services to borrowers.

Grand Rapids-based Rende Progress Capital on Sept. 16 learned it would receive funds from the Treasury department’s fiscal year 2021 CDFI and Native American CDFI Assistance (NACA) Technical Assistance Awards Program.

“CDFI Fund’s Technical Assistance Awards play a vital role in building the capacity of startup and existing CDFIs and, ultimately, increase the impact of the capital and credit they deploy in distressed and underserved communities,” said CDFI Fund Director Jodie Harris. “The FY 2021 CDFI Program and NACA Program Technical Assistance recipients will continue that work in communities across the country, including 39 states, the District of Columbia and Puerto Rico.”

The CDFI Program’s Technical Assistance awards provide seed capital that enables uncertified organizations to successfully secure certification as a CDFI. Award recipients often use the funds to analyze which products and services are appropriate for their target markets, develop lending policies and procedures, and build staff lending capacity. More established CDFIs also use Technical Assistance awards to provide new products, to serve current target markets in new ways, or to enhance the efficiency of their operations.

“Based on RPC’s impact from our racial equity small business lending to excluded entrepreneurs of color, growth, progressive-but-risk-managed lending, financial management and loan portfolio due diligence, we have received such support from the U.S. Department of Treasury CDFI fund for the third consecutive year,” said Cuong Huynh, co-founder, general manager and treasurer of RPC.

“This year’s TA award will help RPC to amplify our mission and operations to empower more entrepreneurs of color to receive more affordable small business loans and services provided by our team in spite of COVID-19.”

For FY 2021, 174 organizations received more than $21.6 million in CDFI Program Technical Assistance Awards. The maximum award amount available was $125,000.

A full list of the award recipients is online.

Facebook Comments