Racial Stock Lender issues first RACE4Progress loans
Rende Progress Capital is rolling out the first five loans from its RACE4Progress loan fund for entrepreneurs of color affected by COVID-19.
The Grand Rapids-based racial equity lender said on Monday it immediately began processing applicants, approving funds and deploying relief loans from its RACE4Progress fund established in June, which provides low-phased loans. interest rate and a flexible application process for Kent County “excluded contractors”. . “
The first five loans will go to the owners of Forty Acres Soul Kitchen; Berry Organic Acai, dba Haggerty’s; Pushing. Pray. To eat.; Digital Marketing Solutions LLC; and GRNoir Wine & Jazz.
Cuong “CQ” Huynh, co-founder and managing director of Rende Progress Capital (RPC), shared the news in an email newsletter to voters.
“I would like to thank Eric (Foster, RPC CEO), RPC staff and our loan committee for their commitment, time, effort and willingness to meet frequently to approve applicants due to the extenuating circumstances of the pandemic and the pressure it exerted. on excluded entrepreneurs and their families, ”he said.
“In addition, we appreciate the Frey Foundation’s support of $ 30,000 to the fund, joining the WK Kellogg Foundation and the Grand Rapids Community Foundation.”
More information on the loan fund is at rendeprogresscapital.com.
Loan Recipient Details
Forty Acres of Soul Kitchen: This authentic American soul food restaurant at 1059 Wealthy St. SE is owned by Lewis Williams and Darel Ross II. It serves a diverse clientele and affirms Black culture, community and success. As the pandemic has resulted in the restaurant being 100% closed, the loan fund will be used to replenish food inventory and help bring employees back for its reopening.
Organic acai berry, dba Haggerty’s: This restaurant and coffee shop also specializing in acai bowls is located at 1600 East Beltline Ave. NE, Suite 118, in the Township of Grand Rapids. The loan will help this family business owned by Emily Haggerty with payroll, lease obligations and adding inventory to pre-pandemic levels.
Pushing. Pray. To eat.: Based in the same building as Forty Acres, this retail business owned by Mark Evans II and Alyson Evans offers quality urban streetwear. Relief funds will be used to help the company meet inventory needs and strengthen its online presence to diversify its pre-COVID-19 social promotion, event and on-site product business model.
LLC Digital Marketing Solutions: Owned by Phillip Nguyen at 6633 S. Division Ave. in Cutlerville, this company with an A + rating from the Better Business Bureau provides web design services and information technology services and solutions to business clients, particularly in the beauty industry. The relief funds will allow the company to meet financial obligations, marketing and business operations during the pandemic.
GRNoir Wine & Jazz: Owned by the couple Shatawn and Nadia Brigham, this company located at 35 S. Division Ave. in Grand Rapids turned to promoting and selling its wine products online because plans to open its restaurant were delayed. The relief fund will be used for business operations and to deal with the delayed opening of the on-site restaurant interrupted due to the pandemic.