In the most recent episode of Wallet Watch, the hosts interview Eric Foster of Rende Progress Capital (RPC). Eric is the co-founder, chair, and managing director of the nation’s only racial equity loan fund and emerging community development financial institution. During the interview, we discuss how RPC is facilitating diversity, equity, and inclusion and supporting communities by lending to excluded entrepreneurs.

Eric explains that racial equity loan funding is, “Really about the focus on you, as a lender, recognizing the fact that an excluded entrepreneur of color has already statistically represented some of the barriers to lending, different than their white peers, and then you’re doing something about it.” Rende Progress Capital considers not only your performance statements, but also where you do business, census tracks, communities your businesses serves, and other factors to facilitate equitable lending. “We use systems that correct statistical barriers that entrepreneurs of color face.”

Through our conversation with Eric, anyone can see how passionate he is about serving underserved, underrepresented populations. “We want our capital to help business owners, their families, and their children to progress. Progress toward profit, progress toward full ownership, and progress to close the racial wealth gap as an eye for the future. But what we want the capital they receive to do in restoring the past is to render.” He hopes that through its equitable lending practices, RPC will make whole those members and communities who have faced barriers.

Eric reminds listeners not to let the statistics get in the way of starting your own business. As he discusses tips for those considering entrepreneurialism, he urges listeners to not only talk the talk, but to walk the walk. “Act, think, prepare, and officially operate as a business, no matter your size. Get legally formed. Have your systems… and truly be about business.” 

To explore small business loan opportunities for excluded entrepreneurs with Rende Progress Capital, visit their website at rendeprogresscapital.com.

To hear the rest of Eric’s tips for prospective business owners and to learn more about Rende Progress Capital, listen to the full episode by going to Spotify, Podbean, or Apple Podcast.

Do you want transcripts for any of our episodes? Email us a request at [email protected] Transcripts offer an excellent way to have a copy of the tips and topics we cover in each episode.

Also, we have a contest! All you have to do is comment under one of our podcast-related posts. Be sure to tag a friend and include the title of this episode, “Small Business Highlight - Including the Excluded with Rende Progress Capital.”

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Chances of winning are based on the number of entries during the contest time period. Only one entry per participant, per episode will be accepted. MSU Federal Credit Union and OU Credit Union employees, board of directors, and their families are not eligible to win.

You may also enter by sending a 3-inch by 5-inch card with your first and last name, address, phone number, and email address to: MSU Federal Credit Union ATTN: Financial Education Department: Wallet Watch Contest Episode “Small Business Highlight - Including the Excluded with Rende Progress Capital” 3777 West Road, East Lansing, MI 48823.

This contest runs from March 10, 2021 through August 27, 2021. The winner will be drawn on August 30, 2021, by the Financial Education department of MSU Federal Credit Union, whose decisions are final. The winner of the gift card must agree to sign a release form allowing MSU Federal Credit Union to use their name for promotional purposes for Financial 4.0 and any future MSUFCU promotional materials.

MSUFCU is not responsible for any damage caused to entrants' mobile device due to participation in the contest. MSUFCU reserves the right to cancel the online component of the contest should it become technically corrupted, and the winner will be chosen from all eligible entries received prior to that time.

Winner understands that prizes may not be substituted or assigned.

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