2026-08-20T14:06:05-06:00 2025-12-31 300529688 Accutrak Consulting and Acctng Svcs 46958 N Gratiot Ave Ste 100 Chesterfield Twp MI 48051 990 2025-01-01 820689514 Rende Progress Capital % Eric Foster REND 6165583276 818 Butterworth SW Grand Rapids MI 49504 ERIC FOSTER Chair and Director 6165583276 2026-02-17 true SHANIECE A BENNETT CPA P01430261 5868406494 2025 2025-03-06 01:10:19Z Eric K Foster 818 Butterworth SW Grand Rapids MI 49504 554143 false X www.rendeprogresscapital.com X CDFI 2017 MI RPC is committed to economic equity by providing socially responsible and affordable lending and responsible and affordable lending and services to entrepreneurs who have been excluded from traditional lending due to socio-economic reasons & bias. 9 9 4 0 0 596476 507500 29209 33954 12428 0 12689 638113 554143 0 0 320830 313534 0 62905 142397 174916 463227 488450 174886 65693 3589522 3425437 406333 154413 3183189 3271024 X RPC is committed to economic equity by providing socially responsible and affordable lending and responsible and affordable lending and services to entrepreneurs who have been excluded from traditional lending due to socio-economic reasons & bias. 220567 For FY 2025, Rende Progress Capital RPC continued uninterrupted delivery of our two core services of 1 small business micro lending and 2 free business Technical Assistance TA to diverse entrepreneurs in our primary market of Kent County, Kalamazoo, Muskegon, and Holland. A FY 2025 Q2 loan deal to a Southeast Michigan adult home care business marked the extension of RPC lending in a fifth county, Wayne County. The aforementioned FY 2025 core services, standard operations portfolio management and loan servicing with customers, launch of our pilot Early Stage Loan and new focus on lending to more high-growth businesses contributed to five additional loan deals including continuing our trend of individual six-figure loans to a high-growth communications and event planning business and an early-stage high-quality day care business. As a non-profit CDFI small business lender with a mission of social impact, FY 2025 also was a continuation of our distinctive from traditional finance institutions as we used credit enhancements to reduce borrower payment obligations, mitigate first-time new borrower closing fees and develop incentives to assist approved borrowers with collateral constraints. FY 2025 TA marked our growth in the second essential RPC service of business technical assistance TA with the hiring of a new strategic focused position of Manager for Business Engagement and Cultivation. This position coordinated free business fundamental consultation to 1 RPC loan customers to grow their business and reduce the probability of having problem loans with us and 2 TA to select non-customers focused on their participation in our pre-loan readiness incubator to prepare them in readiness in the process of loan applications and potentially becoming RPC loan customers. The main TA program for FY 2025 was the inaugural Q3 Pre-Loan Readiness Cohort of six specially selected non-RPC customer businesses to learn about readiness for business lending---which contributed to cash awards for all participants and one participant applying for a RPC loan, which was approved. FY 2025 business technical assistance TA produced outputs of serving 41 businesses via 76 engagements in four TA Service Areas of 1 individual technical assistance, 2 loan navigation, 3 post-loan counseling, and 4 cohort-based loan readiness programming. In addition, these outputs included providing free TA to 32 entrepreneurs (84.2%) through one-on-one technical assistance and loan navigation; 6 entrepreneurs (15.8%) through a structured Pre-Loan Readiness Cohort; 26 women-owned businesses (68.4%); 28 entrepreneurs of color (73.7%) served, and 10 non-Hispanic white entrepreneurs (26.3%) served. 59% of entrepreneurs served by TA were businesses from Grand Rapids/Kent County 18% Detroit; 8.1% from Muskegon; 10% Kalamazoo and other Lansing The impacts of our FY 2025 TA were of 1 Pipeline Conversion of 12 non-customer businesses successfully establishing loan application accounts; 2 Application Completion--- 7 businesses completed the full application process under RPC guidance; 3Capital Facilitated as three businesses non-customer recipients of TA moved from inquiry to full funding, resulting in $180,000 in capital deployed. TA to non-customers had a correlation between RPCs strategic TA and portfolio health, evidenced by our FY 2025 year-end loan performance of 0% Debt Charge Offs; 0% Debt Write Offs; Remaining at 6% for 60 Day Delinquencies and 3.3% 30 Day Delinquencies. An essential activity with notable program, funding, technology/systems, time and labor obligations is loan portfolio management. These are functions of daily, weekly, and monthly high-touch activities with loan customers in managing problem loans and delinquencies. As a result of our loan portfolio management and our rigorous weekly loan portfolio monitoring, staff engagement with customers of financial wellness check-in and loan servicing to minimize problem loans or moving to collections, RPC End-of-Year portfolio performance as of December 31, 2025 was: 0% New Charge-Offs/Loan Defaults; 0% New Write-Offs; Ending at 0% 30-Day Delinquencies (well under our 10% desired threshold) and; 2.9% for 60-Day Delinquencies (under our 6% desired threshold). 220567 true true false false false false false false false false true false false false false false false true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 5 0 true 4 true false false false false false false false false X 9 9 false false false false false false false true true false false true true true true true true true true false MI X Eric K Foster 6165583276 818 Butterworth SW Grand Rapids MI 49504 X Eric K Foster Chair and Director 40.00 0.00 X X X 0 0 0 Cuong Q Huynh Board Treasurer & General Manager 40.00 0.00 X X 0 0 0 Timothy Williams Board Member 0.00 0.00 X 0 0 0 Robin Selmon Board Secretary 0.00 0.00 X 0 0 0 Merideth Freeman Board Member 0.00 0.00 X 0 0 0 Tasha Blackmon Board Member 0.00 0.00 X 0 0 0 Stacie Behler Board Member 0.00 0.00 X 0 0 0 Minnie Morey Board Member 0.00 0.00 X 0 0 0 Marcus Jackson Board Member 0.00 0.00 X 0 0 0 0 0 0 0 false false false 507500 507500 Program Revenue 522291 33954 33954 33954 0 Other Income 900099 12689 12689 12689 554143 46643 0 0 X 258350 126732 89773 41845 55184 25836 19863 9485 38985 4580 34405 30883 23660 7223 16603 11700 4903 6089 3847 2242 2285 2246 39 4576 4576 3655 3655 2300 2300 License & Certificates 16191 16191 Professional Development 3480 1285 2195 Loan Expense 10000 10000 Grant to Others 6100 6100 33769 5 22189 11575 488450 220567 204978 62905 3031835 2842852 133595 527598 420820 18835 20571 22961 15362 11254 7599 3589522 3425437 1333 4413 405000 150000 406333 154413 X 2230407 3191149 952782 79875 3183189 3271024 3589522 3425437 X 65693 22142 0 X false true X true false X 324000 1345250 803272 625685 507500 3605707 324000 1345250 803272 625685 507500 3605707 164445 3441262 324000 1345250 803272 625685 507500 3605707 2021 3329 11003 12428 12689 41470 7252884 0.47450 0.00000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 22961 15362 7599 7599 Amended return information The organization is amending Part X, lines 24 and 27, and Part XI, line 8, to correct previously overstated liabilities. The correction was necessary due to changes in the terms of the Memorandum of Understanding (MOU) that were identified during the audit process. The corrected figures now accurately reflect the organizations audited financial statements. Form 990 governing body review Part VI line 11 Line 11b: The board chairman and board treasurer review and approves the form 990 prepared by the auditor prior to signing the elctronic authorization form. It is made available upon requests to all other board members. Conflict of interest policy compliance Part VI line 12c Line 12c: Procedures for conflict include 1) annual review of the conflict of interest policy forms by each member. All forms are reviewed by both the Chair and Treasurer; 2) Member must inform the chair prior to a board meeting dealing with any matter for a vote that they have a conflict; 3) The member cannot engage in discussions with any board members regarding their opinion in the matter; and 4) A member with a conflict in any contract or transaction cannot vote or be in the room during the matters action. Line 12c: Procedures include an annual review of policy forms for each member. CEO executive director top management comp Part VI line 15a Line 15a: Compensation of Directors: Directors as such shall not receive any salaries for their services, but by resolution of the Board of Directors a fixed sum and expenses of attendance may be allowed for attendance at each regular or special meeting of the Board of Directors. 2021 comparibility data was used to determine full-time compensation for the director and general manager. Other officer or key employee compensation Part VI line 15b Line 15b: Compensation of Directors: Directors as such shall not receive any salaries for their services, but by resolution of the Board of Directors a fixed sum and expenses of attendance may be allowed for attendance at each regular or special meeting of the Board of Directors. 2021 comparibility data was used to determine full-time compensation for the director and general manager. Line 15: Board resolution required for determining compensation. Form 990 availability to public Part VI line 18 Line 18: Upon request Governing documents etc available to public Part VI line 19 Line 19: Financial statements are made available to current and potential funders when requested as part of their required submission or grant application process. Line 19: Financial statements are made available to current and potential funders when requested as part of their required submission or grant application process. List of other expenses Part IX line 24e Bank Fees total of $92 1) Program Service of $5 2) Management and General of $87 3) Fundraising of $0 Professional Fees total of $33,677 1) Program Service of $0 2) Management and General of $22,102 3) Fundraising of $11,575 Part III response or note to any other line in Part III FY 2024 TA to RPC loan customers focused on strengthening their business fundamentals in order to grow their business and reduce the probability of having problem loans with us. TA to select non-customers focused on their participation in our pre-loan readiness incubator to prepare them in readiness in the process of loan applications and potentially becoming RPC loan customers. Specifically, within lending services, RPC provided the following: Lending: The first output was our lending to eight new loan deals in FY 2024---including achieving an unexpected but appreciative milestone of those new loan deals including Line 4a continued.. They were a West Michigan Asian-American owned restaurant and a West Michigan African-American owned dance studio. Such lending in FY 2024 led to: 32 active loans of a historical near fifty loan customers which as mentioned, led to our first milestone of $1 million plus in overall small business lending. For many current and new loan customers, such RPC loan customers reported impacts ranging from a Kalamazoo business receiving a six-figure loan which contributed to them being one of four loan customers reporting expansion in revenue between 10% to 20% or more to two RPC loan clients reporting in expansion in total paid hours to employees. Line 4b. Race/Ethnicity: 61.11% African-American; 5.5% Hispanic/Latinx; 5.5% Native American; 2% White and remainder as N/A or Other. Customers receiving FY 2024 TA included a business in the beauty and professional services industry who received required TA in Operating Software and Bookkeeping due to a loan modification - resulting in the prevention of default and damage to its credit; A business in the creative arts area who recieved multiple TA sessions in Financials, Lending Navigation, Bookkeeping; and a media/technology business who received TA sessions in a new Pre Loan Discovery - Leading to loan approval of working capital to expand its location via renovation and launch of a new business product. Line 4a continued.. RPC achieved and fulfilled other outcomes based on our various 66 social/financial impact measurements such as: Continued fulfillment of RPC goal of First time capital access from Excluded Entrepreneurs of Color denied by conventional banks and Access to Affordable Capital: of financed businesses owned by African-Americans, Latinos, Asian-Americans, Native-Americans and individuals of immigrant status To that end, 70% of our new FY 2024 customers never received a loan from any financial institution. Also, RPC ended FY 2024 with our loan customer demographics of Gender 67% male and 33% female and Line 4c continued.. End of Q1: 60-Day Delinquencies: *6% slightly under our desired 6.6% threshold and 90-Day Delinquencies: *3.1% under our 4% desired threshold. End of Q2: *0% charge-off loans; 60-Day Delinquencies: *3.22% slightly under our desired 6.6% threshold; 90-Day Delinquencies: *3.22% under our 4% desired threshold. End of Q3 to Current: *30-Day Delinquencies: *0% under our desired 10% threshold and 90-Day Delinquencies: *3.4% under our 4% desired threshold. Part XI response or note to any line in Part XI Line 9: Rounding