Rende Progress Capital

What it reported doing in 2025

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.

Financial Efficiency

• Mission deployment rate: 39.8%; rating input score 40
• Program expense ratio: 45.2%; rating input score 45
• Fundraising efficiency: $8.07 raised per $1 spent on fundraising; rating input score 28; 28th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
• Governance controls: 7 of 7 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 11.9%; rating input score 60; 60th percentile among comparable filings
• Total-asset coverage ratio: 7.01; rating input score 88; 88th percentile among comparable filings
• Liabilities to assets ratio: 0.05; rating input score 44; 44th percentile among comparable filings
• Officer compensation ratio: 0%; rating input score 78; 78th percentile among comparable filings

Growth

• Program expense growth: 19.8% per year; rating input score 100; 79th percentile among comparable filings
• Revenue growth: 2.8% per year; rating input score 100; 24th percentile among comparable filings
• Asset growth: 22.1% per year; rating input score 100; 82nd percentile among comparable filings