Organizations Filed Purposes:
RPC is committed to economic equity by providing socially responsible and affordable lending and services to entrepreneurs who have been excluded from traditional lending due to socio-economic reasons & bias
RPC provides affordable small business loans and business technical assistance services to excluded entrepreneurs due to inequality bias
RPC provided $76,400 in small business loans to 3 new minority-owned businesses. RPC applied its Financing Approval through Racial Equity loan criteria which provided additional incentives that made the borrowers' 1st time loans more accessible and affordable than that of traditional banks who rejected them due to racial bias. This met RPC's performance goal of completing 3 loans before Q4 and its Social/Financial Measurements of providing 1st time capital to 100% owned minority businesses; providing loans to entrepreneurs heading households with at least 1 child 0-16 years old; and other measure- ments to fulfill its mission of providing loans to businesses of color facing barriers to bank capital due to documented racial bias.
RPC's business development and loan staff provided business technical assistance learning sessions to 41 entrepreneurs of color. The learning sessions presented topics and tools for sustaining their businesses whether the business owner planned to apply for a loan through RPC or not. Marketing for Small Businesses and Legal Principles for Minority Businesses were two examples of the monthly sessions that were provided.
RPC provided patient loan-readiness and loan preparation assistance to loan applicants. RPC assisted loan applicants with applications, business budgeting worksheets, personal budget worksheets and cost variance analysis so that RPC could obtain a holistic, progressive but risk-management picture of lending to the potential borrower aside from stringent credit factors. This helped three new borrowers receive small business loans for the first time, and also resulted in the protection and/or creation of 30 jobs.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
| Name | Title | Hours Per Week | Total Salary |
|---|
| Eric K Foster | Board Pres Mang Dir | 40 | $54,403 |
| Cuong Q Huynh | Board Tres Gen Mang | 30 | $34,702 |
| Lisa Cook | Board Member | 0 | $0 |
| Bing Goei | Board Member | 0 | $0 |
| Meredith Freeman | Board Member | 0 | $0 |
| Robin Selmon | Board Secretary | 0 | $0 |
Data for this page was sourced from XML published by IRS (
public 990 form dataset) from:
https://s3.amazonaws.com/irs-form-990/202031209349301508_public.xml