RPC makes loan to Black- and woman-owned tax preparation service
Rende Progress Capital made a loan to a minority- and woman-owned tax preparation service striving to reduce inequities in the tax system.
Eric Foster — co-founder, chair and managing partner of Rende Progress Capital (RPC) — said Tuesday that his firm made a loan of an undisclosed sum to Taxes at Tiffany’s, a tax preparation and bookkeeping service founded last year by Tiffany Sherman.
“In the time of challenges from economic racial inequity, there are many reports ranging from Bloomberg and books such as ‘The Whiteness of Wealth: How the Tax System Impoverishes Black Americans — and How We Can Fix It’ regarding our nation’s tax policy and bias,” Foster said. “For example, tax outcomes in housing. According to the Tax Policy Center, interest paid on mortgages is deductible, but there does not exist a similar offering for those who rent, who are disproportionately Black. Also, white homeowners tend to receive notable gains during resale, which are largely tax-free. Many of their Black peer homeowners find themselves losing money on this American Dream investment, as homes don’t usually appreciate much in diverse neighborhoods that are avoided by white buyers.
“That is why Rende Progress Capital is pleased to share and announce a new loan customer who helps clients from all walks of life with critical tax preparation services and navigating our tax system.”
Taxes at Tiffany’s is a Black-, woman-owned business that prepares taxes and keeps books for individuals and small businesses.
Foster said Taxes at Tiffany’s is RPC’s first customer in the tax field and the firm’s first RISE (Reduced Interest Schedule for Excellence) standard loan customer. The RISE loan program reduces the annual interest rate for borrowers who make on-time payments.
Since last year, Foster said Taxes at Tiffany’s has experienced growth in clients and revenue that is spurring Sherman’s planned move of the business to downtown Grand Rapids.
Sherman said she is committed to ensuring her business offers an affordable alternative to other tax preparers. She said she created the business — starting with advertising via a sign in her yard — “to provide tax preparation services for individuals who cannot retain high-priced accounting firms and distrust large national franchises.”
More information is on Taxes at Tiffany’s Facebook page.