$2.4M in expenses

Renaissance development fund is engaged in the development and implementation of economic growth for the cities of benton harbor, michigan and ST. Jospeh, michigan; the charter townships of benton, ST. Joseph, and lincoln; and the township of royalton. The organization's principal purpose is to foster redevelopment and revitalization of blighted real property and the remediation of environmental contamination, and to sponsor as well as fund programs that will help the disadvantaged in these cities.in connection with its mission to develop and implement economic growth in its service area, the organization provides loans to local small business owners. These notes receivables are periodically evaluated for collectability based on past credit history with customers and their current financial condition. Provisions for losses on notes receivable are determined on the basis of loss experience, known and inherent risks in the loans held, the estimated value of underlying collateral, if any, and current economic conditions.