By Rebecca Keister
PBN Staff Writer
PROVIDENCE – Capital Good Fund, a nonprofit financial-services organization, will use a $81,273 Community Development Financial Institutions Technical Assistance grant to help revitalize low-income communities in Providence.
The grant is administered by the U.S. Treasury Department.
“At a time when Rhode Islanders are struggling to get back on their feet after the recession, this grant will enable [Capital Good Fund] to empower our clients with the tools they need to better their lives,” said co-founder and executive director Andy Posner in a statement. “I believe in this state, and I think this award from the U.S. Treasury speaks volumes about what Rhode Islanders can achieve when we work together.”
Capital Good Fund offers one-on-one financial coaching, microloans, and free tax preparation to low-income Providence communities.
Since it was founded in 2007, while Posner was a student at Brown University, the organization has administered 224 loans totaling more than $232,000, provided free tax preparation to 202 families and served 86 people with individual financial coaching.
The grant will be used to hire full-time and part-time workers, expand the group’s customer base, train students in financial coaching, and expand operations to all of Rhode Island.