By Katie Dougherty
PBN Contributing Writer
PROVIDENCE – Capital Good Fund, a Providence-based nonprofit financial services organization, will receive an $81,273 Community Development Financial Institutions Technical Assistance grant.
The grant, announced by U.S. Sen. Jack Reed on Tuesday, is designed to aid in the revitalization of low income communities in Providence and help the organization better serve all of Rhode Island.
“I am pleased Capital Good Fund has won this competitive grant to help revitalize communities in Rhode Island,” Reed said in a statement announcing the award. “Offering loans and financial coaching to communities and small business owners are smart ways to foster economic opportunity and community development.”
The Capital Good Fund provides one-on-one financial coaching, microloans and free tax preparation to low income communities in Providence, according to a release.
The grant, administered by the U.S. Treasury Department, is intended to be used to hire full and part-time workers, expand the organization’s customer base as well as improve internal operations, train students in financial coaching to low income Rhode Islanders and expand operations from the Greater Providence area to all of Rhode Island during fiscal year 2012.
“At a time when Rhode Islanders are struggling to get back on their feet after the recession, this grant will enable CFG to empower our clients with the tools they need to better their lives, be it financial counseling, small loans or free tax preparation,” Andy Posner, Capital Good Fund co-founder and executive director, said in a statement.