NEWPORT – BankNewport has awarded a $10,000 grant to the Capital Good Fund to support its Financial and Health Coaching Program, which will assist ten low- to moderate-income households across Rhode Island.
The funding is part of a decade-long partnership, with BankNewport contributing more than $75,000 to the program to date.
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“Capital Good Fund is doing exceptional work to increase economic resilience for families across our state,” said BankNewport CEO and President Jack Murphy. “We are proud to support the FC Plus program that not only improves financial literacy but also provides meaningful tools that lead to long-term financial stability and overall well-being.”
The FC Plus program offers year-long coaching that includes personalized goal setting, budgeting, debt reduction strategies, credit-building, and access to financial and health resources, according to BankNewport.
Participants start with four 90-minute sessions and get ongoing check-ins throughout the year to track progress and adjust their financial plans. The program also links financial stability with physical and emotional well-being.
The program is built to be accessible, flexible, and culturally responsive, aiming to support the nearly 90% of participants who identify as low- to moderate-income and often face barriers to traditional banking, the bank said.
The participant’s payments to the program are also reported as a 0% APR Credit Builder Loan to build a positive credit history, which will help to increase their credit score.
The program is expected to boost participants’ credit scores by an average of 67 points, according to BankNewport.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
