PROVIDENCE – Capital Good Fund, a nonprofit Community Development Financial Institution lender serving low- and moderate-income families, recently celebrated its 15th anniversary.
The Providence-based organization has financed over 14,000 loans or leases totaling more than $40 million with a 95% repayment rate since being founded on Feb. 10, 2009, according to a news release.
Expanding Women’s Health in Newport
South County Health has expanded its award-winning Center for Women’s Health to Newport, offering a…
Learn More
The average Capital Good Fund interest rate for 2023 was 8.15%, which is significantly lower than the 250%-450% interest rates from predatory lenders, depending on the state and the product.
Capital Good Fund, which serves families in Rhode Island, Massachusetts, Connecticut, New Jersey, Pennsylvania, Illinois, Delaware, Georgia, Florida, Texas and Colorado, is dedicated to creating pathways out of poverty, addressing predatory lending, expanding access to green energy and supporting immigrants on their path to citizenship, according to the release.
“We’re growing and connecting with a lot of external events that align with the path we want to pursue towards ending poverty,” Capital Good Fund founder and CEO Andy Posner said in a statement. “We’re proud of the impact we’ve had and the lives we’ve changed. We’re enabling LMI people to save money and improve their credit score, while providing equitable loans to help them meet their goals whether it’s making a security deposit to get into a safe apartment, avoiding deportation, or making their home more energy efficient.”
Capital Good Fund has a number of programs to assist LMI families, including a financial and health coaching program to help clients build credit and establish a sustainable financial plan; a national immigration lending program with the support of the American Immigration Lawyers Association, which was recently expanded to Pennsylvania; and a solar leasing program called BRIGHT, which stands for Building, Renewables, Investing in Green, Healthy, Thriving Communities, to expand solar access by using tax credits to reduce the cost of solar panels for LMI homeowners. The pilot BRIGHT program was launched in Georgia and is expected to be expanded to other states later this year.
