PROVIDENCE – The Capital Good Fund has expanded to Massachusetts, offering financial coaching and weatherization loans to Bay State residents.
In three weeks, the Providence nonprofit will also start offering car loans, according to founder and CEO Andy Posner.
“[Weatherization] loans are critical to our mission,” Posner said. “Not only does the program empower working families to save money while make their homes safer and more energy-efficient, but it also creates jobs in the weatherization industry and reduces greenhouse gas emissions. This is truly a win-win-win.”
Good Fund, as it’s known colloquially, is an alternative lender that offers financial coaching along with various loan products. Since its founding in 2009, the nonprofit has financed over 2,000 loans totaling $3 million, and boasts a 95.5 percent repayment rate. It has also graduated more than 1,000 people through its financial-coaching program.
As part of its suite of products, the lender offers a 0 percent interest weatherization loan called DoubleGreen, or HEAT loans, for energy-efficient and weather resistant home-improvement projects.
Good Fund has made 144 loans totaling $680,000 to National Grid customers in Rhode Island. Massachusetts customers will now be eligible for the product offering.
“We welcome Good Fund as a lender for our HEAT loan program in Massachusetts,” said Terry Sobolewski, chief customer officer at National Grid. “Building upon the partnership National Grid currently has in place in Rhode Island, we are confident Good Fund’s products will be a valuable addition in helping us meet the needs of our customers.”
Massachusetts becomes the fourth and most recent state to receive Good Fund services. The nonprofit also offers products and services in Rhode Island, Delaware and Florida.
Posner says Good Fund is coming off a record-breaking lending month in October, and expects to close 2017 with a record-breaking year. By expanding into Massachusetts, the nonprofit expands its reach by 30 percent.
The nonprofit was recently awarded a $466,000 by the U.S. Treasury, marking its largest influx of funding.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
