The Capital Good Fund is a non-profit microlender based in Providence, Rhode Island. Our mission is to create a poverty-free, inclusive green economy through innovative microfinance. We provide loans, workshops and consulting services to individuals unable to access capital through traditional sources. These products and services go to entrepreneurs seeking capital for income-generating activities and to immigrants interested in applying for U.S. citizenship. We also just launched our DoubleGreen Credit Builder Loan.
CGF Featured in Providence Business News
July 13, 2010
The article below appeared in the July 13th edition of Providence Business News.
“Nonprofit microlender the Capital Good Fund was founded by Andy Posner, who recently graduated from Brown University with a master’s degree in environmental studies. The fund, based in Providence, makes loans of between $500 and $3,000 to entrepreneurs and immigrants interested in applying for U.S. citizenship. Posner, the fund director, recently answered a few questions about the venture.
PBN: Give us the details about the fund.
POSNER: Our mission is to create a poverty-free, inclusive green economy through innovative microfinance. We provide loans and workshops to lower-income Rhode Islanders for a variety of purposes so that they can better their lives, their communities and the environment. Capital Good Fund is the only lender in Rhode Island that makes unsecured loans with no minimum credit score requirement.
New Borrower Profile!
June 30, 2010
We just completed another profile of yet another of our inspiring borrowers—Curtis Gomes of Curtis Gomes Painting & Construction. Click here to read the profile! And if you need any work done on your house be sure to contact Curtis!
CGF Update: Our Work to Date, By The Numbers
June 20, 2010
Here’s our latest update on our accomplishments, by the numbers: we have made 28 loans totaling $47,165 (with only one default, of $1,500), and we have graduated 24 people through our business and financial literacy workshops. Not bad for our first year of operation. And now that we have two more full-time employees, we expect to see continued rapid growth.
Photos and Stories Of Recent Loans
June 18, 2010
In the last few weeks we have rapidly grown our loan portfolio, making 6 loans and bringing our total to 27 loans equaling $45,000. Four of these loans have been part of our innovative—and life-changing—partnership with Amos House (a fantastic social services agency in Providence), in which we provide capital to clients of theirs that have job offers (or offers of increased hours at their jobs), but need a drivers license to take advantage of those opportunities. Due to fines and fees associated with reinstating their licenses (about $1,000) these hardworking individuals are unable to get their licenses back. In response, CGF and Amos House created a group of seven handpicked individuals that meet weekly to support one another, request loans and make payments, and learn about financial literacy. The group-lending program has facilitated a forum for members to talk about their long-term financial and personal goals, which has inspired some group members to start saving up money in order to open a small business down the road.
CGF Is Revelation to Action Finalist!
June 11, 2010
The Capital Good Fund has been accepted as a finalist in Ashoka’s prestigious Revelation to Action contest! The competition aims to “find and help fund creative solutions for motivating local citizens to strengthen communities across New England and New York.” From an applicant pool of 358 organizations, CGF was chosen as one of fifteen finalists. Winning this award would help us to support our innovative Double Green Credit Builder Loan! The top ten winners will receive $5,000, so support CGF by voting for us at http://www.changemakers.com/en-us/revelation.
Capital Good Fund is featured in the video below!
The establishment of The Capital Good Fund resulted directly from discussions with community leaders and organizations, all of whom identified a strong need to connect low and moderate-income individuals with affordable capital and additional support such as financial literacy training. Everything we do is centered on meeting that need and providing superb, professional services to our borrowers.
continue reading »
Modern microfinance arose as a response to the fact that banks were not extending credit to the poor—and particularly the rural poor—of developing countries, and as a result people were forced to endure the usurious practices of moneylenders. Even in the United States, low and moderate-income individuals are effectively shut out of the financial system because of poor or no credit history…
continue reading »
The Capital Good Fund's first business loan was made to Nina Gauvin. Nina's business, an Edutainment Center with Drop-Off Programs, Activity Centers, Tiny Town, Small Fitness and Room for Special Events and Birthday Parties called The Learn and Play Center, recently opened for business in Johnston, RI. Pictured here are Nina, along with Andy Posner, Co-Executive Director of CGF. Nina's passion, enthusiasm and entrepreneurial abilities have impressed everyone at CGF, and we are thrilled to be working with Nina. Stay tuned for more information about Nina and her business!
The International Institute of Rhode Island
The International Institute of Rhode Island offers educational, legal, and social support to Rhode Island’s immigrant population. By working with people and families as they transition into life in the United States, the Institute assists clients in effectively gaining socioeconomic independence.
Web Site address: International Institute of Rhode Island
English for Action
English For Action serves Latino immigrant families in Olneyville, RI by offering ESOL courses for Spanish-speaking men, women, and families. The organization strives to create a beneficial community that can be sustained outside the classroom through programs that focus on self-expression and leadership development. English For Action
See all Community Partners »