Capital Good Fund and the National Energy Improvement Fund Join Forces to Increase Affordability of Energy Improvements
The Second Look Green Loan program will help make homes more energy-efficient in Illinois
Chicago, Illinois – Capital Good Fund is helping Illinois residents make their homes more energy-efficient, thanks to a new partnership with the National Energy Improvement Fund (NEIF). Capital Good Fund is a nonprofit, U.S. Treasury-certified Community Development Financial Institution (CDFI) that provides equitable loans to lower-income families for a variety of key needs, including relief due to expenses incurred due to COVID-19; immigration expenses (citizenship applications, green card renewal, family petitions, etc.); security deposits; and “green” upgrades.
Capital Good Fund and NEIF have created the Second Look Green Loan program to help those who want to make energy-efficient home improvements but may not qualify for a loan through traditional means. “Capital Good Fund is proud to partner with NEIF to offer our Second Look Green Loan program to help make homes more energy-efficient,” said Capital Good Fund Founder and CEO Andy Posner. “We strongly believe that everyone should have the ability to make sustainably-minded changes, regardless of their FICO score.”
NEIF provides lending and other services for improvements that make homes and businesses more resilient, efficient, healthy, and comfortable Its EnergyPlus-Illinois program allows Illinois homeowners to improve their heating, cooling, insulation, and other energy-efficiency measures with simple, transparent, and trusted fixed rate, low payment financing for projects from $2,500 to $35,000. NEIF’s partnership with Capital Good Fund makes fair, affordable financing available to homeowners who may not qualify for NEIF’s standard programs. “We’re incredibly excited to be partnering with Capital Good Fund,” said Peter Krajsa, Co-Chair and Founder of NEIF. “As like-minded organizations, the potential opportunity for impact is stronger than ever.”
Through Capital Good Fund, the Second Look Green Loan program offers low, fixed rates; no fees; and terms up to seven years on loans ranging from $500-$35,000. As a nonprofit, they are able to provide financing options for people with less-than-perfect credit, higher debt-to-income ratios, and other factors that may prevent traditional lenders from approving their loans. Loan applications are reviewed by hand to understand the full financial picture and go beyond FICO score and other traditional ratios.
About the National Energy Improvement Fund
With a lending legacy from 1947, the National Energy Improvement Fund was organized in 2017 as a for-profit Benefit Corporation, operating as a full-service, multi-state licensed consumer and commercial lender. It has funded over 6,000 energy and resilience improvements like HVAC, roofing, lighting, and battery storage for homes and businesses delivered through a
network of over 900 qualified contractors, utility, trade associations, governments, and distributors. Led by energy financing pioneers Peter Krajsa and Matthew Brown and a team responsible for over $800 million in energy financing programs, it received its certification as a B Corporation® in 2018 and was named a U.S. Department of Energy Home Improvement Expert™ Partner in 2019.
About Capital Good Fund
Capital Good Fund is a Rhode Island-based nonprofit social change organization that uses financial services to tackle poverty in America. Capital Good Fund offers one-on-one Financial and Health Coaching and Loans of up to $35,000 for the lower-income residents of Rhode Island, Texas, Illinois, Florida, Delaware, Massachusetts, and Colorado. Since the COVID-19 crisis began, Capital Good Fund has granted more than 1,500 COVID-19 Crisis Relief Loans of $300 – $1,500 with a five percent APR and a three-month deferment period and put 12 percent of its active borrowers on deferment plans. Since their founding in 2009, they have financed over 7,400 loans totaling $15 million with a 95% repayment rate and graduated over 1,700 people from their Coaching program. More at www.GoodFund.us.