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The expansion made possible by a two-year $210,00 grant from Santander Bank
RHODE ISLAND (February 2024) – An annual study found 37% of Americans surveyed didn’t have the funds to cover an unexpected $400 expense. Low- and Middle-Income (LMI) residents of New Jersey and Connecticut have a new resource to help them endure financial challenges such as vehicle repair, moving-related expenses, and health bills. CDFI lender Capital Good Fund is offering low-interest Impact Loans, thanks to a two-year $210,000 grant from Santander Bank. Capital Good Fund has financed immigration loans in Connecticut and New Jersey since 2022.
“Many LMI families are dealing with financial struggles, particularly as inflation remains high and a lot of lenders have tightened their underwriting criteria or raised their rates to a point where it’s unaffordable,” said Capital Good Fund founder and CEO Andy Posner.” Our Impact Loans are meeting a crucial need, and we are grateful to our partner Santander Bank for making this expansion of services possible.”
A $1,500 Impact Loan from Capital Good Fund helped a single mother of four children Tanya Hernandez, 32, of Von Ormy Texas, pay rent when she was between jobs. “I was lost. I didn’t know what to do,” she recalled. “The loan allowed me to stay in my home.” Other lenders she spoke to either rejected her or offered her a loan with a prohibitively high-interest rate. “I cried with joy when I was approved. The Capital Good Fund loan was three times larger than I thought it would be,” she added. Hernandez recommends that other people in her situation never give up because there is help out there.
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About Capital Good Fund
Capital Good Fund is a Rhode Island-based nonprofit social change organization that uses financial services to tackle poverty and environmental injustice in America. Capital Good Fund offers financing, low-interest loans, and one-on-one financial coaching for the lower-income residents of Rhode Island, Texas, Illinois, Florida, Delaware, Massachusetts, New Jersey, Georgia, Connecticut, Pennsylvania and Colorado. Since their founding in 2009, they have financed 14,000 loans totaling over $42 million with a 96% repayment rate and graduated over 2,000 people from their Coaching program. More at www.GoodFund.us.
