Capital Good Fund Receives $100,000 Program Related Investment from The Dakota Foundation
Funds Will Help Rhode Island-based Nonprofit Lender Offer Crisis Relief, Immigration Unity, and Credit Builder Loans to Low-Income Families in Colorado
COLORADO, June 1, 2021 – Capital Good Fund will be able to help scores of low-income Coloradans avoid high-cost lenders, thanks to a Program Related Investment from The Dakota Foundation. Capital Good Fund is a nonprofit, U.S. Treasury-certified Community Development Financial Institution (“CDFI”) that provides equitable loans to low-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 other emergencies.
The loan will allow Capital Good Fund to provide several high-impact, small-dollar personal loan products in Colorado. “This generous loan from The Dakota Foundation will enable us to achieve our strategic goals, including increasing the number of low-income Coloradans impacted by our products,” said Capital Good Fund Founder and CEO Andy Posner. Rhode Island-based Capital Good Fund serves families throughout Texas, Florida, Illinois, Massachusetts, Rhode Island, Delaware, and Colorado.
“The Dakota Foundation is excited to be a partner in bringing Capital Good Fund and their Crisis Relief, Immigration Unity, and Credit Builder loans into distressed Colorado communities, filling a gap in the existing CDFI landscape here,” said The Dakota Foundation Executive Director Kelsey Nolan. “We hope these small-dollar personal loans further empower vulnerable families to save, build credit, invest in themselves, avoid high-interest debt, and achieve their goals.”
Capital Good Fund expanded into Colorado last month and has already closed 13 loans for $15,870. They offer Immigration loans ranging in size from $1,501 to $20,000, with an interest rate of 12%, and Crisis Relief loans ranging from $300 to $1,500 with a 5% interest rate. The loan repayment rate to Capital Good Fund is 95 percent. “Our clients are people who can’t access mainstream loan products due to reasons ranging from being low-income, having no or poor credit, or simply not trusting the financial system,” Posner says. The nonprofit also offers a nationally recognized Financial and Health Coaching program to help clients establish a financial plan that enables them to achieve their life goals, as well as its recently launched Emergency Coaching Hotline.
The Dakota Foundation
For more than 20 years, The Dakota Foundation has sought to combine business discipline and charitable intentions to solve social problems. Our mission is to change lives by assisting people to achieve greater self-sufficiency for themselves and their families, providing them with tools to help them help themselves. In fulfilling our mission, we seek to bring business discipline to the nonprofit sector, to be creative and entrepreneurial in all our activities, and to follow an investment approach in all our decisions, seeking always to achieve the highest social return for each grant, PRI, or social impact bond we undertake. We focus on initiatives that foster social entrepreneurship while enhancing self-sufficiency. http://dakotafoundation.org/.
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 $25,000 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 $14.7 million with a 95% repayment rate and graduated over 1,700 people from their Coaching program. More at www.GoodFund.us.