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Providence, RI (March 26, 2025) – Capital Good Fund has received a grant as part of the Truist Community Catalyst Initiative—a three-year program supporting local efforts with statewide impact funded by Truist Charitable Fund, a donor-advised fund administered by The Winston-Salem Foundation. This community development grant will expand our Impact Loan Program, which provides underbanked and low-to-moderate-income (LMI) communities with access to low-cost loans and is a critical alternative to predatory lenders.
With this support, LMI residents of New Jersey will have access to the capital necessary to weather unexpected financial challenges such as vehicle repairs, moving-related expenses, and health bills. A highlight of this work is demonstrated by a Woodbury, NJ resident, Jacqueline, who received a $500 Impact Loan to replace a broken refrigerator. “It seems more expensive by the day to be alive on planet Earth. More and more people are living paycheck to paycheck or worse,” she said. “In the modern-day world of predatory emergency lending, having a company like Capital Good Fund that lends out money at a fair rate to everyone is a breath of fresh air.”
“Over the past two years, our organization has deployed over $300,000 across 121 affordable consumer loans offering NJ residents flexible financing to navigate unforeseen financial emergencies and maintain economic stability,” said Anna Stormer, VP of Development at Capital Good Fund. “We’re incredibly grateful for Truist’s support in providing small-dollar, low-interest loans to underbanked borrowers across the Garden State.”
“We’re proud to partner with Capital Good Fund to support its loan program,” said Art Dorn, Truist’s market president for northern New Jersey and northern Pennsylvania. “Our purpose at Truist is to inspire and build better lives and communities, and we support a wide range of organizations such as Capital Good Fund to live out our purpose.”
This grant is one of 17 grants across 13 states that will create a significant impact across Truist’s primary markets, including placing over 1,000 individuals into livable wage jobs, developing or preserving 700 affordable housing units, deploying $65 million in loan capital through 500 small business and home loans, and providing 3,100 low- to moderate-income individuals with new access to essential community services. Learn more about how Truist is inspiring and building better lives at Truist.com/who-we-are/about-truist.
Those interested in applying to our Impact Loan Program can learn more via our website.
About Capital Good Fund
Capital Good Fund is a nonprofit, U.S. Treasury-certified Community Development Financial Institution (CDFI) that provides equitable financial services to low-to-moderate income (LMI) families for a variety of key needs, including vehicle repair or refinance; security deposits; green energy and solar upgrades; immigration expenses (citizenship applications, green card renewal, family petitions, etc.); and emergencies. It also offers a nationally recognized Financial and Health Coaching program to help clients establish a financial plan that enables the achievement of life goals. Since its founding in 2009, Capital Good Fund has financed 16,000 loans or leases totaling over $50 million with a 97% repayment rate and graduated over 2,000 people from its credit building and coaching program. Capital Good Fund is based in Rhode Island and offers services throughout Rhode Island, New Jersey, Texas, Illinois, Florida, Delaware, Massachusetts, Georgia, Connecticut, Pennsylvania, and Colorado.
About The Truist Charitable Fund
The Truist Charitable Fund (“TCF”) is committed to Truist Financial Corporation’s (NYSE: TFC) purpose to inspire and build better lives. TCF was established as a donor-advised fund and is administered by The Winston-Salem Foundation. TCF invests in local community organizations, focusing on grants that support initiatives and programs in the areas of educational equity, leadership development, career pathways, small business and community services. To learn more about Truist’s purpose, visit Truist.com/who-we-are/about-truist.
