Capital Good Fund Unveils High-Speed Electric-Vehicle Charging Station at New Providence Headquarters
National Grid and Rhode Island Office of Energy Resources funding enable nonprofit to provide low-cost access to Level 3 fast-charging for EVs
Providence, Rhode Island – Capital Good Fund has a green gift for their new neighbors. The nonprofit CDFI lender recently installed a so-called Level 3 electric vehicle charging station at their new headquarters located at 333 Smith Street in Providence in the back parking lot. It is the only public charging station in the immediate area—and one of only a handful in Rhode Island–and is available, at low cost, any time, day or night: 24/7.
“We strongly believe that everyone should have the ability to make sustainably-minded changes,” says Andy Posner, Capital Good Fund founder and CEO. “Tackling the climate crisis requires a transition to electric vehicles, and drivers need publicly available charging stations. We’re excited to provide this access to our community at our new home.”
Capital Good Fund provides equitable loans to low-income families for a variety of key needs, including making energy upgrades to their homes such as solar panels and high-efficiency appliances; COVID-19 related costs; immigration expenses (citizenship applications, green card renewal, family petitions, etc.); security deposits; and other emergencies.
The purchase and installation of the 250kw Chargepoint charging station was made possible through funding from National Grid and the Rhode Island Office of Energy Resources. “Rhode Island is among the top ten states in the nation for the most electric vehicle charging ports per capita,” said State Energy Commissioner Nicholas Ucci. “We applaud Capital Good Fund for installing an EV charging station, making charging more accessible to its employees and visitors. This organization is leading by example and doing its part to help us in the transition to cleaner transportation options.” Additional details on access to the charging station can be found on the Chargepoint directory of resources.
The need for more charging station is clear at the federal level as well: the recently signed Bipartisan Infrastructure Bill includes a push to increase the national network of electric-vehicle charging stations.
Capital Good Fund relocated their headquarters to accommodate growth and focus on sustainably minded features available to the local community. Solar panels are being installed with the goal of covering the organization’s energy needs, and the organization plans to install electric-driven, high-efficiency heat pumps in 2022.
This installation is aligned with the organization’s focus on increasing access to renewable energy resources to all people, most recently through Capital Good Fund’s DoubleGreen Solar Loan program which gives financial support to those looking to install solar panels who otherwise couldn’t afford it in Rhode Island and Massachusetts.
This is an expansion of their DoubleGreen Loan program, which provides low- to moderate- income families in Rhode Island and Massachusetts access to the necessary funds to fund energy upgrades to their homes. For example, in the winter of 2021, Claudia Hoyos, 56, of Cumberland, RI needed to replace her ancient boiler, but an official from another bank told her she couldn’t be approved because of her low credit score. She was able to get a no interest 7-year DoubleGreen loan from Capital Good Fund worth more than $10,000. “They work with you. They give you options, and they speed it up,” she recalls. Now she is enjoying her new gas system that is quiet, efficient, and doesn’t smell.
As a nonprofit, Capital Good Fund is 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 client’s full financial picture beyond their FICO score and other traditional ratios. The organization has experienced significant growth over the past year, reaching $17 million in total loans processed, ending the year with record high numbers, processing $5 million loans in 2021 and expanding to its seventh state, Colorado. In addition to Rhode Island, it also serves families in Texas, Florida, Illinois, Massachusetts, and Delaware.
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 2,500 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 8,400 loans totaling more than $17 million with a 95% repayment rate and graduated over 1,700 people from their Coaching program. More at www.GoodFund.us.