CGF debuts Immediate<br> Public Opportunity

PROVIDENCE – The Capital Good Fund has introduced a new meaning for IPO – a nonprofit Immediate Public Opportunity, the organization announced in mid-December.
In addition to being tax-deductible, each $25 Social Innovation Share will entitle the holder to a stock certificate and the ability to vote to fill a seat on Capital Good Fund’s board of directors and to have access to shareholder-only newsletters and quarterly calls.
The shares are being sold online through indigogo at igg.me/at/IPO.
Capital Good Fund’s IPO campaign is using social media to jump-start the initiative, requesting that new “shareholders” post a message about it on Facebook, Twitter and LinkedIn using the hashtag #boughtashare.
“Let’s create a movement here, not only for a new approach to fundraising, but also for a venture philanthropy model that allows us to make the investments we need to continue our rapid growth,” Capital Good Fund Executive Director Andy Posner said in an email announcing the IPO project.
The Capital Good Fund is a social change organization that uses financial services to tackle poverty. Since its founding five years ago, the organization has served 2,500 families, loaned $400,000 and provided one-on-one financial coaching to hundreds of clients. Based in Providence with a new office in Woonsocket, which opened in November, to offer alternative to payday lending, Capital Good Fund plans open its first out-of-state office in Hartford, Conn. during the first quarter of 2014.