PROVIDENCE - Capital Good Fund has been awarded a $125,000 Community Development Financial Institutions Fund grant from the U.S. Department of Treasury to provide microloans and financial coaching to low-income residents and communities across Rhode Island, U.S. Sen. Jack Reed announced Tuesday.
“I am pleased Capital Good Fund has won this competitive grant to help lift more Rhode Islanders out of poverty through equitable financial services,” said Reed. “As micro-lenders, they help empower low-income families to secure the financial support and credit they need to get ahead. This federal grant is a smart investment in fostering economic opportunity and community growth.”
Capital Good Fund has offices in Providence and Woonsocket, as well as Hartford, Conn., where it offers one-on-one financial coaching, small personal loans and free tax preparation in low-income communities.
“We are honored to be the only CDFI in Rhode Island to receive this prestigious award,” said Capital Good Fund Founder and CEO Andy Posner.
A Community Development Financial Institution is certified by the CDFI Fund of the U.S. Department of Treasury. The program was created two decades ago to increase economic activity in markets not fully served by traditional financial institutions.