PROVIDENCE – The Capital Good Fund, a nonprofit that offers loans to low- and moderate-income families, has received a $1 million investment from First Citizens Bank.
The Capital Good Fund will use the funding to provide Impact, Immigration, and DoubleGreen Weatherization loans in five of the states that it serves, including Massachusetts, Florida, Georgia, Texas and Colorado.
“These funds will allow us to continue to expand our programs aimed at breaking the cycle of generational poverty,” said Capital Good Fund founder and CEO Andy Posner. “We are grateful to First Citizens Bank for their support.”
Capital Good Fund provides equitable financial services and coaching to low- and moderate-income families for a variety of key needs, including sudden emergency expenses, security deposits, green upgrades to their homes, and immigration expenses.
The average Capital Good Fund interest rate for 2023 was 8.15%, which is far more reasonable than the interest rates of predatory lenders, which average between 250% to 450%, depending on the state and the product.
“First Citizens is pleased to partner with Capital Good Fund,” said Mike Atkinson, senior director of community development at First Citizens Bank. “It’s part of our Forever First commitment to give back to organizations that help the communities we serve, and we’re glad to contribute to this important organization.”