Rhode Island Foundation makes a $500,000 loan to Capital Good Fund
Funds will allow the nonprofit loan provider to assist more Rhode Islanders with affordable loans for COVID-19 relief, transport, housing
The Rhode Island Foundation has produced $500,000 loan to Capital Good Fund. The Providence nonprofit will utilize the money in order to make below-market, short-term loans to customers that do perhaps maybe not be eligible for a traditional funding for costs pertaining to the crisis that is COVID-19 other key requirements, such as for instance buying or fixing a car or truck and safety deposits.
Find out about the FoundationвЂ™s influence Investing effort; find out more about Capital Good Fund.
Our other effect opportunities
After are snapshots of extra effect opportunities, by date they certainly were made:
The PublicвЂ™s broadcast received that loan of $1 million to pay for donor pledges during its money campaign. The mortgage permitted the place to shop for and relocate its FM sign to simply help expand its market and development. The station reported a 7% increase in listenership over 2018 in the first year.
One community Builders (ONE|NB) received a $806,000 loan to support the Protecting Providence Property system, a pilot work to offer affordable houses to middle-income group households. ONE|NB purchased and rehabilitated four properties (six housing units as a whole) and leased to six families making $45,000 – $75,000 each year. Financial counseling is supplied by ONE|NB when it comes to renters to sooner or later buy the domiciles these are generally leasing.