The Capital Good Fund

Innovative Microfinance

aka Capital Good Fund   |   Providence, RI   |  www.capitalgoodfund.org

Mission

Capital Good Fund is a nonprofit, U.S. Treasury-certified Community Development Financial Institution headquartered in Providence, RI. Our mission is to create pathways out of poverty and advance a green economy through inclusive financial services. Since 2009, we have financed over 8,200 small-dollar personal loans totaling $16.7 million (with a 95% repayment rate) and graduated more than 1,740 families through our Financial & Health Coaching program. As a social justice organization, we believe in the vision of Dr. Muhammad Yunus, the 2006 Nobel Peace Prize Winner: to "put poverty into museums" through microfinance.

Ruling year info

2009

Founder & Chief Executive Officer

Andy Posner

Main address

333 Smith Street

Providence, RI 02908 USA

Show more contact info

EIN

80-0348382

NTEE code info

(Community, Neighborhood Development, Improvement) (S20)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

Sign in or create an account to view Form(s) 990 for 2020, 2019 and 2018.
Register now

Communication

Programs and results

What we aim to solve

SOURCE: Self-reported by organization

We are an alternative to the $141 billion predatory financial industry, which consists of payday lenders, pawnshops, rent-to-own stores, check cashers, buy-here-pay-here and auto-title lenders, and others. Our loans enable the low-income to build credit, save money, invest in their futures, and avoid getting caught in the “debt trap” created by predatory lenders. Our Financial Coaching further strengthens our borrowers’ ability to get on a path toward upward mobility. Taken together, our products and services play an important role in the Credit as an Asset Movement, which recognizes that access to equitable financial services is crucial to the resilience of low-income families, permitting them to reduce the stress of financial instability and begin to move into the financial mainstream.

Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Financial & Health Coaching

Financial & Health Coaching (FC Plus) is available to both individuals and couples, begins with four 90-minute sessions regarding goal-setting, budgeting, credit, banking, debt, savings, and health. Coach and client develop concrete action plans to address their specific financial needs and goals. Regular check-ins provide opportunities to review their progress and potential barriers to success.

FC Plus’ greatest innovation, its health curriculum, focuses on the connection between financial, physical, and mental well-being; coaches will guide them in identifying their health needs and appropriate resources. There’s also a credit-building benefit: the $180 program fee is structured as a 0% APR loan, paid in affordable $15 monthly installments and reported to all major credit bureaus.

FC Plus was designed with the capability of hosting virtual coaching sessions to increase our accessibility.

Population(s) Served
Families
Economically disadvantaged people
Adults

Within weeks of COVID-19 reaching the level of a pandemic in the United States, we built on our eleven years of experience in designing and offering small-dollar consumer loans and launched our response: the Crisis Relief Loan (“CRL”). CRLs can be used for a variety of urgent needs, including covering rent or utilities, buying nutritious food, paying bills, and other critical expenses.

This program has several unique consumer-first features that are tailored to meet the need: loan amounts range from $300 - $1,500; have a fixed APR of just 5%; a 15-month term which includes a 3-month deferment period; underwriting based on pre-crisis income; and expedited application review. Similar to all of our loan programs, the CRL features no application, closing, or prepayment penalty or fees; payments are reported to the three main credit bureaus; and it is unsecured.

Population(s) Served
Adults
Economically disadvantaged people

Impact Loans are designed as an alternative to high triple-digit APR predatory loans, especially payday loans. Impact Loans range from $300 - $1,500; have an APR of 12% (fixed); and feature a 15-month repayment term. They have no application, closing, prepayment or late penalties or fees.

As with all of our loans, Impact Loans are unsecured; have no minimum income or FICO score requirement; and are available to families regardless of immigration status. Clients may use the Impact Loan for paying off high-interest debt, vehicle repair, security deposits, technology purchases, rent or utilities, medical and dental expenses, school supplies, and more.

Thanks to our low APR and lack of closing costs or other hidden fees, Impact Loans are one of the few affordable options for families facing barriers that make accessing mainstream financial services difficult.

Population(s) Served
Adults
Economically disadvantaged people

Designed for moderate- to middle-income homeowners with less-than-perfect credit, DoubleGreen Loans are interest and deposit-free loans to cover the cost of measures that make homes more energy-efficient and safe. DoubleGreen Loans range from $500-$25,000 and feature a 0% APR, no closing costs or other hidden fees. Homeowners repay their loans over a 2-7 year period. Loans can be used for a variety of energy-efficiency upgrades, including wall insulation, replacing windows, duct sealing, removal of knob-and-tube wiring, and purchasing high-efficiency heating and cooling equipment. We partner with National Grid in Rhode Island and Massachusetts to offer these loans. We also partner with Eversource Energy, Liberty Utilities, and Unitil in Massachusetts.

DoubleGreen Loans help Rhode Island and Massachusetts homeowners save on utility bills, increase their property values, reduce greenhouse gas emissions, and most importantly, provide their families with healthier home environments.

Population(s) Served
Adults
Economically disadvantaged people

Similar to DoubleGreen Loans, DoubleGreen PLUS Loans are for moderate- to middle-income homeowners with less-than-perfect credit to cover the cost of measures that make homes more energy-efficient and safe. DoubleGreen Plus Loans offer higher loan amounts for significant weatherization upgrades: ranging from $25,001 - $50,000, these loans feature a 0% APR and are repaid over a 7-year repayment period. Exclusive to Massachusetts homeowners, DoubleGreen Plus Loans can be used for a variety of energy-efficiency upgrades, including wall insulation, replacing windows, duct sealing, removal of knob-and-tube wiring, and purchasing high-efficiency heating and cooling equipment. Our partners in providing these loans included National Grid, Eversource Energy, Liberty Utilities, and Unitil.

Population(s) Served
Adults
Economically disadvantaged people

Immigration Loans range from $1,501 - $20,000 with terms of 2 - 4 years and have a fixed APR between 12% - 15.99% for borrowers in Rhode Island, Delaware, Florida, Illinois, and Texas. Immigration Loans can be used for any of the expenses associated with immigration cases or adjustments of status, including citizenship or visa application fees, attorney fees, travel expenses for bringing family to the United States, biometric testing, and other critical expenses. These loans are of particular benefit to immigrants who are ineligible for application fee waivers or financial assistance from other organizations.

This program addresses the significant need for affordable, credit-building loans for immigrants who need to pay for expenses necessary for establishing themselves as lawful permanent residents or US Citizens-- statuses that yield a multitude of new rights, such as eligibility for federal employment, federal grants and scholarships, and other federal public benefits.

Population(s) Served
Adults
Economically disadvantaged people
Immigrants and migrants

These Immigration Loans in range from $1,501 - $20,000 with terms of 2 - 4 years. Thanks to funding from our generous partners, we are able to offer Immigration Loans in Massachusetts and Colorado at a special promotional rate of 12% APR (fixed). Immigration Loans can be used for any of the expenses associated with immigration cases or adjustments of status, including citizenship or visa application fees, attorney fees, travel expenses for bringing family to the United States, biometric testing, and other critical expenses. These loans are of particular benefit to immigrants who are ineligible for application fee waivers or financial assistance from other organizations.

This program addresses the significant need for affordable, credit-building loans for immigrants who need to pay for expenses necessary for establishing themselves as lawful permanent residents or US Citizens-- statuses that yield a multitude of new rights, such as eligibility for federal employment, grants and more.

Population(s) Served
Adults
Economically disadvantaged people
Immigrants and migrants

Impact PLUS Loans are designed as an alternative to high triple-digit APR predatory loans, especially payday loans. Designed for larger expenses, Impact PLUS Loans range from $1,501 - $3,500 and, thanks to generous grant funding, carry an APR of just 12% (fixed). Impact PLUS features loan terms of 24-36 months; they have no application, closing, prepayment or late penalties or fees. As with all of our loans, Impact PLUS Loans are unsecured; have no minimum income or FICO score requirement; and are available to families regardless of immigration status.

Population(s) Served
Adults
Economically disadvantaged people

Where we work

Awards

2-1-1 Innovation Award 2018

United Way of Rhode Island

Excellence at A Small Company 2018

Providence Business News

Innovation in Financial Services 2018

Providence Business News

Innovation in Nonprofits 2020

Providence Business News

Affiliations & memberships

United States Treasury Certified Community Development Financial Institution 2012

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of loans issued to clients

This metric is no longer tracked.
Totals By Year
Population(s) Served

Economically disadvantaged people

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Total dollar amount of loans issued

This metric is no longer tracked.
Totals By Year
Population(s) Served

Economically disadvantaged people

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Number of one-on-one coaching sessions

This metric is no longer tracked.
Totals By Year
Population(s) Served

Economically disadvantaged people

Related Program

Financial & Health Coaching

Type of Metric

Output - describing our activities and reach

Direction of Success

Holding steady

Number of hours of coaching

This metric is no longer tracked.
Totals By Year
Population(s) Served

Economically disadvantaged people

Related Program

Financial & Health Coaching

Type of Metric

Output - describing our activities and reach

Direction of Success

Holding steady

Number of people received immigration service

This metric is no longer tracked.
Totals By Year
Population(s) Served

Economically disadvantaged people, Immigrants and migrants

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Our Sustainable Development Goals

SOURCE: Self-reported by organization

Learn more about Sustainable Development Goals.

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

We aim to strip market share away from the predatory lending industry and provide low-income families with an equitable alternative. Our work will create upward mobility by empowering families to build their credit scores and provide them with capital to invest in their futures: repairing a vehicle that allows a father to get to work and support his family; putting down a security deposit on a new apartment that allows a survivor of domestic violence a new beginning; purchasing a laptop for a daughter going off to college; applying for U.S. Citizenship; the list goes on.

We provide small-dollar personal loans ranging from $300-$25,000 for a variety of purposes, including immigration expenses (such as citizenship, green card renewal, or family reunification); purchasing, refinancing, or repairing a vehicle; energy-efficiency upgrades in moderate- to middle-income homes; and emergencies. Borrowers can also enroll in our Financial & Health Coaching program, which consists of four ninety-minute sessions and two check-ins conducted over the course of a year by a highly-trained Financial Coach. Session topics include banking, budgeting, credit, debt, savings, and health (covers issues like access to primary care and healthy eating on a budget).

Fortunately, our eleven year track record shows that, when sufficiently capitalized, we can deploy loans with extraordinarily high repayment rates and even greater social impact, and we do so with tremendous efficiency and respect for our clients. Further, our long-term scaling plan—which calls for us to grow our loan portfolio to $90 million by 2025, at which point interest income will cover 100% of operating expenses—is based on a deep understanding of our business model and the market. We will deploy the capital needed to fulfill the promise of our business model and do what few lenders have done: compete, at scale, with a powerful industry that rakes in billions of dollars in profit off the backs of vulnerable populations.

We have issued over 7,200 loans totaling $14.5 million dollars since 2009 and graduated more than 1,749 families from our Financial and Health Coaching program. We began offering our programs and services in Texas and Illinois in 2020. We expanded once again into Colorado in May 2021.

How we listen

SOURCE: Self-reported by organization

Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.

done We demonstrated a willingness to learn more by reviewing resources about feedback practice.
done We shared information about our current feedback practices.
  • Who are the people you serve with your mission?

    Our programs meet the needs of low-income and ALICE (Asset-Limited, Income-Constrained, and Employed) families throughout Rhode Island, Massachusetts, Delaware, Florida, Illinois, Texas, and Colorado who, even before the COVID-19 pandemic, faced limited economic opportunity and financial challenges such as poor credit; debts from high-interest predatory loans; lack of savings; and other barriers that make accessing mainstream financial services difficult. Based on 2020 data, 65% of our clients identified as women and about 80% identified as people of color, including 29% Hispanic/Latinx and 29% Black or African American.

  • How is your organization collecting feedback from the people you serve?

    Electronic surveys (by email, tablet, etc.), Paper surveys, Focus groups or interviews (by phone or in person), Case management notes, Suggestion box/email, Google Reviews,

  • How is your organization using feedback from the people you serve?

    To identify and remedy poor client service experiences, To identify bright spots and enhance positive service experiences, To make fundamental changes to our programs and/or operations, To inform the development of new programs/projects, To strengthen relationships with the people we serve,

  • What significant change resulted from feedback?

    We are in the midst of streamlining our loan application and evaluation processes to ensure that clients receive loan decisions as quickly as possible.

  • With whom is the organization sharing feedback?

    The people we serve, Our staff, Our board, Our funders, Our community partners,

  • Which of the following feedback practices does your organization routinely carry out?

    We collect feedback from the people we serve at least annually, We take steps to get feedback from marginalized or under-represented people, We aim to collect feedback from as many people we serve as possible, We take steps to ensure people feel comfortable being honest with us, We look for patterns in feedback based on demographics (e.g., race, age, gender, etc.), We look for patterns in feedback based on people’s interactions with us (e.g., site, frequency of service, etc.), We engage the people who provide feedback in looking for ways we can improve in response, We act on the feedback we receive,

  • What challenges does the organization face when collecting feedback?

    It is difficult to get the people we serve to respond to requests for feedback,

Financials

The Capital Good Fund
lock

Unlock financial insights by subscribing to our monthly plan.

Subscribe

Unlock nonprofit financial insights that will help you make more informed decisions. Try our monthly plan today.

  • Analyze a variety of pre-calculated financial metrics
  • Access beautifully interactive analysis and comparison tools
  • Compare nonprofit financials to similar organizations

Want to see how you can enhance your nonprofit research and unlock more insights?
Learn more about GuideStar Pro.

Operations

The people, governance practices, and partners that make the organization tick.

lock

Connect with nonprofit leaders

Subscribe

Build relationships with key people who manage and lead nonprofit organizations with GuideStar Pro. Try a low commitment monthly plan today.

  • Analyze a variety of pre-calculated financial metrics
  • Access beautifully interactive analysis and comparison tools
  • Compare nonprofit financials to similar organizations

Want to see how you can enhance your nonprofit research and unlock more insights? Learn More about GuideStar Pro.

lock

Connect with nonprofit leaders

Subscribe

Build relationships with key people who manage and lead nonprofit organizations with GuideStar Pro. Try a low commitment monthly plan today.

  • Analyze a variety of pre-calculated financial metrics
  • Access beautifully interactive analysis and comparison tools
  • Compare nonprofit financials to similar organizations

Want to see how you can enhance your nonprofit research and unlock more insights? Learn More about GuideStar Pro.

The Capital Good Fund

Board of directors
as of 10/19/2021
SOURCE: Self-reported by organization
Board co-chair

Betsy Harris

Harold W. Young, Inc.


Board co-chair

Libby Kimzey

State of Rhode Island

Jenn Steinfeld

Social Innovation Initiative at Brown University

Holly Bullard

Florida Policy Institute

Elina Magaly Santana, Esq.

Santana Rodriguez Law, P.A.

Libby Kimzey

State of Rhode Island

Betsy Harris

Harold W. Young, Inc.

Arthur Gabinet

Brown University

Dara Duguay

Credit Builders Alliance

Rahul Gupta

RevSpring, nContracts, Paylease, Capital Good Fund

Tracy MacLean

Truist

Isabella Ortiz

4S Bay Partners and Julian Grace Foundation

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? Yes

Organizational demographics

SOURCE: Self-reported; last updated 05/14/2021

Who works and leads organizations that serve our diverse communities? GuideStar partnered on this section with CHANGE Philanthropy and Equity in the Center.

Leadership

The organization's leader identifies as:

Race & ethnicity
White/Caucasian/European
Gender identity
Male
Sexual orientation
Heterosexual or Straight
Disability status
Person without a disability

Race & ethnicity

Gender identity

 

Sexual orientation

No data

Disability

No data

Equity strategies

Last updated: 12/03/2019

GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more

Data
  • We disaggregate data to adjust programming goals to keep pace with changing needs of the communities we support.
Policies and processes
  • We have a promotion process that anticipates and mitigates implicit and explicit biases about people of color serving in leadership positions.
  • We seek individuals from various race backgrounds for board and executive director/CEO positions within our organization.
  • We help senior leadership understand how to be inclusive leaders with learning approaches that emphasize reflection, iteration, and adaptability.
  • We engage everyone, from the board to staff levels of the organization, in race equity work and ensure that individuals understand their roles in creating culture such that one’s race identity has no influence on how they fare within the organization.