Web Web Site Re Search. Rhode Island Foundation makes a $500,000 loan to Capital Good Fund
Funds will allow the nonprofit loan provider to help more Rhode Islanders with affordable loans for COVID-19 relief, transport, housing
By Chris Barnett
The Rhode Island Foundation has produced $500,000 loan to Capital Good Fund. The Providence nonprofit will make use of the money to create below-market, short-term loans to customers that do perhaps perhaps maybe not be eligible for main-stream funding for costs pertaining to the COVID-19 crisis and other key requirements, such as for example buying or fixing a vehicle and safety deposits.
вЂњMaking loans and direct assets from our endowment allows this effect investing to align our financial opportunities with your objective. Spending straight from our endowment provides the flexibleness to aid the job of our partners that are nonprofit a means that supplements our grant programs,вЂќ stated Neil D. Steinberg, the FoundationвЂ™s president and CEO. вЂњWe are proud to produce Rhode Island-based nonprofits like Capital Good Fund with resources to provide their objective.вЂќ
Launched, the effort aims to spend as much as five per cent of this FoundationвЂ™s endowment, beyond conventional grant-making efforts, in Rhode Island-based nonprofits, for-profits and government agencies to aid tasks that create quantifiable social effect along with a return that is financial.