Funds will allow the nonprofit loan provider to assist 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 capital to create below-market, short-term loans to customers that do maybe maybe perhaps maybe not be eligible for old-fashioned funding for costs linked to the COVID-19 crisis and other key requirements, such as for instance buying or restoring a motor vehicle and protection deposits.
вЂњMaking loans and direct opportunities from our endowment allows this effect investing to align our financial assets with this objective. Spending straight from our endowment provides the flexibleness to guide the task of our nonprofit lovers in a means that supplements our grant programs,вЂќ stated Neil D. Steinberg, the FoundationвЂ™s president and CEO. вЂњWe are proud to offer Rhode nonprofits that are island-based Capital Good Fund with resources to provide their mission.вЂќ
Launched, the effort is designed to spend as much as five per cent regarding the FoundationвЂ™s endowment, beyond old-fashioned grant-making efforts, in Rhode Island-based nonprofits, easy online payday loans in Minnesota for-profits and government agencies to aid tasks that produce quantifiable social effect in addition to a monetary return. (more…)
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What sort of loan do We have?
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