Capital Good Fund

Payday loans – also called “cash advances” or “check-loans” – are short term, small dollar loans that typically come due on a borrower’s next payday. These financial products can be toxic, with exorbitantly high interest rates that can lead families into debt traps that perpetuate, rather than solve, cycles of poverty. Today, Rhode Island is home to more than two dozen payday lenders with many located in Rhode Island’s most vulnerable neighborhoods.

Thankfully, Rhode Islanders in need of short-term credit have other places to turn. And who would expect that one of those places, the Capital Good Fund, was launched as a student-led initiative at Brown University?  

In 2008, Capital Good Fund Founder and CEO Andy Posner was earning his Master of Arts in Environmental Studies when he started a new social enterprise that provided safe, low-interest loans coupled with coaching and financial literacy training to low-income Rhode Islanders in need.  His idea proved powerful. To date, the Capital Good Fund has made over $1 million in loans to over 1,000 borrowers, all in pursuit of the mission to provide equitable financial services that create pathways out of – not into – poverty. To date, the Capital Good Fund has a 90% repayment rate!

Since its founding, the Rhode Island Foundation has been a proud supporter of the Capital Good Fund. We are grateful to the Capital Good Fund for their continued leadership on behalf of Rhode Island consumers.
Address

One Union Station
Providence, RI 02903
Directions

Contact

(401) 274-4564
info@rifoundation.org

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