Asset Classes: Community
Project Year: 2014
Capital Good Fund® (CGF) is a non-profit that fights poverty by providing oneon-one financial coaching and micro-loans of $300-$5,000 to low-incomecommunity entrepreneurs in Providence, Rhode Island. CGF relies on a variety of funding sources, including NMTC investments made by Rockland Trust Community Development Corporation. CGF began in the fall of 2008 in a social entrepreneurship class at Brown University. It is now a rapidly growing 501(c)(3) non-profit and an emerging community development financial institution that takes a comprehensive approach to fighting poverty. CGF, whose clients are 68% Hispanic, 25% African-American, and 7% Caucasian, is committed to the notion that small amounts of money can mean a great deal in the right hands. A key component of Rockland Trust Community Development Corporation’s NMTC strategy is Financial Counseling and Other Services (FCOS) investments that provide technical assistance to low-income-community residents and businesses. Rockland Trust made NMTC investments of $8,000 in 2010 and $15,000 in 2012, helping to increase CGF’s microenterprise capacity in severely distressed Providence, Rhode Island census tracts. The 2010 investment provided funding for 16 minority residents to receive more than 200 hours of classroom time and one-on-one business training that prepared 10 residents to receive micro-loans from CGF ranging from $500 and $2,000. Rockland Trust’s 2012 NMTC investment will fund financial coaching for approximately 75 low-income-community residents and businesses during the next 12 months. By meeting the educational and capital needs of its clients, CGF is helping low-income-community businesses to grow and create jobs.