Do you know a community hero or organization that needs to be recognized?
Since 2009 hundreds of people in financial trouble have gotten help from a non-profit organization that has provided loans and financial coaching during their time of need. The Capital Good Fund was founded as an alternative to the so-called `payday lenders’ - which can charge up to 261 percent interest for borrowers. This month Jim Hummel sits down with the fund’s founder, who has plans to take his model beyond the borders of Rhode Island.
Click here for more information about The Capital Good Fund.
These young people gathered at a community center in Woonsocket are getting something many never had, going through school: A financial coaching session.
Leading them step-by-step: Rachel Wall, Director of Coaching for The Capital Good Fund, a non-profit organization that over the past six years has helped hundreds of people facing financial challenges avoid predatory lenders, while teaching them about good budgeting, health issues, and money management.
Posner: ``Broadly speaking, we use financial services as the tool to uplift the poor.’’
Andy Posner founded the Capital Good Fund in 2009 - as an outgrowth of a master’s degree he was completing at Brown University. It evolved into a social change organization that uses financial services to help tackle poverty, and has grown to a staff of 15 to run the various programs.
Posner: ``There isn’t anything that doesn’t have financial component. So we think it’s a really important tool that allows you to get at the core issues that a person is facing.’’
Posner says the fund’s main mission when he founded it was to be an alternative to the so-called payday lenders like this one, which you can find in easily-accessible storefronts throughout Rhode Island.
Posner: ``The people they target are ignored by mainstream financial service providers like banks, and they get too much attention from the predatory guys. ‘’
Hummel: ``Why are they ignored by the banks, because they’re not considered a good risk? We’re not going to go there?’’