Capital Good Fund has launched a Crisis Relief Loan product to assist Delaware families affected by the COVID-19 pandemic. The fund is based in Rhode Island but operates in Delaware
“We understand that families are experiencing unprecedented uncertainty and hardship in this difficult moment, and we are committed to playing our part,” says Capital Good Fund Founder and CEO Andy Posner. “Now more than ever, families need access to safe loan products with which to address a sudden shock to their income. In addition to offering our existing 2,000 clients the option to defer payments, we have created a brand-new product which is specifically tailored to deal with this crisis.” Capital Good Fund is a nonprofit, U.S. Treasury-certified Community Development Financial Institution that provides equitable loans for a variety of key needs, including emergencies; vehicle purchase, repair, or refinance; security deposits; and immigration expenses.
Thanks to a $100,000 grant from Discover Bank, and prior support from the Longwood Foundation for Capital Good Fund’s Delaware Operation, the Crisis Relief Loan is now available in Delaware and has the following features:
- Loan amounts of $300 – $1,500
- Interest rate of 5% (APR)
- A term of 15 months; no payments due for the first three months, with the option to extend if the crisis continues beyond then
- No application fee, closing fee, or prepayment penalty
- No collateral
- Expedited loan decisions
- Underwriting based on pre-crisis income
- Loan payments reported to the credit bureaus
Applicants for the Crisis Relief Loan can apply at www.capitalgoodfund.org/COVID. A two-business-day turnaround from application to decision is guaranteed.
“We are thankful that our longtime partner, Capital Good Fund, who has been able to so quickly pivot in response to this crisis and offer an innovative product that can meet an urgent need in the Delaware community,” said James Roszkowski, Discover Bank President. “With our grant funds, the organization will be able help dozens of Delawareans bridge the gap between their pre- and post-crisis income, a need that will continue even with federal relief funds on the way.”
An added community benefit of the new Crisis Relief Loan is that as borrowers repay their loans, the principal and earned interest revolve back into the loan fund. That will enable Capital Good Fund to continue funding loans to more Delaware families in crisis.
Although Capital Good Fund’s offices are closed, their staff is working remotely. They are encouraging current borrowers who may be affected by this crisis to contact the organization by phone at 866-584-3651 ext. 303, via email at firstname.lastname@example.org, or to chat with them on their website. Capital Good Fund is also seeking donations to enable them to fund even more loans and respond to a surge in demand. Those interested in donating can do so at www.capitalgoodfund.org/donate.
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