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“We strongly believe that everyone should have the ability to make sustainably-minded changes,” says Andy Posner, Capital Good Fund founder and CEO. “Tackling the climate crisis requires a transition to electric vehicles, and drivers need publicly available charging stations. We’re excited to provide this access to our community at our new home.”
Capital Good Fund provides equitable loans to low-income families for a variety of key needs, including making energy upgrades to their homes such as solar panels and high-efficiency appliances; COVID-19 related costs; immigration expenses (citizenship applications, green card renewal, family petitions, etc.); security deposits; and other emergencies.
The purchase and installation of the 250kw Chargepoint charging station was made possible through funding from National Grid and the Rhode Island Office of Energy Resources. "Rhode Island is among the top ten states in the nation for the most electric vehicle charging ports per capita,” said State Energy Commissioner Nicholas Ucci. “We applaud Capital Good Fund for installing an EV charging station, making charging more accessible to its employees and visitors. This organization is leading by example and doing its part to help us in the transition to cleaner transportation options.” Additional details on access to the charging station can be found on the Chargepoint directory of resources.
The need for more charging station is clear at the federal level as well: the Bipartisan Infrastructure Bill includes a push to increase the national network of electric-vehicle charging stations.
Capital Good Fund relocated their headquarters to accommodate growth and focus on sustainably minded features available to the local community. Solar panels are being installed with the goal of covering the organization’s energy needs, and the organization plans to install electric-driven, high-efficiency heat pumps in 2022.
This installation is aligned with the organization’s focus on increasing access to renewable energy resources to all people, most recently through Capital Good Fund’s DoubleGreen Solar Loan program which gives financial support to those looking to install solar panels who otherwise couldn’t afford it in Rhode Island and Massachusetts.
This is an expansion of their DoubleGreen Loan program, which provides low- to moderate- income families in Rhode Island and Massachusetts access to the necessary funds to fund energy upgrades to their homes. For example, in the winter of 2021, Claudia Hoyos, 56, of Cumberland, RI needed to replace her ancient boiler, but an official from another bank told her she couldn’t be approved because of her low credit score. She was able to get a no interest 7-year DoubleGreen loan from Capital Good Fund worth more than $10,000. “They work with you. They give you options, and they speed it up,” she recalls. Now she is enjoying her new gas system that is quiet, efficient, and doesn’t smell.
As a nonprofit, Capital Good Fund is able to provide financing options for people with less-than-perfect credit, higher debt-to-income ratios, and other factors that may prevent traditional lenders from approving their loans. Loan applications are reviewed by hand to understand the client’s full financial picture beyond their FICO score and other traditional ratios. The organization has experienced significant growth over the past year, reaching $17 million in total loans processed, ending the year with record high numbers, processing $5 million loans in 2021 and expanding to its seventh state, Colorado. In addition to Rhode Island, it also serves families in Texas, Florida, Illinois, Massachusetts, and Delaware.