Cambridge Savings Bank has provided a $750,000 corporate loan to Capital Good Fund, a Rhode Island-based community development financial institution, to fund small-dollar loans to low- and moderate-income families and individuals in Massachusetts.
Capital Good Fund will use the financing for its crisis relief, immigration and weatherization lending programs. These programs give families and individuals affordable, safe funding for common expenses and large investments, Cambridge Savings Bank said in a statement. The loans also help build credit and make borrowers more qualified for additional funding in the future.
The bank added that the financing demonstrates its commitment toward “inclusive banking practices and partnerships to support all stages and spectrums of financial health for both customers and communities alike.”
“At CSB, we strive to collaborate with organizations that are working to enrich the lives of people in our communities and helping them through challenging times; the Capital Good Fund is the perfect example of a program that delivers and is aligned with our values,” Adam Bispham, Cambridge Savings Bank’s vice president and corporate banking loan officer, said in the statement. “We’re proud to improve the financial future of those in need through our corporate lending program.”
Cambridge Savings Bank, which has more than $5 billion in assets, said it understood that most options for individuals seeking financial assistance involve high-interest debt. The bank added that by partnering with organizations that support underserved communities, it helps those who need safe funding for everyday expenses, including car payments, medical payments, or groceries, as well as other needs, such as applying for U.S. citizenship or weatherizing a home.
“The realities that families have faced throughout the past year has only reinforced the importance of our mission at Capital Good Fund,” Andy Posner, founder and CEO of Capital Good Fund, said in the statement. “We commend Cambridge Savings Bank for providing us with the flexible capital we need to ensure that we have the resources at our disposal to help families and individuals who are struggling.”
In addition to Massachusetts, Capital Good Fund also provides loans in Rhode Island, Texas, Illinois, Florida Delaware and Colorado.
