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Rhode Island Foundation makes a $500,000 loan to Capital Good Fund

Funds will allow the nonprofit loan provider to assist more Rhode Islanders with affordable loans for COVID-19 relief, transport, housing

The Rhode Island Foundation has produced $500,000 loan to Capital Good Fund. The Providence nonprofit will utilize the money in order to make below-market, short-term loans to customers that do perhaps maybe not be eligible for a traditional funding for costs pertaining to the crisis that is COVID-19 other key requirements, such as for instance buying or fixing a car or truck and safety deposits.

Find out about the Foundation’s influence Investing effort; find out more about Capital Good Fund.

Our other effect opportunities

After are snapshots of extra effect opportunities, by date they certainly were made:

2017

The Public’s broadcast received that loan of $1 million to pay for donor pledges during its money campaign. The mortgage permitted the place to shop for and relocate its FM sign to simply help expand its market and development. The station reported a 7% increase in listenership over 2018 in the first year.

2018

One community Builders (ONE|NB) received a $806,000 loan to support the Protecting Providence Property system, a pilot work to offer affordable houses to middle-income group households. ONE|NB purchased and rehabilitated four properties (six housing units as a whole) and leased to six families making $45,000 – $75,000 each year. Financial counseling is supplied by ONE|NB when it comes to renters to sooner or later buy the domiciles these are generally leasing. Study our tale with this investment.

Urban Greens received a $300,000 equity investment to construct an 8,000 sq ft, community-owned co-op supermarket at 93 Cranston Street in Providence. The store successfully exposed in June 2019 and has now skilled constant product sales among neighbor hood residents as well as others within the Providence metro area. Urban Greens will continue to focus on supplying affordable natural choices, partnering with neighborhood meals producers, and serving neighborhood residents with cooking demonstrations as well as other events that are educational. Browse our tale from the Urban Greens Co-op marketplace.

Horizon Healthcare Partners was granted a $300,000 connection loan to pay for setup charges for the State’s Behavioral Health Link program (BH Link). BH Link seeks to more efficiently provide Rhode Islanders with behavioral health insurance and substance usage emergencies by diverting clients from crisis divisions up to a community-based environment. BH Link has furnished assist to a huge number of Rhode Islanders and it is an especially critical solution through the COVID-19 pandemic.

2019

Community Care Alliance (CCA) received a $225,000 loan to pay for Health Reimbursement Arrangement costs. CCA provides an array that is wide Delaware title loans of solutions to residents of north Rhode Island. Programs consist of, but are not restricted to, housing (including quick rehousing in crisis and healing housing), fundamental requirements help, household help and reunification, and community-based options to divert people from medical center crisis divisions.

Farm Fresh Rhode Island received that loan of $1.9 million to aid the construction associated with 60,000 sq ft Rhode Island Food Hub within the Valley neighbor hood of Providence. A venue will be provided by the Food Hub for locally grown, harvested, and caught meals. 1 / 2 of the room will house Farm Fresh RI’s programs and operations, including a year-round farmers market, together with staying area will be leased to meals and farm-related smaller businesses. Construction will be finished in Fall 2020 utilizing the cold temperatures market opening quickly thereafter.

Horizon Pharmacy received a $313,510 loan to acquire the Synergy Medications Systems Robot to process a top level of packed prescriptions more proficiently. Horizon Pharmacy ended up being established by and associated with Horizon Healthcare Partners. The pharmacy provides solutions to care that is long-term, including team houses for those who have developmental disabilities, assisted residing facilities, and long-lasting care providers. The increased efficiency, given by the robot, is allowing Horizon Pharmacy to provide one more 120-150 consumers each year.

The UCAP class received a $1.5 million loan to refinance its home loan on its Providence structures. UCAP enrolls center college students from Central Falls, Cranston, and Providence to assist them to remain on track for graduation. As a whole, 140 7th and eighth grade pupils are offered yearly.

2020

NeighborWorks Blackstone River Valley received a $975,000 revolving loan to produce the north Rhode Island Community developing Fund. The Fund will give you affordable predevelopment and purchase loans for multi-family, solitary family members, mixed-used, community facilities, and neighbor hood financial development initiatives serving low income families in north Rhode Island.

Providence Revolving Fund received a $2 million loan towards a ten dollars million chance Investment Fund to deliver low-interest loans and funding to personal property owners and designers. For home owners, the loans may be up to $50K for outside renovations for almost any property built prior to 1940. For designers, the loans is likely to be up to $1 million and can offer space funding when it comes to comprehensive rehabilitation of structures or construction that is new. All commercial jobs will even have an inexpensive housing component.