Nonprofit helping Delawareans, undocumented immigrants with low interest loans
DELAWARE – More than ten percent of Delawareans continue to face unemployment challenges but that’s where a nonprofit known as Capital Good Fund comes into play, offering accessible financial support services.
“To have someone give you a chance when no one else would is the best feeling in the world,” says Ydenise Franciso, with Capital Good Fund Delaware.
At a time when unemployment is sky high, Capital Good Fund has expanded into Delaware. The Rhode Island based nonprofit offers equitable loans to lower income families with reasonable interest rates instead of the high rates other loans have.
“The average interest rate is over 500 percent. You can get a payday loan as high as 3,600 percent in the state of Delaware,” says Andy Posner, the Founder & CEO of Capital Good Fund.
They now have crisis relief loans available as well that are specifically tailored to people’s needs during the pandemic including financial emergencies like medical expenses, grocery purchases and rent.
“The crisis loan goes from $300 to $1,500. It has just a five percent interest rate, a three month deferment period right off the bat and then 12 monthly payments. It gets reported to the credit bureaus so you get to build your credit,” says Posner.
The organization also provides loans to undocumented immigrants helping with citizenship and green card expenses, a service they say can be hard to come by. “We serve people regardless of immigration status and we know a lot of people were excluded from the CARES Act and it was insufficient to meet the need,” says Posner.
Officials say it’s the opportunities clients will have, thanks to their help, that make it all worth it. “All I heard was nothing but appreciation. She told me how she was able to find an apartment, was able to pay for it, was able to take care of her children. It was tears and joy and I was extremely excited for her,” says Francisco.
The nonprofit also launched an Emergency Coaching Hotline, to help people navigate things like food stamps and health insurance. Capital Good Fund’s Financial Coaching department is offering free hotline hours to provide immediate advice and guidance to individuals significantly affected by the COVID-19 pandemic. You can call 866-584-3651, coaching extension: 301 (English), 401 (Spanish).