Cambridge Savings Bank provided a $ 750,000 business loan to Capital Good Fund, a Rhode Island-based community development financial institution, to fund low-value loans to low- and middle-income families and individuals in Massachusetts .
Capital Good Fund will use the funding for its crisis relief, immigration and weather protection loan programs. These programs provide families and individuals with affordable and secure funding for common expenses and large investments, Cambridge Savings Bank said in a statement. Loans also help create credit and make borrowers more qualified for additional financing in the future.
The bank added that the funding demonstrates its commitment to “inclusive banking practices and partnerships to support all stages and specters of financial health for customers and communities.”
“At CSB, we strive to collaborate with organizations that strive to enrich the lives of people in our communities and help them through difficult times; the Capital Good Fund is the perfect example of a program that delivers and is aligned with our values, ”said Adam Bispham, vice president and head of corporate banking lending at Cambridge Savings Bank, in the statement. “We are proud to improve the financial future of those in need through our business loan program.
Cambridge Savings Bank, which has more than $ 5 billion in assets, said it understands that most options for people seeking financial assistance involve high interest debt. The bank added that by partnering with organizations that support underserved communities, it helps those in need of secure funding for daily expenses, including car payments, medical payments or groceries. , as well as other needs, such as applying for U.S. citizenship or tampering with a home. .
“The realities families have faced over the past year have only reinforced the importance of our mission at Capital Good Fund,” said Andy Posner, Founder and CEO of Capital Good Fund, in the statement. . “We commend Cambridge Savings Bank for providing us with the flexible capital we need to ensure we have the resources at our disposal to help families and individuals in difficulty.”
Besides Massachusetts, Capital Good Fund also offers loans in Rhode Island, Texas, Illinois, Florida, Delaware and Colorado.