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BankRI Grants $100K+ to 38 Rhode Island Nonprofits
BankRI volunteers unpack boxes of food at Feed RI’s “Hope Market†during a Day of Service in early June. Feed RI is among the grant recipients of BankRI’s latest charitable giving initiative.
Joselyn Moronta, a Business Banking Underwriter at BankRI, helps out at Feed RI during the Bank’s recent Day of Service at the hunger-relief organization.
A program of Capital Good Fund that helps low- and moderate-income working families maintain financial stability when faced with an unexpected emergency is among the funding recipients
Bank Rhode Island (BankRI) has awarded $102,650 in grants to 38 nonprofit organizations across the state, reaffirming its commitment to helping create community impact. The Bank’s latest charitable contributions help to fund initiatives that support educational opportunities for students and young adults, financial empowerment, human services, and family stability.
“We remain deeply committed to strengthening our communities by supporting the work of nonprofits making a real difference in people’s lives,†said Will Tsonos, BankRI’s President and CEO. “Whether it’s helping young people succeed in school and in life or ensuring families have access to essential resources, these investments reflect our belief in building a better Rhode Island for all.â€
Among the nonprofits funded by BankRI is Capital Good Fund, which received $7,500 to support its Impact Loan Program. The innovative lending program was created to assist those who have a level of financial stability but have encountered an unexpected expense putting that stability in jeopardy. Capital Good Fund developed the program to provide low- and moderate-income working Rhode Islanders with an alternative to predatory and payday lending options.
While payday lenders in Rhode Island can charge up to 260 percent APR—at least until Jan 1, 2027, as the state legislature recently passed a bill limiting payday lending—Capital Good Fund offers small-dollar Impact Loans at a fraction of that rate and over a 15 month term. There are no late fees, prepayment penalties, or closing costs, and Capital Good Fund reports repayments to the credit bureaus to help recipients build their credit for the future. As a result, borrowers can save $500 to $1,000 in interest and fees by not utilizing a payday or other predatory loan product. Across the board, and especially with regards to financial coaching, Capital Good Fund has seen a significant increase in demand for its programs as many residents struggle with the rising costs of goods and services.
“The bottom is falling out for a lot of Rhode Islanders right now and it doesn’t take much for a family to find themselves paying crushing interest when they need emergency funds,†said Andy Posner, Founder and CEO, Capital Good Fund. “We offer a powerful alternative designed to save people money for what they really need while also helping them build credit that strengthens their financial future. But without support from partners like BankRI, it wouldn’t be possible.
The full list of organizations to receive BankRI funding is:
- AS220
- Boys & Girls Clubs of Providence
- Capital Good Fund
- City of Cranston
- City of Pawtucket
- Clinica Esperanza/Hope Clinic
- Clothes to Kids RI
- Community Boating
- Community Preparatory School
- Crossroads Rhode Island
- Dorcas International Institute of Rhode Island
- Feed RI
- GFWC Women’s Club of South County
- Gloria Gemma Breast Cancer Resource Foundation
- Greater Providence YMCA
- Grow Smart Rhode Island
- Housing Network of Rhode Island
- Juanita Sanchez Educational Complex
- Lincoln School
- Local Initiative Support Corporation
- Lucy’s Hearth
- McAuley Ministries
- New Englanders Helping Our Veterans
- Providence Animal Rescue League
- Providence Public Library
- Rhode Island Public Expenditure Council
- Sojourner House
- South Kingstown Land Trust
- Special Olympics Rhode Island
- Stadium Theatre Foundation
- Star Kids Scholarship Program
- The Center for Dynamic Learning
- The Rhode Island Oral Health Foundation
- The San Miguel School
- The Wolf School
- WaterFire Providence
- West Bay Residential Services
- Woonasquatucket River Watershed Council
About Bank Rhode Island
Bank Rhode Island, a wholly owned subsidiary of Brookline Bancorp, Inc. (NASDAQ:BRKL), is a full-service, FDIC-insured financial institution headquartered in Providence, Rhode Island. The bank operates 22 branches and more than 30 ATMs throughout Providence, Kent, Newport and Washington Counties. For more information, visit www.bankri.com.