Capital goods fund launched a crisis relief loan product to help Delaware families affected by the COVID-19 pandemic. The fund is based in Rhode Island but operates in Delaware
âWe understand that families are experiencing unprecedented uncertainty and hardship in this difficult time, and we are committed to playing our part,â said Andy Posner, Founder and CEO of Capital Good Fund. âNow more than ever, families need access to secure loan products with which to cope with a sudden shock to their income. In addition to offering our 2,000 existing customers the ability to defer payments, we have created a brand new product specifically designed to address this crisis. Capital Good Fund is a US Treasury-certified, non-profit community development financial institution that provides equitable loans for a variety of key needs, including emergencies; the purchase, repair or refinancing of a vehicle; Security deposits; and immigration spending.
With a $ 100,000 grant from Discover Bank and prior support from the Longwood Foundation for Capital Good Fund’s Delaware Operation, the Crisis Relief Loan is now available in Delaware and has the following features:
- Loan amounts of $ 300 to $ 1,500
- 5% interest rate (APR)
- A duration of 15 months; no payment due during the first three months, with the possibility of extension if the crisis continues beyond
- No administrative fees, closing fees or early payment penalties
- No warranty
- Accelerated loan decisions
- Underwriting based on pre-crisis income
- Loan payments reported to credit bureaus
Applicants for the Crisis Relief Loan can apply to www.capitalgoodfund.org/COVID. A period of two working days between the request and the decision is guaranteed.
âWe are grateful to our long-time partner, Capital Good Fund, who was able to respond so quickly to this crisis and deliver an innovative product that can meet an urgent need in the Delaware community,â said James Roszkowski, President of Discover Bank. . “With our grant funds, the organization will be able to help dozens of Delaware people close the gap between their pre- and post-crisis income, a need that will continue even with federal relief funds in Classes.”
An added benefit to the community of the New Crisis Relief Loan is that when borrowers repay their loans, both principal and interest earned flow back into the loan fund. This will allow Capital Good Fund to continue financing loans to more families in Delaware in crisis.
Although the Capital Good Fund offices are closed, their staff work remotely. They encourage current borrowers who may be affected by this crisis to contact the organization by phone at 866-584-3651 ext. 303, by e-mail to [email protected], or to chat with them on their website. Capital Good Fund is also seeking donations to enable it to finance even more loans and meet a surge in demand. Those interested in making a donation can do so at www.capitalgoodfund.org/donate.
ServPro cleans 70 emergency vehicles at no cost
ServePro cleaned around 70 emergency vehicles free of charge at its Elsmere / Hockessin site. Work continued over two days. See the post on Facebook below: