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Sarasota-Manatee
Business Observer Tuesday, Apr. 7, 2020 1 month ago

Nonprofit lender creates crisis relief loan product

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Through a $30,000 grant from Gulf Coast Community Foundation, the crisis relief loan is available in Sarasota County.

SARASOTA COUNTY — Capital Good Fund has launched a crisis relief loan product for families affected by the COVID-19 pandemic.

Capital Good Fund is a nonprofit, U.S. Treasury-certified Community Development Financial Institution that provides equitable loans for key needs, including emergencies; vehicle purchase, repair or refinance; security deposits; and immigration expenses, according to a press release. 

Through a $30,000 grant from Gulf Coast Community Foundation, the crisis relief loan is available in Sarasota County. It has the following features:

  • Loan amounts of $300 to $1,500
  • Interest rate of 5% (APR)
  • A term of 15 months and no payments due for the first three months, with the option to extend if the crisis continues beyond then
  • No application fee, closing fee or prepayment penalty
  • No collateral
  • Expedited loan decisions
  • Underwriting based on pre-crisis income
  • Loan payments reported to the credit bureaus

“We don’t know how long the impacts of this virus will affect the communities we serve,” says Capital Good Fund Founder and CEO Andy Posner in the statement. “Gulf Coast Community Foundation’s investment will have a catalytic impact on our ability to help low-income Sarasota County families struggling with economic uncertainty.”

A press release says Gulf Coast Community Foundation and its donors have a history of partnership with Capital Good Fund to help families on the economic edge access free credit counseling, credit-builder loans and safe alternatives to predatory lending.

“We want individuals facing the devastating economic impact of COVID-19 to know there are options available in Sarasota to help protect the immediate and long-term well-being of their families,” says Mark Pritchett, president and CEO of Gulf Coast Community Foundation, in the statement. 

Capital Good Fund is a Rhode Island-based nonprofit. Since its inception in 2009, it has financed more than 4,800 loans for $10 million to residents of Rhode Island, Massachusetts, Florida, Illinois and Delaware. 

Gulf Coast Community Foundation was created in 1995 through the sale of the Venice Hospital. It has become the philanthropic home of nearly 1,000 families, individuals, organizations and businesses. Together they have invested over $360 million in grants and initiatives.

Applicants for the crisis relief loan can apply at www.capitalgoodfund.org/COVID. A two-business-day turnaround from application to decision is guaranteed.

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