Cambridge Savings Bank Extends $750 Thousand Corporate Loan to Nonprofit, Capital Good Fund, to Provide Stability to Low-to-Moderate Income Families and Individuals

  • Capital Good Fund to use loan to offer safe and affordable personal loans to lower-income Massachusetts residents

 

CAMBRIDGE, Mass.--()--Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, today announced it has provided Capital Good Fund, a 501(c)(3) nonprofit organization based in Providence, Rhode Island, with a $750 thousand loan that will be used to fund small-dollar loans to low-to-moderate income families and individuals in Massachusetts. A U.S. Treasury-certified Community Development Financial Institution, Capital Good Fund’s mission is to create pathways out of poverty and advance a green economy through inclusive financial services.

Capital Good Fund’s Crisis Relief, Immigration, and Weatherization lending programs are designed to provide families and individuals with affordable, safe funding for common expenses and large investments that help build credit and make borrowers more qualified for additional funding in the future. By partnering with Capital Good Fund on this loan, CSB once again demonstrates its commitment towards inclusive banking practices and partnerships to support all stages and spectrums of financial health for both customers and communities alike.

“The realities that families have faced throughout the past year has only reinforced the importance of our mission at Capital Good Fund,” said Andy Posner, Founder and CEO, Capital Good Fund. “We commend Cambridge Savings Bank for providing us with the flexible capital we need to ensure that we have the resources at our disposal to help families and individuals who are struggling.”

CSB understands there are few options for individuals who are seeking financial assistance that don’t come with the burden of higher interest debt. By partnering with organizations that support underserved communities, CSB is there for those who need safe funding for everyday expenses, including car payments, medical payments, or groceries, in addition to critical life moments, such as applying for U.S. citizenship or weatherizing a home.

“At CSB, we strive to collaborate with organizations that are working to enrich the lives of people in our communities and helping them through challenging times; the Capital Good Fund is the perfect example of a program that delivers and is aligned with our values,” said Adam Bispham, VP, Corporate Banking Loan Officer, CSB. “We’re proud to improve the financial future of those in need through our corporate lending program.”

About Cambridge Savings Bank

Cambridge Savings Bank is a full-service banking institution with over $5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. To learn more about how we can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship.

Contacts

StreetCred PR

Will Ruben
William@streetcredpr.com
847-208-8289

Jason Lahita
Jason@streetcredpr.com
973-460-7837

Release Summary

Cambridge Savings Bank provides $750k loan to nonprofit Capital Good Fund that will be used to help MA residents find pathways out of poverty,

Contacts

StreetCred PR

Will Ruben
William@streetcredpr.com
847-208-8289

Jason Lahita
Jason@streetcredpr.com
973-460-7837