NEW: BankRI Donates $2K to Capital Good Fund
Tuesday, October 25, 2011
The bank announced it has made a $2,000 donation to the Capital Good Fund. The grant will help provide financial coaching to low-income, predominantly minority Providence residents over the next year, ensuring that they are able to access mainstream financial services, manage their money and build their credit. The program builds on the City of Providence’s Bank on Providence initiative, as well as Rhode Island Treasurer Gina Raimondo’s Money School Model.
Increasing credit scores, developing budgets + more
Each financial coach participant works with a Capital Good Fund fellow for one year. The Capital Good Fund helps each participant to achieve a series of milestones in one year, including increasing their credit score, establishing an emergency saving fund, developing and adhering to a budget, opening and maintaining checking and savings accounts, developing a plan for paying off debt, signing up for a 401k plan at work and more.
“At BankRI we believe in supporting financial literacy and giving individuals the skills and knowledge they need to make informed decisions regarding their finances,” said Mark Meiklejohn, Executive Vice President of BankRI. “We are proud to support the Capital Good Fund in providing Rhode Islanders the tools they need to achieve financial stability.”
The Capital Good Fund is a nonprofit financial empowerment organization whose mission is to create a poverty-free, inclusive green economy. The organization’s objective is to enable people to lift themselves out of poverty by providing an array of affordable and high-quality financial services to the economically disadvantaged.
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