GreenLight Fund Atlanta Invests in Bringing Capital Good Fund to Atlanta

Innovative nonprofit CDFI offers equitable small-dollar loans to low-wealth families for a variety of essential needs while mitigating predatory lending and building credit

ATLANTA, GA – October 23, 2023 – Today, GreenLight Fund Atlanta announced a multi-year investment in its fourth portfolio organization, Capital Good Fund, a nonprofit, U.S. Treasury-certified Community Development Financial Institution (“CDFI”) that provides equitable loans to low-wealth families for a variety of essential needs, including security deposits, auto repairs, credit card debt, utility bills, medical expenses and more. Capital Good Fund will be the only CDFI in metro Atlanta offering small-dollar loans directly to consumers.

Capital Good Fund’s small-dollar Impact Loan has an attractive 5% interest rate, no minimum FICO requirement, and no application fee or closing costs. In other cities where they operate, Capital Good Fund clients have a 96% loan repayment rate and save approximately $700 in interest and fees over the life of the loans versus comparable predatory loan products. In addition to providing equitable financing and small-dollar loans, Capital Good Fund offers personalized Financial Coaching where its clients achieve an average 75-point FICO score improvement. With this investment, thousands of low-wealth metro Atlanta families will now have the opportunity to access affordable credit while avoiding high-cost lenders.

“Our organization is committed and excited to provide financial resources to low-wealth communities in metro Atlanta,” said Andy Posner, CEO & Founder of Capital Good Fund. “We are incredibly appreciative of the support from GreenLight Atlanta, as establishing local partnerships in an already robust existing eco-system of resources will aid in the long-term positive impact on local families.”

After a rigorous, year-long selection effort in partnership with GreenLight Atlanta’s Selection Advisory Council, financial stability was identified as an immediate opportunity area for innovation in metro Atlanta. GreenLight’s investment in Capital Good Fund comes during a critical time as families continue to struggle financially in the face of inflation, stagnant wages and lack of access to credit. Atlanta continues to be one of the nation’s leading cities in income inequality.

According to Joli Cooper, GreenLight Atlanta Executive Director, “Capital Good Fund’s fintech platform coupled with a unique lending model addresses an unmet community-identified need. Capital Good Fund’s innovative approach is well-positioned to serve those who have been traditionally underserved by mainstream financial systems, have less-than-perfect credit and are susceptible to predatory lenders.”

GreenLight Atlanta’s multi-year financial commitment and on-the-ground support, will ensure Capital Good Fund’s successful expansion, immediate impact and sustainability for years to come. Capital Good Fund will invest in a local team to lead business development and forge community partnerships with mission-aligned financial services organizations.

“Capital Good Fund offers an innovative approach to help people locked out of the economic mainstream. They provide real-time opportunities for people to secure financial stability and build assets. Their impactful and inclusive strategies provide a promising approach to foster true shared prosperity, necessary to address our community’s growing racial wealth divide,” said Dr. Janelle Williams, CEO and Co-Founder of Atlanta Wealth Building Initiative and GreenLight Atlanta Selection Advisory Council member.