PROVIDENCE, RHODE ISLAND, August 7, 2017: The Capital Good Fund, a Providence-based nonprofit lender received capital from the recently launched Small Business Capital Access Program (CAP). The loan was supplied by BDC Capital Corp, recently selected by the Rhode Island Chamber of Commerce (RICC) to offer loans to small businesses throughout Rhode Island and by Centreville Bank of Warwick, Rhode Island.
The Capital Access Program is a loan program, initiated by Governor Raimondo, that simplifies borrowing for local, community businesses and provides access to capital where none currently exists. Funds have been committed by the State of Rhode Island to enhance collateral coverage for banks and credit unions willing to make loans up to $750,000 to Rhode Island businesses with fewer than 200 employees. Participating financial institutions negotiate the loan terms with the borrower and BDC Capital provides collateral enhancement to the financial institution which helps mitigate their risk.
"We're very excited to participate in the CAP program, especially when the company receiving the loan as important to the greater Providence area as The Capital Good Fund. We place great value in our local community, and we know that this loan will help the Capital Good Fund continue to do the same," said Scott Sheppard, vice President of Centreville Bank.
Centreville Bank has been a trusted local financial resource since 1828. Founded on a tradition of fair and conservative banking, yet dedicated to evolving with the needs of their customers, Centreville Bank continues to be a fixture in the Warwick community. Their commitment is unwavering: to help their customers meet their goals and build a strong financial platform for generations to come.