BankNewport Charitable Foundation Grant to Capital Good Fund for Financial and Health Coaching Program
10.17.25
Newport, RI – (October 8, 2025) – BankNewport extended a $10,000 grant to support the Capital Good Fund’s Financial and Health Coaching Program (FC Plus) to directly benefit low- to moderate-income (LMI) families across Rhode Island. Through the FC Plus program, the grant will impact ten LMI households, with additional support available through Capital Good Fund’s emergency Impact Loans. Over the past ten years, BankNewport grants to the Capital Good Fund FC Plus program total over $75,000.
“Capital Good Fund is doing exceptional work to increase economic resilience for families across our state,” said Jack Murphy, President and CEO, BankNewport. “We are proud to support the FC Plus program that not only improves financial literacy but also provides meaningful tools that lead to long-term financial stability and overall well-being.”
The FC Plus program offers year-long coaching that includes personalized goal setting, budgeting, debt reduction strategies, credit-building, and access to financial and health resources. Participants engage in four initial 90-minute sessions and receive regular check-ins throughout the year to track progress and adjust financial action plans. The program also emphasizes the connection between physical, emotional, and financial wellness.
With nearly 90% of participants identifying as LMI and many facing barriers to traditional banking, the FC Plus program is designed to be accessible, flexible, and culturally responsive. The participant’s payments to the program are reported as a 0% APR Credit Builder Loan to build a positive credit history, increasing their credit score throughout their journey. Anticipated outcomes include a 67-point increase in participants’ credit scores. Clients develop a better understanding of money management, including reducing debt and budgeting skills.
Photo Caption (left to right):
BankNewport Senior Vice President, Director of Commercial Banking, Jim Cohill; BankNewport Vice President, Dorrance Street Branch Manager, David Nolan; and BankNewport Vice President, Community Lending Officer, Diana Figueroa; and Capital Good Fund Director of Financial Coaching, Janet Benitez.
About Capital Good Fund:
Capital Good Fund is a nonprofit, U.S. Treasury-certified Community Development Financial Institution (CDFI) with a mission to create pathways out of poverty and advance a green economy. The organization offers financing, low-interest loans, and one-on-one financial coaching for the lower-income residents of Rhode Island, Texas, Illinois, Florida, Delaware, Massachusetts, New Jersey, Georgia, Connecticut, Pennsylvania, and Colorado. Since their founding in 2009, they have financed more than 17,000 loans totaling over $60 million with a 97% repayment rate and graduated over 2,000 people from their Coaching program. More at GoodFund.us.