Raimondo Declares for Governor, Supports Alternative Lending in Woonsocket

General Treasurer and recently declared gubernatorial candidate Gina Raimondo appeared on Community Connections on WOON 1240 AM this week to discuss financial empowerment programs that help Rhode Island families.

Raimondo announced her candidacy yesterday in a four-and-half minute video posted to YouTube yesterday. In the video, she said Rhode Islanders deserve leaders who don't simply kick big problems down the road, but solve issues that affect everyone in thes state.

In Woonsocket, Raimondo spoke on air with partners from Family Resource Community Action and the Capital Good Fund about the benefits of meeting one-on-one with a personal financial coach. She also emphasized the need for financial literacy and alternatives to payday lending to help Rhode Islanders avoid entering a cycle of debt.

Raimondo also spoke about the need to eliminate predatory lending in Rhode Island, including pushing for a legislative solution to eliminating the loans and creating safe alternatives, such as the alternative lending program that recently launched in Woonsocket, in partnership with the Capital Good Fund and the United Way.

The program is funding a  a loan officer based at 719 Front St. to offer an affordable alternative to high interest payday loans. 

Loans through the donor and grant-driven Capital Good Fund initiative will have an APR of 30 percent and will be paid back over a longer period of time. In addition, access to training in financial literacy will be available through the program’s community partners - NeighborWorks Blackstone River Valley, Family Resources Community Action, and Connecting for Children & Families - to help customers avoid the need for short-term borrowing in the future while building assets for emergency needs.

For more info or to apply for a loan, members of the community are encouraged to call toll free 866-584-3651 X 300 or visit www.capitalgoodfund.org/ourservices.

“Rhode Islanders deserve the opportunity to be confident about their finances,” said Raimondo. “Far too many people rely on seemingly quick and easy solutions such as payday loans to get by. It is our job to raise awareness with our community partners about safe financial options.”