Bruce Van Saun, Chairman and CEO of RBS Citizens Financial Group, recently purchased ten ‘Social Innovation Shares’ to support the Capital Good Fund’s non-profit IPO (Immediate Public Opportunity) to end poverty. The goal of the fundraising and awareness initiative is to raise at least $100,000 for Capital Good Fund by using a unique model: for every $25 donated, the donor will receive one ‘Social Innovation Share.’ Each tax-deductible share entitles the donor to a vote at Capital Good Fund’s Annual Meeting in June to fill a seat on its board of directors. Shareholders will also have exclusive access to Capital Good Fund’s quarterly financial and impact reports, as well as shareholder-only conference calls.
The Capital Good Fund is a social change organization whose mission is to provide equitable financial services that create pathways out of poverty. As a Community Development Financial Institution based in Providence, RI it offers families living in poverty one-on-one financial and health coaching, free tax preparation and personal loans of up to $2,000.
In addition to a $15,000 grant in Rhode Island in 2013, the Citizens Bank Foundation recently supported Capital Good Fund with a $15,000 grant to assist with the organization’s expansion to New London County, CT to provide tax preparation assistance to qualifying Eastern Connecticut residents through the IRS-sponsored Volunteer Income Tax Assistance (VITA) Program.