Affinity Group Lending

FINANTA’s Affinity Group Lending Program offers microloans and credit building services to groups of borrowers, and is tailored to the needs of entrepreneurs or consumers.

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About

FINANTA offers an Affinity Group Lending Program for entrepreneurs, consumers, and homebuyers to build financial capacity, bankability, and creditworthiness through financial education and coaching, technical assistance, and access to capital.

This innovative program is modeled after a traditional practice known globally as Tandas, Tontin, Roscas, and Susus, that brings community members together to create and rotate pools of money.  FINANTA has formalized this practice by using its loan capital and reporting payments to credit bureaus.

“I was amazed by their product. They really reach out into the community and help people become self-sufficient. They pick people up and coach them until they are financially literate.”

Elhadji Ndiaye
Radio XALAAT

 

How It Works

1. Form an Affinity Group
Networks of 6-15 individuals approach FINANTA to begin the process of borrowing as entrepreneurs, consumers, or homebuyers. These networks, or affinity groups, are typically informal and may be friends or family or share industry ties, community membership, or cultural connections.
2. Build a Financial Action Plan
Each affinity group member works one-on-one with a lender to create an individual Financial Action Plan aiming at  establishing or improving credit in order to reach individual financial goals.
3. Receive a Loan
Each affinity group member receives a loan ranging from $1,200 to $25,000 depending on individual or business borrowing capacity and history with FINANTA. Affinity group members guarantee each other.
4. Build Financial Skills
FINANTA lenders organize affinity group workshops throughout the year covering important topics such as bookkeeping, marketing, budgeting, and credit building. Affinity group members are also provided one-on-one assistance to address individual needs.
5. Complete Loan Repayment
Affinity group members complete loan repayment by the end of the year-long cycle, graduating with a better understanding of personal and business finance.
6. Additional Cycles and Larger Loans
Upon graduation from a PRECAPS cycle, group members may choose to enter into additional cycles, increasing loans amount each time. Individuals may also access FINANTA’s additional products and services outside of their affinity group.

Program Benefits

$1,200 to $25,000 Credit Building Loans
Infuse your business with capital, build credit to buy a home, or purchase essential goods.

No Minimum Credit Score Required
FINANTA can help you establish credit if you do not already have any, and improve credit in need of repair.

Financial Capacity Building
Borrow more each loan cycle as you increase your credit score and improve your financial skills.

Financial Skill Building Workshops
Learn the basics of business, personal, or homebuyer finance and credit building from certified experts.

Networking & Referalls
Network with peers and get referred to additional helpful resources.

Program Impact

97% Minority

Like the counties we serve, our borrowers are diverse.

50% Women

FINANTA is proud to support women business owners.

78+ Groups

Affinity groups come from all over our market and the members are primarily immigrants.

124+ Borrowing Cycles

Since 2011, affinity groups have borrowed in over 124 cycles at FINANTA.

1,140+ Microloans

We have provided 1,140 microloans to our affinity groups.

$5.7+ Million Invested

FINANTA has invested $5.7 million in affinity groups for entrepreneurs, consumers, and first-time homebuyers.

Affinity Group Lending Team

Kersy Azocar

Vice President of MicroLending

Kersy directs the implementation, coordination, and delivery of Affinity Group Lending for entrepreneurs, consumers, and home buyers. 

 

Carolin Jimenez

Assistant Vice President of Microlending

Carolin implements FINANTA’s Affinity Group Lending Program and helps entrepreneurs, consumers, and home buyers to build credit and borrow successfully.  

 

Roxanna Encarnacion

Assistant Vice President of Microlending

Roxanna provides Affinity Group Lending clients with the skills, knowledge, and capital necessary to help them meet their financial goals. 

 

Page Huey

Microlending Officer

Page implements FINANTA’s Affinity Group Lending Program and helps to develop the program’s client base by providing hands-on, individualized technical assistance and training to entrepreneurs, consumers, and home buyers.