Affinity Group Lending
Are you part of a lending circle and want to formally borrow? FINANTA’s affinity group lending provides small loans, credit building, and technical assistance to groups of borrowers with similar financial needs. This program is tailored to the needs of entrepreneurs, consumers, or homebuyers.
FINANTA offers affinity group lending for entrepreneurs, consumers, and homebuyers to build their financial capacity, bankability, and creditworthiness through financial education and coaching, technical assistance, and access to capital.
These innovative programs are modeled after a traditional practice known globally as Tandas, Tontin, Roscas, and Susus, that brings community members together to create pools of money, with each group member contributing a small amount each month and the group rotating who receives the pool of money.
FINANTA formalizes this practice by using its capital and reporting payments to credit bureaus. FINANTA supports borrowers through five loan cycles of increasing capital in affinity groups.
“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, Owner of Radio XALAAT and immigrant from Senegal
How It Works
Like the Philadelphia region it serves, FINANTA’s borrowers are diverse.
FINANTA is proud to support women business owners in Philadelphia and surrounding counties.
Affinity groups come from all over the Philadelphia region and members are primarily immigrants.
100+ Borrowing Cycles
Since 2011, affinity groups have borrowed in over 100 cycles at FINANTA.
FINANTA has provided 800 microloans to affinity group borrowers.
$4.4 Million Invested
FINANTA has invested $4.4 million in affinity groups for entrepreneurs, consumers, and first-time homebuyers.