Why It’s Important

In the United States, a shocking 20% of households are financially underserved, and 7% are not served at all by the mainstream financial system. That’s more than 26 million households and families being excluded from traditional banking.

In the Philadelphia region, this problem is exacerbated by a poverty rate that’s significantly higher than the national average at 25%. This rate is even greater among minorities, immigrants, and women. Without access to loans, these populations are susceptible to predatory loans to obtain the capital they need to buy a home, run a business, or purchase essential goods. 

FINANTA believes in the importance of uplifting financially underserved entrepreneurs, homebuyers, and consumers in communities and commercial corridors in and around Philadelphia.

FINANTA lenders are uniquely aware of the cultural, social, and language challenges many of its clients encounter, allowing the organization to effectively administer financial services to unbanked and underbanked populations. Because of this uniquely attentive and hands-on approach to financial counseling, FINANTA has an incredibly low 3% default rate and 1.2% loan loss, lower than the traditional banking industry average. FINANTA’s programs are designed to strengthen borrowers’ credit and financial capability, giving them the resources they need to receive additional loans from FINANTA or mainstream banking services. 

FINANTA’s Impact