Why It’s Important

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

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

FINANTA believes in the importance of uplifting and financially building underserved entrepreneurs, homebuyers, and consumers.

FINANTA lenders are trained to meet the cultural, social, and language needs many clients have, allowing for effectively administer financial services to unbanked and underbanked populations. Because of this uniquely attentive and hands-on approach to financial counseling, FINANTA has a low 3% default rate and an average 1.1% 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