AFFINITY GROUP LENDING
Affinity Group Lending
Affinity Group Lending (AGL) provides individual loans, credit building, and technical assistance to members of a group who have similar financial needs and seek to establish credit. This product is tailored to the needs of entrepreneurs.
How It Works
Form a Group: Networks of 6-15 individuals approach FINANTA to begin the process of borrowing. Networks are typically informal, and may share industry ties, geographic locations, family, or cultural connections.
Build a Financial Action Plan (FAP): Each group member works one-on-one with a lender to create an individual FAP aimed at improving or establishing credit and reaching financial goals.
Receive a Loan: Each group member receives an individual loan ranging from $1,200 to $25,000 depending on personal and business capacity and history with FINANTA. Group members guarantee each other.
Build Financial Skills: FINANTA lenders organize group workshops throughout the year covering core topics such as bookkeeping, marketing, and credit building, while also delivering one-on-one assistance to address individual needs.
Complete Loan Repayment: PRECAPS members complete loan repayment by the end of the year-long cycle, graduating with a better understanding of personal and business finance.
Additional Cycles and Larger Loans: Upon graduation from a loan cycle, group members may choose to enter into additional cycles, increasing loan amount each time. Individuals may also access FINANTA’s additional products and services outside of their affinity group.