FINANTA CREDIT UNION OPENS FIRST BRANCH IN READING

FINANTA CREDIT UNION OPENS FIRST BRANCH IN READING

New financial center provides consumer and business services and financial education in English and Spanish  

Reading, PA – On Wednsday April 8th, Finanta launched its first credit union in Reading at 240 Penn Street. This location is fully bilingual, Spanish and English, and will act as a financial center serving its current commercial operations and now providing new consumer services and financial education offerings to families and individuals.

Finanta is a 34-year-old non-profit community development financial institution (CDFI) advancing economic opportunities for individuals, families and entrepreneurs in low-income communities by offering accessible financial services and education. Finanta Credit Union’s strategy builds on this mission of creating economic mobility opportunities throughout the communities it serves and is responsive to the needs of each community where it’s located, and asks members in each geography what financial products and services they need to succeed. It also hires from the community and offers services in Spanish and English.

“As a CDFI, Finanta exists to provide fair, affordable financial services to people who have too often been left out of financial institutions,” said Daniel Betancourt, CEO of Finanta. “By pairing Finanta Credit Union services with financial education and one-on-one support — in both Spanish and English — we build real relationships with our members and design solutions that help families build wealth and strengthen their communities.”

Building on the successful launches of credit union branches in Lancaster and Philadelphia, the Reading location advances its community-focused strategy to ensure products and services are reflective of the needs of its customers. As such, Finanta Credit Union’s offerings will evolve as it builds relationships and longevity in the community and solicits and receives members’ feedback in order to develop financial solutions driven by their needs.

This new financial center blends the services of Finanta’s business loan fund with the credit union to provide access to financial education and loans to support establishing savings, accessing and managing personal loans, buying a car, starting a business or becoming a homeowner. In addition to offering free checking and savings, and low-cost loans, Finanta Credit Union will offer a  financial education workshop series on building wealth in Spanish and English on topics such as :

• How to buy a car or a home
• Understanding credit
• Obtaining a loan
• Budgeting

Finanta Credit Union will also forge partnerships to meet the needs of the Reading community with other local nonprofits, like Tech Centro, as well as national and international brands, like Félix, which allows customers to safely send money to Latin America at a low-cost. Another partnership from which Finanta members benefit is no-fee ATM transactions at partner institutions CitiBank, Santander, M&T Bank, and more.

For an interview with CEO Daniel Betancourt, a tour, or more information, please contact Stef Arck-Baynes at stef@achievinggood.co or 917-710-1901.

ABOUT

Finanta Credit Union was established in 2022 by Finanta, a nonprofit Community Development Financial Institution (CDFI). Finanta Credit Union offers fair, accessible financial products and services and creates economic stability through wealth building opportunities. Our approach to fostering financial well-being and community revitalization includes being deeply integrated in the communities we serve, nurturing growth and opportunity. Learn more at: FinantaCreditUnion.com.

Finanta, formerly Community First Fund, is a nonprofit Community Development Financial Institution (CDFI) advancing economic opportunity in low-income neighborhoods through a loan fund and credit union. Since 1992, Finanta has provided innovative and responsible financing solutions to entrepreneurs, small businesses, and nonprofits in greater Philadelphia, eastern and southern Pennsylvania, New Jersey, and Delaware. As of 2025, Finanta’s manages over $250 million in safe, reliable, and inclusive capital to build vibrant and healthy communities. For more information, visit www.finanta.org.

FINANTA LAUNCHES ITS FIRST CREDIT UNION IN PHILLY

FINANTA LAUNCHES ITS FIRST CREDIT UNION IN PHILLY

The nonprofit will offer banking services and financial education in English and Spanish 

Philadelphia, PA – On Friday, December 5,  Finanta held a ribbon cutting and opened its doors for its first credit union branch in Philadelphia, located at 2313 E. Venango Street. This location is fully bilingual in Spanish and English and will enable Finanta to provide retail banking services to both its existing loan fund clients and new members throughout the community.

Finanta is a 33 year old community development financial institution (CDFI) advancing economic opportunities for individuals, families and entrepreneurs in low-income communities by offering accessible financial services and education. Guided by the voices of the community, Finanta – and Finanta Credit Union – design client-driven solutions that foster wealth creation and strengthen community economic development. 

Individualized support is also a key element at Finanta Credit Union; At the new credit union, all customer-facing staff are required to be bilingual in English and Spanish so they can best serve the community.

“Finanta’s strategy is based on being embedded in every community where we have a location, so we don’t tell the community what we’re going to offer, we ask them what they need to succeed,” said Daniel Betancourt, CEO, Finanta. “While we piloted a credit union in Lancaster, the needs of those customers may be different from the needs here, and, as such, our products and services will evolve as we build relationships and longevity in the community around Aramingo Plaza.”

CDFIs, including Finanta, provide flexible loans and financial training to those traditionally left out of the economic mainstream. Finanta, through its credit union, will offer financial education workshops in Spanish and English on topics such as: budgeting; savings; understanding credit; obtaining personal or car loans; securing a mortgage; and building wealth. Finanta is proud to work closely with clients and members to help them feel more confident with their money, gain tools to make thoughtful and well-informed financial choices, and get started on a pathway to achieve their long-term financial gains.

A press kit with photos, bios, and more is available at: https://web.finanta.org/aramingo-ribbon-cutting-media-kit

For more information, please contact Stef Arck-Baynes at stef@achievinggood.co or 917-710-1901.

ABOUT

Finanta is a nonprofit Community Development Financial Institution dedicated to fostering community ownership among low-income communities through comprehensive financial products and services. For over 30 years, it has supported small businesses, nonprofits, and community projects in the greater Philadelphia area, Delaware, and New Jersey. In 2022, it opened Finanta Credit Union to offer fair, accessible financial products that help people build wealth. Its approach to fostering financial wellbeing and community revitalization includes being deeply integrated in the communities it serves, nurturing growth and opportunity.

Philly Builds Credit: A Financial Wellness Initiative

Philly Builds Credit Initiative to Help Thousands Access the Financial System

New initiative brings national credit-building model to Philadelphia to turn barriers into bridges 

Philadelphia, PA — On Tuesday, May 20, Finanta and Congreso de Latinos Unidos, in partnership with the Credit Builders Alliance (CBA), announced Philly Builds Credit —a bold new effort to tackle the credit gap affecting hundreds of thousands of Philadelphians. 

Across the city, more than 250,000 residents are underbanked or credit invisible, making it difficult to rent apartments, buy homes, open businesses, or even land a job. Philly Builds Credit aims to change that by bringing credit-building services, education, and products directly into neighborhoods—through the organizations and people residents already trust. 

“Credit isn’t just a number—it’s a tool for financial visibility,” said Daniel Betancourt, President & CEO of Finanta. “With Philly Builds Credit, we’re breaking down that barrier by building a trusted network of partners who can meet residents where they are – no matter the age, income or financial history.” 

 “Philadelphia is a city full of resilience—and financial potential,” said Jannette Diaz, President & CEO of Congreso. “Collaborative efforts like this one are critical to help unlock it, one credit score at a time.”   

The May 20 event featured: 

• A national perspective from CBA on why they’re bringing their proven model to Philadelphia 
• A funder’s view from Wells Fargo on why credit equity matters now more than ever 
• A panel discussion with leaders from Congreso, Finanta, and CBA 

Philly Builds Credit is built around three core strategies: 

1. Community-Based Credit Education: Training local “Credit Building Champions” to deliver one-on-one coaching and workshops across trusted organizations. 
2. Partner Network & Referrals: Creating a connected ecosystem of service providers to guide residents along their credit journey. 
3. Access to Safe Products: Linking residents to responsible financial tools like credit-builder loans, secured cards, and affordable banking options. 

“Credit building is essential to creating a strong financial future,” says Stephen Briggs, Executive Director of Philanthropy and Community Impact at Wells Fargo. “We have partnered with Credit Builders Alliance for years and are proud to do so again to help set Philly residents on the path to financial success.” 

Finanta Celebrates New Community Lending Office in Allentown

New, Expanded Location to deliver Loans and Small Business Resources

Finanta office in Renovated Building which Also Features Affordable Homes for 12 Families

Allentown, PA – [April 2, 2025] – Finanta, formerly Community First Fund, a Community Development Financial Institution (CDFI), celebrated the opening of its new office in Allentown, Pennsylvania today. The office is located in a renovated historic mixed-use building on North 7th Street.  

The five-story building, known as the Turner Street Apartments, underwent comprehensive rehabilitation of its residential and commercial spaces by the Valley Housing Development Corporation (VHDC) and has long been a fixture in the Allentown landscape. The 12 affordable housing units were fully renovated in the Color Lab Rehab project with new kitchens, bathrooms, flooring, lighting and painting, a new roof and HVAC, and other essential improvements. VHDC’s efforts to breathe new life into the building also included restoring the historic exterior, preserving its Romanesque Revival architecture, while modernizing it to meet the needs of today’s residents. 

“Our new office is a significant step in expanding our presence in the Lehigh Valley and enhancing our ability to serve the community,” said Daniel Betancourt, President and CEO of Finanta. “We are proud to contribute to the revitalization effort of the neighborhood, and to continue supporting entrepreneurs and business owners in creating jobs that foster stability and growth in our community.” 

The Color Lab Rehab is part of a broader effort to revitalize the 100 block of North 7th Street in Allentown. Led by VHDC, the project builds on the private and public investment shaping the neighborhood. 

“We are thrilled to see the successful completion of this renovation,” said VHDC’s president Joseph Schupp. “This is more than just a renovation—it’s an investment in the community that will have a lasting impact. The building now provides safe, affordable apartments and a space for local businesses to grow, helping to strengthen the social and economic fabric of this neighborhood.” 

Finanta Team with Mayor Matt Tuerk

Key Features of the Project: 

• Finanta’s New Office: Non-profit financial institution providing resources and financing to businesses, including business coaching, technical assistance, and loans for small businesses, nonprofits, affordable housing projects and community development and revitalization projects. 

• Affordable Housing: 12 renovated units with modern amenities and energy-efficient upgrades for extremely low-income families. 

• Resident Empowerment: A range of services will be available to residents to help them succeed in self-sufficiency.   

• Community Collaboration: The project fosters community engagement by offering commercial space that will serve as a hub for local businesses and help to generate neighborhood wealth.  

• Historical Preservation: The building’s exterior was restored to its original grandeur, maintaining its historic character while modernizing the space for 21st-century needs. 

About Finanta 

Finanta, formerly Community First Fund, is a nonprofit Community Development Financial Institution (CDFI) dedicated to supporting community development in low-income communities. Since 1992, Finanta has provided innovative financing solutions to empower small businesses, nonprofits, and community-driven projects. 

For more information visit www.finanta.org. To learn more about our name change, visit our website finanta.org/namechange 

For press inquiries, reach out to Vanessa Neri, vneri@finanta.org or Erin Davis edavis@finanta.org 

About VHDC: VHDC is a non-profit housing development corporation serving Lehigh and Northampton Counties by creating, managing and preserving affordable housing for low-income households. One of the first developers in Pennsylvania to use the Low-Income Housing Tax Credit (LIHTC), VHDC expanded affordable housing in the region by constructing 45 apartment complexes with 1.400 affordable housing units.  

The Color Lab Rehab project demonstrates how VHDC works to preserve affordable housing and improve the quality of life for residents while revitalizing neighborhoods and promoting economic development in underserved communities. 

Funding for the Color Lab Rehab of Turner Street Apartments was provided by Federal Home Loan Bank of Pittsburgh, Pennsylvania Housing Finance Agency, City of Allentown, VHDC, and CityLine Construction.  

NMTC Allocation in Reading Brings Healthcare Back

Finanta Invests $16.5 Million NMTC Allocation for Reading Community Medical Development 

Transformative Healthcare Project to Expand Services, Create Jobs in Downtown Reading 

READING, PA (March 2025) – Finanta (formerly Community First Fund), proudly announces the combined allocation of $16.5 million New Markets Tax Credits (NMTC) to support the redevelopment of the Community Medical Campus and Annex at 131-145 N. 6th Street, Reading, PA. The project, led by Shuman Development Group, will revitalize the former Community General Hospital into a state-of-the-art full-service medical campus including a Federally Qualified Health Center, expanding healthcare services and creating hundreds of new jobs.

The project is broken down into two phases, the main campus, which closed in September 2024, and then the annex, which closed on March 13, 2025. 

“Reading Community Medical is a testament to the impact innovative, collaborative funding has in revitalizing communities,” said Daniel Betancourt, President and CEO of Finanta. “Through this initiative we are expanding access to quality healthcare, jobs, and childcare. We are investing in the long-term wellbeing of the Reading community.” 

Backed by Finanta’s NMTC allocation, Shuman Development Group is renovating and expanding the medical facilities in the main campus, alleviating critical healthcare and behavioral health gaps in Reading. With a combined square footage of over 200,000 square feet, there will be leased space for local business owners bringing new childcare centers, a pharmacy, a lab with radiology capabilities, a pediatric and dental clinic, nutritional and healthy food training, farmers market, and more to come.  

The combined project cost for both phases (main campus and annex) is $22.3 million and is aimed at addressing the community’s lack of available and accessible qualified health and behavioral care for city residents. Finanta has allocated $8.5 million in federal tax credits for phase 1 (main campus) and $8 million for phase 2 (annex). The financing structure also includes federal tax allocations and investments from Wells Fargo (phase 1) and loans from Fulton Bank (phase 1 and 2). Additional support and investment provided by Commonwealth Cornerstone Group, Berks County Industrial Development Authority and Greater Berks Development Fund. 

“Shuman Development Group is proud to partner with Finanta to secure the tax credits and financing to revitalize the last significant medical operation in downtown Reading,” said Alan Shuman, President of Shuman Development Group. “This investment helps secure continued medical services in downtown Reading and create hundreds of jobs and training opportunities to local residents.” 

Healthcare and Economic Impact 

• Expansion of medical services: Women’s health clinic, pediatric care, community pharmacy, mental health services, radiology, and dental facilities.   

• Job creation: 100 new permanent jobs, 200 retained jobs, and 34 construction jobs, all paying a living wage. 

• Community benefits: A new childcare center, Smiley Kids, which plans to serve up to 150 kids, from infant to 12 years old which will be open from 6 am – midnight.  

• Support for vulnerable populations: Mental health services for veterans, youth and others. 

• Economic boost: The project is expected to generate $1.3 million in new tax revenue and spur additional investment in surrounding businesses due to increased traffic to the facility. 

About Finanta 

Finanta, formerly Community First Fund, is a nonprofit Community Development Financial Institution (CDFI) dedicated to supporting community development in low-income communities. Since 1992, Finanta has provided innovative financing solutions to empower small businesses, nonprofits, and community-driven projects. 

Finanta has now received a total of $160 million in NMTC allocations since 2013, which have supported projects such as: 

• Workforce development centers 

• Grocery stores in USDA-designated food deserts 

• Affordable housing units 

• Commercial redevelopment projects 

• Schools and educational institutions 

• Mixed-use community facilities 

• Manufacturing development projects 

For more information about New Markets Tax Credits, visit www.finanta.org/nmtc 

To learn more about our name change, visit our website finanta.org/namechange 

Community First Fund has changed its name to Finanta

We are Finanta!

(Nov. 15, 2024) – Community First Fund, a leading community development financial institution (CDFI) and federally chartered credit union proudly announces its official name change to Finanta. This transformation marks a pivotal moment for the organization, which serves immigrants, People of Color, women and those living in low-income communities in the greater Philadelphia area, eastern and southern Pennsylvania, New Jersey, and Delaware.

The name Finanta comes from the well-respected CDFI that merged with Community First Fund in 2020 and carries a legacy of more than 30 years in the Philadelphia region. Finanta captures the vibrancy and community-centered approach to fostering change on a foundational level by providing accessible, responsible financial services.

Furthermore, Finanta is a more consumer-friendly name that will help accelerate the growth of Finanta Credit Union, with new branches planned for Philadelphia and Reading. All staff, senior leadership, and board, product offerings and services, and regions of service will remain unchanged. Its mission, to create financial equity through wealth-building opportunities and support for individuals, families, and business owners, remains at the heart of its efforts.

“The name change to Finanta is a declaration of who we are and what we stand for,” said Daniel Betancourt, President and CEO of Finanta. “We are building on a foundation of economic inclusion and community partnership, bringing forward a name that strongly aligns with our mission and the diverse communities we serve.”

The name change follows a historic year for the organization. Its business and affordable housing lending broke the organization’s record, exceeding $52 million. Finanta Credit Union grew to over $10 million in assets, supported members with over $2 million in capital, and launched a free financial education program for English and Spanish speakers.

Since 2013, a total of $160 million in New Markets Tax Credits were allocated to the organization, allowing for opportunities to fund impactful, large-scale projects to help revitalize neighborhoods and build local financial equity. Our most recent award was $40 million in 2024. “Finanta embodies our work to create opportunities where everyone can prosper,” said Betancourt. “It reflects our commitment to being connected, responsive and embedded in the communities we all call home.”

Multiple channels of communication are being used to reach out to clients, members and community partners to communicate the name change from Community First Fund to Finanta starting in November. Read more information / FAQs about the name change here

About Finanta (formerly Community First Fund)

Finanta (formerly Community First Fund) is a nonprofit Community Development Financial Institution dedicated to fostering community ownership among immigrants, People of Color, women, and those living in low-income communities through comprehensive financial products and services. For over 30 years, the organization has supported small businesses, nonprofits, and community projects in the greater Philadelphia area, eastern and southern Pennsylvania, New Jersey, and Delaware.

For more information about Finanta, visit finanta.org.

About Finanta Credit Union (formerly Community First Fund Credit Union) 

Finanta Credit Union (formerly Community First Fund Credit Union) is a federally chartered credit union that offers accessible and responsible financial products and education that help people build wealth. The organization’s approach to fostering financial wellbeing and community revitalization includes being deeply integrated in the communities it serves, nurturing growth and opportunity.

For more information about Finanta Credit Union, visit finantacreditunion.com

Finanta Secures $40 Million New Markets Tax Credit Allocation to Drive Job Creation and Access to Education, Healthy Foods, Healthcare, and Affordable Housing in Philadelphia and Central Pennsylvania.

Finanta Secures $40 Million New Markets Tax Credit Allocation to Drive Job Creation and Access to Education, Healthy Foods, Healthcare, and Affordable Housing in Philadelphia and Central Pennsylvania.

Philadelphia, PA – [September 19th, 2024] – Finanta is proud to announce the receipt of a $40 million New Markets Tax Credit (NMTC) allocation from the U.S. Department of the Treasury’s Community Development Financial Institution (CDFI) Fund. This latest allocation builds on the $30 million award received last year and underscores our organization’s ability to drive larger impact in the most distressed communities through projects that create jobs and access to healthcare, education, healthy foods and affordable housing.

Finanta was selected as one of only 102 awardees from a highly competitive pool that requested a total of $15 billion. Only 34% of all applications were awarded this year, with just 40% going to CDFIs. The NMTC program helps economically distressed communities attract private investment capital. These investments help to fill project financing gaps by enabling investors to make larger investments than would otherwise be possible. Communities benefit from jobs created and the development of housing and public facilities such as health, education, and workforce development entities which stimulate overall community development.

“This $40 million allocation enables us to further our mission of fostering sustainable, vibrant communities,” said Daniel Betancourt, President and CEO of Finanta. “We are particularly excited to focus on impactful projects in Philadelphia, like the recently funded African Cultural Alliance of North America (ACANA) headquarters project. This investment will allow us to support even more community initiatives that drive economic mobility and build wealth for families.”

Economic Growth with New Markets Tax Credits: Creating Jobs and Revitalizing Communities

The ACANA project, a highlight of our recent work in Philadelphia, involves the ground-up construction of a 41,000 sq. ft. campus in Southwest Philadelphia that will serve as ACANA’s headquarters and includes a community center, medical clinic, childcare facility, and more. This transformative project, partly funded by our NMTC allocation, will create at least 156 new permanent jobs and provide essential resources like childcare and food access to the community.

Another recent project funded by NMTC is the revitalization of a 17.5-acre manufacturing campus in Allentown, Pennsylvania, led by Marcon Properties. This initiative, supported by an $8 million investment from Finanta, aims to transform a previously blighted area into a hub of job creation and skilled workforce development, creating or retaining 82 full-time union jobs and 41 indirect jobs for residents.

There are three other projects which will close in the next few months utilizing NMTC allocation – a large supermarket and a healthcare center, both in downtown Reading, and a school in Allentown.

Finanta has now received a total of $160 million in NMTC allocations since 2013, which have supported projects such as:

• Workforce development centers
• Grocery stores in USDA-designated food deserts
• Affordable housing units
• Commercial redevelopment projects
• Schools and educational institutions
• Mixed-use community facilities
• Manufacturing development projects

Our completed NMTC projects have created upward of 2,000 jobs, 19,000 educational opportunities, 138 affordable housing units and increased healthcare capacity by almost 10,000 spots.

Media Contacts

Finanta and FINANTA

marketing@finanta.org

About Finanta

Finanta is a nonprofit Community Development Financial Institution dedicated to fostering community ownership among immigrants, women, and communities of color through comprehensive financial products and services. For over 30 years, we have supported small businesses, nonprofits, and community projects in the greater Philadelphia area, Delaware, and New Jersey. In 2022, we opened Finanta Credit Union to offer fair, accessible financial products that help people build wealth. Our approach to fostering financial wellbeing and community revitalization includes being deeply integrated in the communities we serve, nurturing growth and opportunity.

For more information about Finanta and the NMTC Program, visit CommunityFirstFund.org/NMTC

The Community Grocer Partners with Finanta to Open Inaugural West Philadelphia Health Store

The Community Grocer Partners with Community First Fund, FINANTA to Open Inaugural West Philly Health Store

$900K loan supporting construction of new corner store concept slated for summer 2025

Philadelphia, PA – July 2024 – The Community Grocer, a revolutionary nonprofit dedicated to ensuring access to nutritious food, has closed on a $900,000 loan from Finanta, together with FINANTA, to fund the construction of The Community Grocer’s first store at 627 S. 60th Street, Philadelphia.

The grand opening is planned for summer 2025 and the project has been further supported by pro bono assistance from the Ballard Spahr legal team.

Located in a predominantly non-Hispanic Black community in West Philadelphia, which faces high rates of food insecurity and diet-related diseases, The Community Grocer aims to transform the corner store experience.

The Community Grocer will offer meal kits with fresh ingredients and other products that are SNAP and WIC eligible at time of purchase. On separate premises within the building, a partnering 501c3 organization will have a workforce development kitchen to cook ingredient meal kits free of charge. Together, these organizations are pioneering retail access to nutrition, fostering community growth, and creating pathways to ensure the consistent consumption of fresh ingredients in communities with limited access.

“The Community Grocer’s unique approach is set to transform the health of West Philadelphia,” said Daniel Betancourt, President and CEO of Finanta. “We’re proud to support this project with investment and resources to tackle food insecurity and encourage healthier living in West Philly.”

Additionally, The Community Grocer will provide workforce development opportunities, community programming, and education courses, making it a vital piece of public infrastructure for the area.

“We are so grateful to be able to partner with Finanta” said Eli Moraru, President and Co-Founder of The Community Grocer. “As a startup nonprofit, receiving financing support from a local CDFI was mission-critical to achieving our collective vision for a stronger, healthier tomorrow. At the end of the day, this is for our neighbors, and it would not be possible without the support of the Finanta and Ballard Spahr teams. Together, we are poised to pioneer a new pillar of nutrition and community access starting here in West Philadelphia.”

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Media Contacts

The Community Grocer

Eli Moraru, President and Co-Founder

emoraru@thecommunitygrocer.org

(202) 412-5771

Finanta and FINANTA

marketing@finanta.org

About Finanta

Finanta is a nonprofit Community Development Financial Institution dedicated to fostering community ownership among immigrants, women, and communities of color through comprehensive financial products and services. For over 30 years, we have supported small businesses, nonprofits, and community projects in the greater Philadelphia area, Delaware, and New Jersey

In 2022, we opened Finanta Credit Union to offer fair, accessible financial products that help people build wealth. Our approach to fostering financial wellbeing and community revitalization includes being deeply integrated in the communities we serve, nurturing growth and opportunity.

Driving Change: Finanta allocates $6M New Markets Tax Credits for ACANA Southwest Philly Revitalization

Driving Change: Finanta allocates $6M New Markets Tax Credits for ACANA Southwest Philly Revitalization

PHILADELPHIA (May 9, 2024) – Finanta, together with FINANTA, proudly announces its partnership with the African Cultural Alliance of North America (ACANA) in Southwest Philadelphia on a transformative initiative that uses New Markets Tax Credits (NMTC) allocation. This project, part of a three-phase revitalization endeavor, underscores our commitment to fostering vibrant communities in the City of Philadelphia.

This project will develop a vacant lot into a new 41,000-square-foot campus which will serve as the headquarters for ACANA and house a community center, a medical clinic, a childcare facility, a restaurant featuring cuisine from African nations and the offices for several prominent elected officials.

“This project exemplifies what New Markets Tax Credits can achieve,” says Daniel Betancourt, President and CEO of Finanta. “The new ACANA headquarters will spur economic development, provide resources, and attract new businesses and families to the area. We are proud to be a key part of its advancement.”

The new ACANA headquarters will be a cultural beacon in Africatown and is expected to create at least 156 new permanent jobs in the community, offer support to immigrants and established residents alike, create new retail space, and provide quality care to children aged 6 weeks to 6 years.

With a total project cost of $23 million, Finanta has supplied both a NMTC allocation of $6 million and a $2.5 million leverage loan participation.

The financing structure also includes NMTC funding from PIDC, EB-5 investment from Global City Regional Center, owner equity, senior debt financing from United Bank of Philadelphia and bridge loans from The Reinvestment Fund and Beech Capital Venture Corp. The project received numerous grants and support from the Federal, State and City levels, including funds from the Philadelphia Commerce Department and Community Project Funding from Rep. Mary Gay Scalon.

A launch event for the project is scheduled for October 2024 with further details to be announced soon.

About Finanta

Finanta is a nonprofit Community Development Financial Institution which helps communities grow and thrive by providing loans and resources in places where it is not usually available. For over 30 years, we have supported small businesses, nonprofits, and community projects across southern and eastern Pennsylvania, Delaware, and New Jersey. In 2022, we launched Finanta Credit Union to serve our community by offering responsible financial products and creating financial equity through wealth building opportunities. For inquiries, contact marketing@finanta.org.  Learn more at finanta.org/nmtc

more information about this project: Voffee Jabateh on Philly’s new Africatown center – WHYY

New Markets Tax Credits 2024: Empowering Allentown: Finanta Invests $8 Million in Job Creation, Skilled Workforce

Empowering Allentown: Finanta Invests $8 Million in Job Creation, Skilled Workforce

Marcon Properties 17.5-acre Manufacturing Campus Revitalization in Lehigh Valley Moves into Next Phase

LANCASTER, Pa. (May 1, 2024) – Finanta proudly announces a partnership with Marcon Properties in Allentown, PA, on a transformative project that uses New Markets Tax Credits (NMTC) allocation. The project underscores our commitment to igniting economic growth through funding job-creating projects.

The project aims to revitalize a blighted 17.5-acre manufacturing campus in an area plagued by severe distress. This initiative will create the opportunity to access jobs and foster skilled workforce development in Allentown, contributing to community transformation.

“Our goal is to transform communities,” says Daniel Betancourt, President, and CEO of Finanta. “We are excited to be involved in a project that will create new quality jobs as well as skilled workforce development in Allentown.”

Eastern Exterior Wall Systems (EEWS), an affiliated company, will lease two of the buildings on the site, increasing manufacturing capacity and supporting jobs growth in the Lehigh Valley. This will create and retain 82 full-time union jobs and 41 indirect jobs, providing employment and training opportunities for residents.

“Marcon Enterprises and Marcon Properties are proud to work with our community to restore this prominent site overlooking Fountain Park and be a part of Allentown’s continuing industrial history.” said Jody Marcon, President, and CEO of Marcon Industries. “This project will allow us to expand our manufacturing capacity and provide employment and training opportunities for those in the neighborhood.”

The project has a total cost of $49 million and is aimed at addressing the community’s 25% poverty rate, unemployment twice the national average, and a median family income of 56.2% the national average. Finanta has allocated a $6 million NMTC investment and a $2 million leverage loan.

The financing structure also includes NMTC allocations from Building America’s CDE and Consortium America’s CDE, investments from Capital One, and loans from Fulton Bank demonstrating a commitment to community revitalization and economic development.

A media event for this next phase of construction was held May 15th, 2024.

About Finanta

Finanta is a nonprofit Community Development Financial Institution which helps communities grow and thrive by providing loans and resources in places where it is not usually available. For over 30 years, we have supported small businesses, nonprofits, and community projects across southern and eastern Pennsylvania, Delaware, and New Jersey. In 2022, we launched Finanta Credit Union to serve our community by offering responsible financial products and creating financial equity through wealth building opportunities. For inquiries, contact marketing@finanta.org. Learn more at finanta.org/nmtc