New ROSCA Group Receives $300,000
FINANTA is proud to announce its collaboration with the Office of Councilwoman Maria Quiñones Sánchez and the owner of Family Car Service to establish a ROSCA group for 20 limousine drivers based in the 7th Councilmatic District. As a member of FINANTA’s ROSCA Program, each driver has received a microloan of $15,000 over a two-year loan term to purchase an automobile, in addition to receiving ongoing credit counseling and other technical assistance, such as tax filing, budgeting, and business income and expenses.
A majority of these drivers are immigrants who have no credit or a very short credit history, along with limited English proficiency (LEP); this has made establishing credit and obtaining financing from mainstream banking institutions incredibly difficult due to social, cultural and linguistic barriers.
The ROSCA Program was established in 2011 to provide capital as a strategy to deliver business technical assistance to underserved and under-banked entrepreneurs. Since launching the program, 83 microbusinesses have received micro-loans ranging in size from $400 to $9,600, for a total FINANTA investment of $275,800. The purpose of this program is to provide micro-entrepreneurs with access to capital, a way to improve or establish credit, and quality business technical assistance, both individually and in a group setting, as a way to prepare them to borrow from a traditional financial institution.
This new ROSCA group is unique in that FINANTA has extended both the loan amount and the term in order to accommodate the customers’ needs. As a customer-driven organization, this flexibility is a cornerstone of FINANTA’s services.
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FINANTA is a non-profit community development financial institution (CDFI) that provides a wide range of financial products and services, including business loans and business technical assistance, mortgage counseling and mortgages, and financial literacy services to Philadelphia residents. Founded in 1996, FINANTA has distinguished itself among the region’s micro and small business sector by delivering service in a way that is uniquely conscious of the cultural, social, and language barriers that the growing immigrant and minority population faces. Our mission is to promote the growth and economic expansion of diverse Philadelphia communities though the infusion of capital with the provision of technical assistance and business consultation services. In this effort, the financial products and services that FINANTA provides to underserved, low-income individuals aim to connect micro and small businesses with the resources needed to start, support or expand their business.
For more information about FINANTA, please contact Alyssa Ryan at Alyssaryan@finanta.org.
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