New bilingual credit union opens in Philadelphia to serve unbanked customers for home purchases and family business development.

A new bilingual credit union, Finanta, has made its debut in Port Richmond, a neighborhood on the outskirts of Philadelphia. This credit union, which also operates under the name Cooperativa Finanta, aims to offer banking services tailored specifically to unbanked individuals, small-business owners, and workers previously reliant on check-cashing companies and high-interest lenders. The institution officially opens its doors at 2313 E. Venango St. on Friday but has already begun accepting deposits and facilitating loans.

Pedro A. Rivera II, chair of the Finanta board and president of Thaddeus Stevens College of Technology, emphasizes that the credit union’s mission extends beyond traditional banking services. The organization offers various financial products, including mortgages, personal and small business loans, and Visa debit cards, while also providing bilingual support to meet the needs of its diverse clientele.

The first mortgage processed by the branch was signed off by branch manager Iris Santiago, highlighting the credit union’s commitment to fostering homeownership in the community. This commitment resonates with Rivera, who recalls his experiences banking with the now-defunct Borinquen Federal Credit Union in North Philadelphia, where he found a strong sense of community and trust.

With the support of private foundations and state investments, Finanta is poised for substantial growth. The organization has plans to expand its reach, with upcoming branches in Reading, Northeast Philadelphia, Allentown, and other areas with significant English-and-Spanish-speaking populations. The Lancaster branch, which opened earlier this year, already boasts 2,000 members, and similar expectations have been set for the Philadelphia branch in the near future.

The establishment of Finanta is noteworthy for its backing by influential figures and organizations. Contributions from the Yield Giving foundation, along with funding from Santander Bank and M&T Bank, have been crucial in facilitating loans and preparing for growth. Furthermore, a substantial state grant has been allocated to aid the development of both the Philadelphia and Reading branches.

Finanta’s approach also includes a focus on small-business lending, having already provided loans to local establishments like the Puerto Rican bakery and restaurant El Coqui in Kensington. Finanta’s commitment to the community is echoed by local advocates, who see it as a vital resource for residents navigating economic challenges, particularly amid ongoing immigration fears.

As Finanta prepares to serve its community, the organization’s leadership is aware of the complexities of operating within federal guidelines and aims to meet regulatory expectations while building trust and accessibility in financial services. Advocates for the Latino community believe that Finanta is entering the market at an opportune time, providing necessary support for immigrant populations seeking to establish themselves economically and politically within the Philadelphia area.

The establishment of Finanta represents not just a banking institution, but a critical lifeline for individuals and families aiming to build better lives through financial empowerment and stability.