Bilingual credit union opening in Philadelphia targets unbanked customers to help them purchase homes and start family businesses.
A bilingual credit union has opened its doors in Port Richmond, occupying the site of a former restaurant within a drive-up shopping strip. Finanta, federally chartered, also known as Cooperativa Finanta, aims to address financial inequities in the community. Its leadership, including board chair Pedro A. Rivera II, emphasizes that the institution serves as more than just a banking facility. Rivera, who is also the president of Thaddeus Stevens College of Technology and a Kensington High School alumnus, noted the focus on serving unbanked individuals, particularly small business owners and workers reliant on check-cashing services and high-interest private lenders.
Finanta provides a range of financial products including mortgages, personal loans, small business loans, Visa debit cards, and interest on deposits. Staff members are available to assist customers in both English and Spanish, ensuring that language barriers do not impede access to essential financial services. The credit union’s location at 2313 E. Venango St. officially launched on Friday, although it began accepting deposits and processing loans ahead of the grand opening. One of its inaugural mortgage signings was made to Libra Rivera, co-owner of a cleaning service, highlighting the credit union’s commitment to catering to local entrepreneurs and homeowners.
This initiative represents a broader strategy supported by private foundations and state investments to foster community growth through financial inclusion. Finanta, bolstered by a pledge from Mackenzie Scott’s Yield Giving foundation of million annually for seven years, relies on additional funding from local banks such as Santander Bank and M&T Bank. Furthermore, a million grant from the state legislature will facilitate the establishment of Finanta’s branches in Reading and Port Richmond, with plans to expand into Northeast Philadelphia, Allentown, and other regions with significant English and Spanish-speaking populations.
In its first three years, Finanta’s Lancaster branch attracted 2,000 members. The organization hopes to replicate this success in Philadelphia by next fall. The credit union’s mortgage offerings reach up to 0,000, aiming to provide financing for homes in a variety of neighborhoods across the city.
Amidst growing concerns regarding loan volume, especially due to immigration policy and societal pressures, community advocates see Finanta as a vital lifeline. Will Gonzalez of Ceiba, an economic development advocacy group, highlighted the resilience of immigrants seeking financial support for long-term stability, including homeownership and education.
Historically, the region has witnessed the rise and fall of financial institutions catering to the Latino community, with the former Borinquen Federal Credit Union closing in 2011 due to mismanagement. Since then, a void has existed that Finanta is now striving to fill. The credit union has garnered the support of a mixture of professional backgrounds within its governing board, reinforcing the operational integrity needed to navigate the regulatory landscape of banking.
Finanta’s expansion plans and commitment to inclusion reflect a strategic move towards empowering Latinos and other underrepresented populations in Pennsylvania. As the organization forges ahead, its role in fostering economic and political agency within these communities becomes increasingly critical.
