march 6, 2015 finanta luis mora [email protected] 267-236-7001
TRANSCRIPT
FINANTA: FINancial ANd TA: Mission driven nonprofit lender In business since 1996 Facilitate access to capital, TA, and affordable
commercial / office space Philadelphia and surrounding counties Loans from $400 to $3.3 million
FINANTA $41 million in loans (910 loans / 605 borrowers)
We serve:
Micro & Small Businesses First-Time Homebuyers First-Time Consumer Borrowers Nonprofits
We are a CDFI/CDE, PHFA lender, & PA CDFI Among top 5 SBA Microlenders in the country FiCDC
Activity Since 2010Total Lending – $11.4 million, 613 loans (6 consumer loans $7,200)
BIZ > $50K21 loans / $4 million
MORTGAGES32 loans / $2.7 million
PRECAPS475 loans / $3 million
BIZ <= $50K85 loans/ $1.7 million
Lines of Credit9/$200,000
PRECAPS Groups (PGs) Overview Founded in 2011, PGs is based on the affinity group
model where members access their own capital, popular in other countries and in the USA by immigrant groups
The FINANTA model provides group members access to individual microloans in cycles with technical assistance emphasizing credit building, accounting and marketing
PGs targets affinity groups tied by culture, geography, family, or industry
Case Study – Los Cumplidos
Latino grocery and multi-service store owner
Loans began at $1,700 in Cycle #1 and $15,000 in Cycle #4
Los Cumplidos’ Antonio de Leon in his business, Josue Grocery, located in West Kensington
Case Study – Woodland African Unity West African variety
stores located on Woodland Ave in SW Philadelphia
Loans began at $763 in Cycle #1 to $15,000 in Cycle #4
Woodland African Unity group members
WOODLAND AFRICAN UNITY – GROUP SUMMARY, FEB 2015
# 1stCycle
2ndCycle
3rdCycle
4thCycle
Total Loaned
Loan Growth
Rate
Income Status W/MBE Initial
Score Current Score
Change in Score
1 $1,000 $2,500 $5,000 $15,000 $23,500 147% Very Low M 643 645 2
2 $500 $2,500 $5,000 -- $8,000 216% Very Low W/M 627 619 (8)
3 $1,000 $2,500 $5,000 $5,000 $13,500 71% Moderate M 537 578 41
4 $1,000 $2,500 $5,000 $15,000 $23,500 147% Moderate W/M 575 593 18
5 -- $2,500 $5,000 $15,000 $22,500 145%Extremely
Low W/M 672 681 9
6 $500 $2,500 $5,000 $15,000 $23,000 211% Very Low W/M 557 538 (19)
7 $500 $2,500 $5,000 $15,000 $23,000 211% Low M 756 586 (170)
8 $1,000 $2,500 $5,000 $15,000 $23,500 147% Very Low M 622 669 47
9 $1,000 $2,500 $5,000 $15,000 $23,500 147% Very Low W/M 518 534 16
10 $1,000 $2,500 $5,000 $15,000 $23,500 147% Very Low W/M 599 618 19
11 $1,000 $2,500 $5,000 -- $8,500 124% Low W/M 529 533 4
12 -- $2,500 $5,000 $15,000 $22,500 145% Low W/M 699 704 5
$8,500 $30,000 $60,000 $140,000 $238,500 611 608 (3)
Our Partners NALCAB TD Bank Bank of America CDFI Fund Citibank Citizens Bank Philadelphia Commerce Department Philadelphia Foundation National Penn Bank Small Business Administration Tides Foundation Wells Fargo