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Facilitating Access to Capital and Economic Development through Affinity Group Lending

Facilitating Access to Capital and Economic Development through Affinity Group Lending. Facilitating Access to Capital and Economic Development through Affinity Group Lending. HEATHER HANOWITZ VICE PRESIDENT & SENIOR LOAN OFFICER PICDC PANEL MODERATOR. Sonia Smith

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Facilitating Access to Capital and Economic Development through Affinity Group Lending

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  1. Facilitating Access to Capital and Economic Development through Affinity Group Lending

  2. Facilitating Access to Capital and Economic Development through Affinity Group Lending HEATHER HANOWITZ VICE PRESIDENT & SENIOR LOAN OFFICER PICDC PANEL MODERATOR Sonia Smith Economic Development/Lender Relations/Public Information Specialist Small Business Administration (SBA) Jill C. Fink Executive Director The Merchants Fund Steve Kuzmicki Economic Development Project Manager Southwest CDC Kersy Azocar Sr. VP of Microlending FINANTA

  3. FINANTA OUR MISSION: Founded in 1996, FINANTA is a mission-driven nonprofit lending institution facilitating access to capital and consultation services to entrepreneurs, first-time homebuyers, and consumers. We accomplish our mission by lowering the barriers that keep people from accessing the capital to build assets and evolve financially.

  4. Programs • Affinity Group Lending • Business, Consumer, First-Time Homebuyer • Individual Lending • Business, Consumer, First-Time Homebuyer • Technical Assistance • Financial Counseling and Coaching, Credit Builder Loans • Community Development Financing • Mission driven real estate development

  5. What Problem do we solve? In the United States, more than 26 million households and families are excluded from Traditional Banking

  6. Our Solution: Create a Pathway for Capital Access

  7. TRADITIONALROSCA OR LENDING CIRCLES Short for ROtating Savings & Credit Association • People in an Affinity Group, or Peer Lending Circle use their own moneyto lend it to each other in a rotating basis. It does not build credit or provides access to a financial entity.

  8. Affinity Group Lending: OUR APPROACH Starting at $1,200 or $3,600 12 month / 9% fixed loan Build capacity to access up to $25,000 / 24 month in in several borrowing cycles Clients can graduate to up to $250,000 loans Groups of Up to 15 individuals

  9. Ella Emprende

  10. CREDIT BUILDING & T.A. Client-Centered Financial Action Plan (FAP) • Increase knowledge of credit • Build, manage, and increase a credit score • Build financial capacity to access capital Averaging 240 hrs of entrepreneurial capacity building by cycle 5 Up to 30hrs of TA preparing to borrow

  11. PARTNERSHIPS & COLLABORATIONS

  12. Small Business Administration (SBA) Sonia Smith Economic Development/Lender Relations/Public Information Specialist Small Business Administration

  13. The Merchants Fund Jill C. Fink Executive Director The Merchants Fund

  14. Southwest CDC Steve Kuzmicki Economic Development Project Manager Southwest CDC

  15. CONNECT with us! • Facebook: https://www.facebook.com/Finanta.org • Twitter: https://twitter.com/finanta_ • LinkedIn: https://www.linkedin.com/company/finanta/

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