Six major banks are joining forces to provide over $300,000 in micro loans to entrepreneurs in Philadelphia. Bank of America, Citibank, Citizens Bank, PNC Bank, TD Bank and Wells Fargo are working with FINANTA, a nonprofit community development financial institution (CDFI) on the project. The bank funding will support loan loss reserves, technical assistance services and operating capital. Additionally, their contributions will help FINANTA leverage a $750,000 loan from the Small Business Administration Microloan Program and a $125,000 grant from the City of Philadelphia’s Commerce Department.
The banks will also work with FINANTA to give underserved entrepreneurs in the city access to capital, credit repair services, and business technical assistance.
Since 1996, FINANTA has successfully loans in amounts ranging from $400 to $3.3 million, totaling nearly $35 million to over 400 entrepreneurs. Over 80 percent of FINANTA’s capital has funded 340 minority-, immigrant- or women-owned businesses.