Local microloan lender recognized ahead of Small Business Week
Last week, the Small Business Administration announced that Finanta, a local microloan and small business lender, was recognized as the “mission lender of the year.”
Founded by Luis Mora in 1996, Finanta specializes in a variety of different small loans for businesses and homebuyers. The company was awarded the Jody C. Raskind Mission Lender of the Year award by the Small Business Administration (SBA) in conjunction with its annual Small Business Week in May. The SBA reviews potential award recipients from across the country.
In order for a lender to receive the award, they must meet a handful of different criteria that all quantify the overall intent of the recognition which is to highlight a lender which has “demonstrated commitment to the creation, growth and expansion of small businesses in underserved markets” as well as an “impact on the communities they serve.”
According to the company, in fiscal year 2015, about 78 percent of the business loans closed were to Latinos. These totaled more than $1.5 million.
The company was founded with the intent to “economically empower” the residents and entrepreneurs in the region who might otherwise face language and cultural barriers. Finanta offers bilingual services and is located in south Kensington at 1301 N. Second St.