Amalgamated Bank Announces Five Million Dollar Loan to Nonprofit Finanta
Amalgamated Bank (Nasdaq: AMAL) announced a $5 million loan to Finanta, a 33-year-old community development financial institution.
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Funding to support expansion of critical services and resources in low-income communities in
“Finanta’s work to strengthen communities is aligned with Amalgamated's core values and mission,” said Sam Brown, Chief Banking Officer at Amalgamated Bank. “We’re thrilled for this opportunity to further demonstrate our commitment to the critical work of CDFIs, expanding access to health care and supporting community builders that create pathways to education, healthy food, small business and affordable housing.”
CDFIs like Finanta rely on capital from organizations, such as Amalgamated Bank, to make accessible, low-cost funding available to clients and for projects that may not qualify for traditional financing.
Every time a Finanta client makes a loan payment, those dollars are reinvested in the community as it makes new loans. As a result, investments and contributions in its loan fund – like this one from Amalgamated – have a perpetual ripple effect in the community as dollars are reinvested over and over again
"Loans like these expand access to funds that support long-term financial stability for hard-working families," said Daniel Betancourt, CEO of Finanta. “We are grateful to Amalgamated for partnering with us so we can continue to offer access to capital in communities that need it the most.”
ABOUT AMALGAMATED
Amalgamated Financial Corp. is a
ABOUT FINANTA
Finanta, formerly Community First Fund, is a nonprofit Community Development Financial Institution (CDFI) advancing economic opportunity in low-income neighborhoods through a loan fund and credit union. Since 1992, Finanta has provided innovative and responsible financing solutions to entrepreneurs, small businesses, and nonprofits in greater
View source version on businesswire.com: https://www.businesswire.com/news/home/20260113578762/en/
Media:
Stef Arck-Baynes
Achieving Good Communications
917-710-1901
stef@achievinggood.co
Ayele Ajavon
Head of Communications
Amalgamated Bank
media@amalgamatedbank.com
929-979-5811
Source: Amalgamated Financial Corp.