Resolution 251045

..Title Recognizing the launch of Finanta Credit Union, a Low Income Designated Credit Union, and honoring Finata's ongoing dedication to the residents of Philadelphia. ..Body WHEREAS, The Council of the City of Philadelphia takes great pride in recognizing and honoring Finanta Credit Union on its official launch at Aramingo Village in Kensington. WHEREAS, Finanta was founded in 1996 as a nonprofit lending institution facilitating access to capital and technical assistance for entrepreneurs, first-time homebuyers, and consumers in Greater Philadelphia, and has been headquartered in South Kensington for 30 years; and WHEREAS, Over the last 30 years, Finanta's CDFI business loan fund has provided nearly 2,000 loans totaling $150 million, supporting the creation or retention of over 1,700 jobs, 350 housing units, and 300 childcare and education seats in the past year alone; and WHEREAS, In 2021, Finanta received its charter to launch a credit union with a focus on providing financial services to low-income and often financially invisible individuals and families and successfully piloted its financial center concept in Lancaster, blending CDFI loan services with a low-income designated credit union; and WHEREAS, Finanta Credit Union serves 1,500 members and has secured seed capital for its Philadelphia launch, including contributions from founding partners Santander and M&T Bank, as well as a multi-million-dollar grant from the Commonwealth of Pennsylvania; and WHEREAS, On December 5th, Finanta Credit Union will officially open its first full branch at Aramingo Village, with plans for three additional branches in Philadelphia to expand access to financial services, loan products, and financial education in underserved neighborhoods; and WHEREAS, The Council of the City of Philadelphia recognizes Finanta as a key partner in promoting economic mobility and community developments especially in neighborhoods around the Kensington area, providing residents with opportunities to achieve financial stability and prosperity; now, therefore, be it RESOLVED, THAT THE COUNCIL OF THE CITY OF PHILADELPHIA, Congratulates Finanta Credit Union and its partners on the launch of its Aramingo Village branch and commends its plans for further expansion throughout Philadelphia. FURTHER RESOLVED, That Engrossed copies of this Resolution be presented to Board Chair Pedro Rodriguez and CEO Daniel Bentancourt as a symbol of the admiration, appreciation, and respect of this legislative body. ..End