Business
Amalgamated Bank Announces Five Million Dollar Loan to Nonprofit Finanta
Funding to support expansion of critical services and resources in low-income communities in Pennsylvania, New Jersey and Delaware PHILADELPHIA--(BUSINESS
About this update from Amalgamated Financial Corp.
[{"type":"text","content":"\nFunding to support expansion of critical services and resources in low-income communities in Pennsylvania, New Jersey and Delaware\n\n\n PHILADELPHIA--(BUSINESS WIRE)--\nToday, Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), announced a five-million-dollar loan to Finanta, a 33-year-old community development financial institution (CDFI) advancing economic opportunities for individuals, families and entrepreneurs. This infusion of funds will expand access to capital for affordable housing developers, healthy food providers in food deserts, community development projects, childcare and education providers, healthcare providers, small businesses and entrepreneurs in Pennsylvania, New Jersey, and Delaware.\n\n\n“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.”\n\n\nCDFIs 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.\n\n\nEvery 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\n\n\n\"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.”\n\n\nABOUT AMALGAMATED\n\n\nAmalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New Yo...