WASHINGTON, April 20, 2016 /PRNewswire-USNewswire/ -- Philadelphia-based FINancing And Technical Assistance, FINANTA, is the recipient of the second ever Jody C. Raskind Lender Award, a recognition presented by the U.S. Small Business Administration to a mission-focused lender that has distinguished itself in helping small businesses start, grow and expand.
The award will be presented jointly by SBA Administrator Maria Contreras-Sweet and Associate Administrator for Capital Access, Ann Marie Mehlum, to FINANTA's President, Luis E. Mora-Rechnitz. The award ceremony will take place May 1, during the inaugural event of National Small Business Week, at the American History Museum, of the Smithsonian Institution, in Washington, D.C.
The Jody C. Raskind Award was presented for the first time in 2015 to honor mission lenders that demonstrate extraordinary commitment to the creation, growth and expansion of small businesses in underserved markets with a demonstrable impact on the communities it serves. Jody Raskind led the SBA Office of Microlending for many years, and was widely known in the microlending community for her commitment and dedication to small businesses, particularly in underserved areas. She died in 2014.
FINANTA participates in SBA's Microloan and PRIME Programs, and is a Treasury-certified Community Development Financial Institution. In FY2015, FINANTA closed 185 SBA Microloans for $1.6 million, making it the fourth highest ranking SBA Microlender in terms of both number and dollars of microloans closed.
As part of its lending model, FINANTA has made 648 loans ranging from $600 - $20,000 since it established this model. Ninety-seven percent of these loans were directed to minority borrowers with economic status ranging from low-income to extremely low-income. This focus on very low income populations is widely acknowledged as some of the most difficult but critical microlending to do successfully.
National Small Business Week is an annual event organized by SBA to recognize the achievements of the top small businesses in the nation. Since 1963, the president of the United States has issued a proclamation calling for the celebration of National Small Business Week. This year National Small Business Week will be recognized from May 1-7 with national events planned in Washington, D.C., New York, Atlanta, Denver, Phoenix, Oakland and San Jose, Calif. Events throughout the week will be live-streamed on SBA's website at www.sba.gov. Make sure to check in during the event for live social media engagement, using the hashtag #DreamSmallBiz. For more information on the national events please visit: www.sba.gov/nsbw.
Small Business Week 2016 cosponsors include: Chase for Business, SCORE, ADP, Colonial Life, Intuit, Sam's Club, Square, YP, ESET, Facebook, Instagram, Lockheed Martin, Microsoft, National Association of Government Guaranteed Lenders (NAGGL), and VEDC.
Cosponsorship Authorization #SBW2016 SBA's participation in this cosponsored activity is not an endorsement of the views, opinions, products or services of any Cosponsor or other person or entity. All SBA/SCORE programs and services are extended to the public on a nondiscriminatory basis. Reasonable arrangements for persons with disabilities will be made if requested at least two weeks in advance. Contact: email@example.com. SCORE is partially funded by SBA Cooperative Agreement No. SBAHQ-14-S-0001.
About the Small Business Administration
The U.S. Small Business Administration (SBA) was created in 1953 and since January 13, 2012 has served as a Cabinet-level agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, the SBA delivers its services to people throughout the United States, Puerto Rico, the U.S. Virgin Islands and Guam. www.sba.gov
FINANTA was created in 1996, and has since distinguished itself for delivering services such as access to capital, technical assistance and credit building to low-to-moderate income entrepreneurs and first-time homebuyers in Philadelphia who face cultural, social and language barriers. This approach has allowed FINANTA to help economically disadvantaged businesses, individuals and families with more than 1,000 loans totaling more than $44 million as of the end of 2015.
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SOURCE U.S. Small Business Administration