community development financial institutions Archives

TUCSON, Ariz. /ScoopCloud/ -- Expanding to serve more businesses and communities across Arizona, Growth Partners Arizona (GPAz) is in growth mode: Thinkzilla Consulting Group Announced today The organization recently hired a new Executive Director to lead the expansion of lending programs for nonprofits and small businesses in Arizona. As a Community Development Financial Institution (CDFI), GPAz is dedicated to building a more inclusive economy through partnerships and collaboration.

With its focus on closing the racial wealth gap and delivering resources to underserved communities, Growth Partners Arizona is positioned to become a key capital provider in the state. Arizona has over 600K small businesses and only 14 local financial institutions. When compared to states with similar statistics, there is an unfavorable difference and in some cases the difference is a double-digit gap. GPAz's role will be critical in working collaboratively with local financial institutions to address capital needs and help to create sustainable pathways into the financial system for small businesses.

"I am excited about our growth and look forward to building strong partnerships across the state," said Growth Partners Arizona CEO Andre Whittington. "Our focus is simple: work collaboratively, build together and maintain an unwavering commitment to economic justice. We believe small businesses are our economy's heartbeat and nonprofits are our communities' lifeline."

Small businesses and nonprofits across Arizona can now access loans from $1,000 and up to $100,000 with interest rates as low as 0 percent through their KIVA Tucson Hub crowdfunding platform. Organizations including National Bank of Arizona, the International School of Tucson, Dillinger Brewing Company and the YWCA, among others, have lauded Growth Partners Arizona for providing education, a fast process, responsive support and excellent financial advice.

"As part of our growth strategy we wanted to partner with a team that could bring our brand to life" Whittington added. "We got lucky when we found the team at Thinkzilla who helped to transform our brand and capture the true essence of who we are at our core. Our strategic priorities over the next 18-24 months will be to grow intentionally, expand our lending products, and amplify our impact."

About Growth Partners Arizona:

With a mission to provide accessible, fair and responsible loans and support to Arizona nonprofits and economically underserved small businesses outside the economic mainstream, Growth Partners Arizona aims to achieve economic justice through forward-thinking, collaborative and inclusive approaches to capital access in Arizona. For more information visit https://growthpartnersaz-org.scdesdev.one/

Expanding to serve more businesses and communities across Arizona, Growth Partners Arizona (GPAz) is in growth mode: Thinkzilla Consulting Group Announced today The organization recently hired a new Executive Director to lead the expansion of lending programs for nonprofits and small businesses in Arizona.

Related link: https://thinkzillaconsulting.com/

DANBURY, Conn. /ScoopCloud/ -- Promontory MortgagePath LLC, a leading provider of comprehensive digital mortgage fulfillment services, announced Industrial Bank and Optus Bank as the first participants in its initiative to support community development financial institutions (CDFIs) and minority depository institutions (MDIs). The initiative is focused on expanding mortgage credit access in underserved communities. Washington D.C.-based Industrial Bank, a U.S. Treasury-certified CDFI and the oldest Black-owned commercial bank in the Mid-Atlantic region, is fully onboarded and began offering mortgages via Promontory MortgagePath's platform in April. South Carolina-based Optus Bank, a federally-designated MDI and U.S. Treasury-certified CDFI, is in implementation.

"Industrial Bank has been committed to helping families in our communities purchase homes, grow small businesses, and build wealth since 1934," said Industrial Bank President and CEO Doyle Mitchell. "Our partnership with Promontory MortgagePath will mean more people in our community will be able to purchase homes - the most important pillar to closing the wealth gap."

"For more than 100 years, Optus Bank has been fighting to counter racial disparities. We strive to build wealth for all customers, with a special focus on those impacted by the 400-year legacy of exploitation and racism," said Optus Bank President and CEO Dominik Mjartan. "Together with Promontory MortgagePath, our goal to create $100 million in Black wealth over the next 10 years is more attainable."

Promontory MortgagePath's program offers exclusive pricing, resources and joint marketing opportunities to participating institutions. These services help lower the barriers to entry into mortgage lending and allow these institutions to participate in the mortgage market profitably, with the overall goal of helping build long-term wealth in communities through increased homeownership. Participating institutions also gain access to Promontory MortgagePath's point-of-sale platform Borrower Wallet(r), technology-driven, U.S.-based mortgage fulfillment services and compliance support to accelerate their entry into the market and delivery of mortgage services. As a Community Development Bankers Association (CDBA) endorsed solution, Promontory MortgagePath is working with the CDBA to identify strategic partners to participate in the initiative.

Promontory MortgagePath founder and CEO and former Comptroller of the Currency Gene Ludwig has been focused throughout his career on access to responsible credit and other mechanisms to give families a hand up.

"We are proud to support Industrial and Optus banks in driving homeownership in their communities," Ludwig said. "These community-focused financial institutions are the lifeblood of wealth-building opportunities for the customers they serve. CDFIs and MDIs are a critical component to addressing big societal issues - from unemployment to wage stagnation - facing so many communities. These problems are more acute for Americans of color. And this is why Promontory MortgagePath is such a supporter of these banks."

Ludwig is also the chair of The Ludwig Institute for Economic Prosperity, which is focused on the plight of lower- and middle-income Americans. Part of this effort is to shine a light on economic indicators, like unemployment and wages, that do not give an accurate view into the real economic situation of these Americans.

MDIs or CDFIs interested in learning more about becoming strategic partners in this initiative should contact Promontory MortgagePath Managing Director and Head of Bank Relations Paul Katz at paul.katz@mortgagepath.com.

About Promontory MortgagePath LLC | NMLS ID 1532373

Promontory MortgagePath is a fast-growing team of passionate problem solvers on a mission to fundamentally change the way lenders approach their mortgage business. The company combines an intuitive, collaborative digital mortgage platform with modern, comprehensive fulfillment services, giving lenders the progressive technology and scalability required to profitably compete in today's rapidly changing residential mortgage market. Promontory MortgagePath's founder, former U.S. Comptroller of the Currency Gene Ludwig, is widely recognized as a visionary thinker on the critical issues confronting financial services, and his companies are renowned for helping community lenders resolve their most pressing challenges. To learn more, visit https://www.mortgagepath.com/.

Promontory MortgagePath LLC, a leading provider of comprehensive digital mortgage fulfillment services, announced Industrial Bank and Optus Bank as the first participants in its initiative to support community development financial institutions (CDFIs) and minority depository institutions (MDIs).

Related link: https://www.mortgagepath.com/

ScoopCloud

The affordable PR newswire service

Tag Archives: community development financial institutions

Growth Partners Arizona Expands Small Business and Nonprofit Loans to More Statewide Communities and Organizations

Promontory MortgagePath Adds Industrial Bank, Optus Bank as First MDIs, CDFIs in Its Minority-Owned Financial Institution Initiative