Philadelphia continues to be home to thousands of Latino families seeking stability, opportunities, and support to build a better future. In that context, Finanta Credit Union works to bring financial services closer to people who have traditionally had less access to the banking system.

In a warm and welcoming environment where Spanish is the language that connects the community, we had the opportunity to speak with Daniel Betancourt, President and CEO of Finanta. He shared the institution’s vision and its commitment to families and small businesses in the city: “We are a cooperative that is here to help the community with all the financial services that an institution like ours can offer,” Betancourt explained.

The cooperative opened its first office in the Aramingo and Castor area of Philadelphia. The branch, located at 2313 E. Venango Street, officially opened on December 5, 2025, marking an important step toward expanding access to bilingual financial services in the community.

From this space where clients can be assisted in Spanish and employees treat people like family the cooperative offers savings accounts, checking accounts, debit and credit cards, personal loans, auto loans, and mortgages. It also provides competitive interest rates on savings accounts, which has encouraged many people to begin saving their money safely.

Betancourt noted that many of the people who come to the cooperative have never had a bank account before: “There are many people who have never had accounts. Here they can start and learn to manage their finances with confidence,” he said.

Accessible financial services for everyone

One of Finanta’s most important features is its inclusive approach. The cooperative allows people to open accounts using an ITIN, the number many individuals use to pay taxes in the United States even if they do not have a Social Security number.

“If you pay your taxes with an ITIN, or if you are an immigrant who never had a bank account in your home country, this is your home,” Betancourt said.

The institution also recognizes that many families manage their finances primarily in cash. For that reason, it evaluates other ways to demonstrate financial responsibility—such as utility payments or everyday expenses—to help individuals establish credit history and access loans.

Building financial trust in the community

Beyond traditional banking services, Finanta also promotes tools that make family finances easier. One of its recent programs is Félix, an app that allows users to send money to several Latin American countries directly from a mobile phone.

The service works similarly to popular payment platforms but is designed to facilitate international transfers to countries such as Colombia, Mexico, and nations in Central America.

According to Betancourt, the process can be quick and simple: “We tested the service by sending money to friends in El Salvador, and the money arrived in three or four minutes,” he said.

Beyond financial services, Finanta’s goal is to build a relationship of trust with Philadelphia’s Latino community.

The organization’s roots go back more than 30 years, when it began by offering loans to small entrepreneurs in the Kensington area. Over time, the institution identified a greater need: helping families gain access to bank accounts and basic financial services. Today, with a federal license and deposits insured by the U.S. government, Finanta seeks to establish itself as a strong alternative within the financial system.

One of the main challenges is that many people still do not know cooperative exists. “We have the products, we have employees who speak Spanish, and we understand the needs of our community. The challenge now is making sure more people know that we are here to help them,” he explained.

Finanta also maintains a close relationship with the economic development of immigrant and low-income communities in the Philadelphia region, Pennsylvania, New Jersey, and Delaware. For more than three decades, its mission has been to offer fair financial services to people who often lack access to the traditional banking system.

The final message from Finanta’s president captures the spirit of the institution: “Our goal is to build a relationship of trust with the community. We want to be a financial advisor for families. We are here with open hands and open hearts to help,” he concluded.

In summary, Finanta Credit Union was born as an initiative to provide financial access to communities that have historically been excluded, and today it continues working to promote local economic development and financial inclusion for Latino families in Philadelphia.