Oportun Provides $ 2 Million Low Interest Loan to Help Other Community Development Financial Institutions Advance Financial Inclusion
SAN CARLOS, Calif., September 23, 2021 (GLOBE NEWSWIRE) – Oportun Financial Corporation (NASDAQ: OPRT), an AI-driven financial services and technology company that provides hard workers with access to responsible and affordable credit, today announced that it is providing a low-interest, $ 2 million loan to Opportunity Finance Network (OFN), the proceeds of which will be used to provide loans to other community development finance institutions (CDFI ) serving low and moderate income communities. This loan replaces the low interest rate loan of $ 1 million that Opportunity previously provided to OFN.
“The historic lack of responsible lending to low- and moderate-income communities has created challenges for the hard-working people that Opportunity seeks to help,” said Raul Vazquez, CEO of Oportun. “As a successful public enterprise and CDFI, we are able to multiply our impact by making more low-interest loans available, through OFN, to other CDFIs who share our financial inclusion mission and are able to help consumers that we do. are not currently in use.
“OFN is proud to help money flow to people and places where traditional finance does not reach,” said Lisa Mensah, President and CEO of OFN. “We will direct these resources to other CDFIs, so they can provide affordable financial services in low and moderate income communities and help them thrive.”
Since 2006, Oportun has loaned more than $ 10.5 billion through more than 4.3 million affordable loans that have saved clients an estimated $ 1.9 billion in interest and fees, according to a study commissioned by Timely and led by the Financial Health Network, a leading not-for-profit authority on consumer financial services. health. Oportun has also helped the more than 925,000 people who came to the business without a FICO® score to start building their credit history.
Oportun (Nasdaq: OPRT) is a financial services company that leverages its digital platform to deliver responsible consumer credit to hardworking people. Using AI-powered models that leverage 15 years of proprietary customer information and billions of unique data points, Oportun has made over 4.3 million loans and over $ 10.5 billion affordable credit, offering its customers alternatives to payday loans and auto titles. In recognition of its responsibly designed products that help consumers build their credit history, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.