A nonprofit lender that aims to aid underserved communities in Reading has opened a bilingual credit union in the city.
Finanta, based in Philadelphia, began 33 years ago as a business loan fund looking to advance economic opportunities in low-income communities.
“Finanta Credit Union’s strategy builds on this mission,” the company said in a press release. “(It) asks members in each geography what financial products and services they need to succeed. It also hires from the community and offers services in Spanish and English.”
The new Finanta financial center at 240 Penn Avenue celebrated its opening with a ribbon cutting April 8.
Reading and Berks County officials, state senators and representatives, and Finanta executives celebrated the opening of the nonprofit’s Reading credit union with a ribbon cutting April 8, 2026. (Courtesy of Finanta)
It is located inside the former DeCarlo’s Bar & Grill building.
Finanta’s Reading location is the company’s third credit union, with the others located in Lancaster and Philadelphia.
In Reading, nearly 1 in 3 residents live below the poverty line, and median household income is about half the state average, Finanta representatives told MediaNews Group.
“Those numbers reflect how hard that system has worked against people in Reading — not what this community is capable of,” representatives said. “Finanta exists, and opened here, to change that equation.”
The new financial center will service existing and new loan fund clients, as well as credit union members.
In addition to offering free checking and savings, and low-cost loans, Finanta Credit Union will offer financial education workshop series on building wealth in Spanish and English on topics including: How to buy a car or a home, understanding credit, obtaining a loan, and budgeting.
Finanta is a Community Development Financial Institution (CDFI), a designation awarded by the U.S. Department of the Treasury to private financial institutions that provide capital in underserved areas.
From its founding in 1992 through the fiscal year 2025, the company has handled $645 million in loans and investments, with 86 percent of loans benefitting low-income communities.
Since 1992, its funding initiatives have financed 12,088 business and community projects, 5,004 housing units and supported 613 first-time homebuyers, according to Finanta’s 2025 financial report.
Finanta’s microloan and small business loan initiatives support entrepreneurs at various stages in their business.
Personal loan options through Finanta include auto loans, home equity loans and lines of credit, and more.
Loans to developers of low to mid-income housing, as well as commercial real estate loans to companies looking to rehabilitate or develop properties in low-income areas, are also priorities for the company.
In addition, Finanta finances larger projects through the federal New Market Tax Credits program, which provides tax credits to banks financing large-scale commercial real estate or mixed-use projects in low-income neighborhoods, according to the company’s website.
Finanta’s loans have supported numerous redevelopment projects in the city, including the Super Natural & Fresh Produce grocery chain, and various projects by Shuman Development Group, such as renovations to the Community Medical Campus and Annex at 131-145 N. 6th Street.
The company’s fully bilingual Reading location will act as a financial center for its current commercial operations, new consumer services and financial education offerings, the company said.
“Finanta exists to provide fair, affordable financial services to people who have too often been left out of financial institutions,” said Daniel Betancourt, CEO of Finanta. “By pairing Finanta Credit Union services with financial education and one-on-one support — in both Spanish and English — we build real relationships with our members and design solutions that help families build wealth and strengthen their communities.”
The company said its credit union’s offerings and services will evolve as Finanta builds relationships in the community and receives members’ feedback.
“Finanta Credit Union will also forge partnerships to meet the needs of the Reading community with other local nonprofits, like Tech Centro, as well as national and international brands, like Félix, which allows customers to safely send money to Latin America at a low-cost,” the company said in the release.
Finanta’s Reading location is open Monday through Thursday, 9 a.m. to 5 p.m. and Friday 9 a.m. to 6 p.m.
Finanta’s Reading location is the nonprofit’s third credit union. The others are in Philadelphia and Lancaster. (Courtesy of Finanta)