Oportun extends a $2 million low-interest loan to help other Community Development Financial Institutions advance financial inclusion

Rhea-AI Summary

Oportun Financial Corporation (NASDAQ: OPRT) announced a $2 million low-interest loan to the Opportunity Finance Network (OFN) to support Community Development Financial Institutions (CDFI) catering to low- and moderate-income communities. This loan replaces a previous $1 million loan, emphasizing Oportun's commitment to financial inclusion. Since 2006, Oportun has provided over $10.5 billion in loans, saving customers an estimated $1.9 billion in fees. The initiative aims to enhance responsible lending practices in underserved areas, expanding Oportun's positive impact.

Positive

• Increased loan amount to OFN from $1 million to $2 million to support CDFIs.
• Oportun has lent over $10.5 billion, significantly impacting financial inclusion.

Negative

• None.

SAN CARLOS, Calif., Sept. 23, 2021 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (NASDAQ: OPRT), an A.I.-driven financial services and technology company that provides hardworking people with access to responsible and affordable credit, today announced it is extending a $2 million low-interest loan to the Opportunity Finance Network (OFN), the proceeds of which will be used to make loans to other Community Development Financial Institutions (CDFI) serving low- and moderate-income communities. This loan replaces the $1 million low-interest loan that Oportun previously extended to OFN.

“The historic lack of responsible lending to low-and moderate-income communities has created challenges for the hardworking people that Oportun seeks to help,” said Raul Vazquez, CEO of Oportun. “As a successful public company and CDFI, we are in a position to multiply our impact by making more low-interest loans available, through OFN, to other CDFIs who share our mission of financial inclusion and are in a position to help consumers we do not currently serve.”

”OFN proudly helps money flow to people and places where traditional finance doesn’t reach,” said Lisa Mensah, OFN President and CEO. “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 lent over $10.5 billion through over 4.3 million affordable loans that have saved customers an estimated $1.9 billion in interest and fees, according to a study commissioned by Oportun and conducted by the Financial Health Network, a leading nonprofit authority on consumer financial health. Oportun has also helped more than 925,000 people who came to the company without a FICO® score start to establish their credit history.

About Oportun                 
Oportun (Nasdaq: OPRT) is a financial services company that leverages its digital platform to provide responsible consumer credit to hardworking people. Using A.I.-driven models that are built on 15 years of proprietary customer insights and billions of unique data points, Oportun has extended more than 4.3 million loans and over $10.5 billion in affordable credit, providing its customers with alternatives to payday and auto title loans. In recognition of its responsibly designed products which help consumers build their credit history, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.        

Media Contact
George Gonzalez
650-769-0441
george.gonzalez@oportun.com

 

FAQ

What is the recent loan announcement by Oportun (OPRT) about?

Oportun announced a $2 million low-interest loan to OFN, doubling its previous loan to support CDFIs.

How much has Oportun (OPRT) lent since its inception?

Oportun has lent over $10.5 billion through 4.3 million loans since 2006.

What is the purpose of Oportun's loan to the Opportunity Finance Network?

The loan aims to facilitate loans to CDFIs that serve low- and moderate-income communities.

How does Oportun (OPRT) support financial inclusion?

Oportun supports financial inclusion by providing affordable credit to individuals who traditionally lack access.