PHILADELPHIA –– Access to financing for Philadelphia-based under-resourced entrepreneurs is expanding after a new and creative community development investing partnership launched between Greenline Access Capital and Everence.
The initiative will allow Greenline Access Capital to grow its ability to offer loans to qualified entrepreneurs in immigrant and historically disadvantaged communities. Greenline is a 501(c)(3) mission-driven financial institution that helps micro-businesses achieve financial wealth and resiliency.
Everence Community Investments will provide the capital while Everence Federal Credit Union will handle loan underwriting and administration. As a faith-based organization, the goal for Everence is to grow the number of people with access to financial services that can help them share their God-given gifts.
Applicants will work with Greenline Access Capital for the application and qualification process and to receive needed business counseling and supportive resources after they are approved. Greenline is led by President and CEO Kersy Azocar who has over 18 years of experience in the financial industry and has led successful local community development initiatives.
The name “Greenline” was inspired by a board member with a vision to “Greenline Philadelphia” in response to the redlining practices that have harmed some of Philadelphia’s most vulnerable neighborhoods for generations.
The new initiative was launched at a celebration event December 5, 2023, at Cantina la Martina, a restaurant which benefitted from grant programs through Greenline Access Capital and the Storefront Improvement Program from the City of Philadelphia’s Department of Commerce.
Cantina la Martina, 2800 D. Street, is a restaurant started and led by Chef Dionicio Jimenez and is enjoying success and growth in the second year of operation in the Kensington community. Chef Dionicio is a 2023 James Beard Award finalist who immigrated from his native Mexico as a boy and overcame many trials to get where he is today.
Everence, established a credit union branch located on the mezzanine level of the Esperanza Health Center at the corner of Kensington and Allegheny Avenues as part of a larger Everence commitment to grow who, how and where it serves people who welcome faith and values-based financial services.
Photos courtesy of Palaeli Studio