Mission-Driven, High Growth Lender Builds on Momentum and Milestone Disbursement of Over One Billion Dollars
REDWOOD CITY, CA--(Marketwired - Oct 28, 2014) - Progreso Financiero, a mission-driven, high growth financial services company providing credit to financially underserved Hispanics, announced today that it has been named to two separate lists of the Bay Area's fastest growing private companies. Progreso was ranked 14th by the Silicon Valley Business Journal, and recorded the fourth biggest single-year revenue of all companies on the list. The company was also ranked 42nd by the San Francisco Business Times.
Progreso, which crossed a milestone $1 billion in loans to more than 400,000 borrowers earlier this year, was also recently named to Inc. Magazine's eighth annual Inc. 500|5000 ranking of the nation's fastest growing private companies.
"It is a great honor to be recognized as one of the fastest growing private companies by two separate groups here in the Bay Area, where innovation and progress are a part of daily life," said Raul Vazquez, CEO of Progreso Financiero. "As we continue to grow we will be able to serve even more individuals through affordable, credit-building loans that help build better futures."
Progreso Financiero, certified by the United States Treasury Department as a Community Development Financial Institution since November 2009 for its responsible lending work in underserved communities, leverages a proprietary risk-scoring platform to accurately assess loan applications and extend installment loans of up to $5,000 to borrowers with little or no credit history. By offering substantially lower fees and interest rates than widely available alternatives, Progreso estimates that it has saved its customers more than $170 million in charges.
Companies ranked on the Bay Area lists were grouped by physical location within each publication's coverage area. Further, all included companies are privately held corporations with documented revenue increases over the last three years. All financial documents were verified by independent auditors.
For more information about Progreso Financiero, please visit http://www.progressfin.com.
About Progreso Financiero
Progreso is a mission-driven, high growth financial services company providing credit-building, affordable loans that help the Hispanic community build a better future.
Progreso leverages its unique technology platform to perform automated risk scoring and augment back-office productivity. The service experience is designed with the Hispanic customer in mind and delivered through a network of 118 locations, conveniently situated in heart of Hispanic neighborhoods, and three call centers. The staff at the stores and call centers speak Spanish and excel at understanding our Hispanic customers' needs.
Cosmo PR for Progreso Financiero
Juan P. Valdes
Vice President of Marketing & Communications