Progreso Financiero is a leading financial services company serving the needs of the growing Hispanic market. Our mission is to help our customers build credit in the United States and gain access to better lives and mainstream financial services. We understand the hard-working culture of our customers and believe in investing in their potential and desire for the American Dream.
Progreso focuses on offering unsecured credit to under-banked Hispanic families that lack FICO scores, credit histories, and traditional banking relationships. We believe that if served correctly and fairly, our borrowers will prove that they are, in fact, “pre-prime”, and also very loyal, long term customers.
Our Approach: High Touch with High Tech
Our model combines “high touch” with “high tech”. We believe there is a lot to learn from the “high touch” world of international microfinance, where institutions lend to the poor at very low losses, primarily because of the personal bonds created between lenders and borrowers. Our goal is to combine best practices from the “high touch” world of microfinance with the “high tech” world of automation, statistical scoring, and CRM modeling employed by credit card companies in the U.S.
From a credit perspective, we have developed innovative ways to assess credit risk among Hispanic consumers and in turn, can lend money at fair rates and lower losses. As for marketing, our approach is simple: we serve our customers where they are and how they like to be served. We locate our branches in our customers' communities - in the supermarkets, malls, and neighborhoods where they live, shop, and work - and we focus on hiring from within the local community. We set up small, predictable and frequent bi-weekly payments to help our customers more easily manage their cash flow and loan obligations.
During the application process, we make sure that our customers can actually afford the loan and turn away those who cannot. We then set up fixed payment schedules to help our customers manage their credit responsibly. Best of all, once the last payment is made, we give our customers the satisfaction and peace of mind that comes with putting a loan behind them.
The company was born in September 2005 and made its first loan out of a small supermarket in San Jose called Super Mercado Mexico in April 2006. From the beginning, the company was focused on understanding their customers' needs first hand. After several months in the store, the company hired its first account executive and opened their 2nd booth inside San Jose’s large Latino supermarket, Mi Pueblo. Today, the company has over 80 sales points spread across California, Texas, and Illinois, with plans to expand nationwide. We believe in hiring from the communities we serve and investing in the development of our employees, as well as our customers.
We are deeply committed to building a great business while also achieving social good, and will only hire people who share our values.