The Inquirer: These Neighborhood Lenders Got Philly Coronavirus Loans Approved, Plan New Credit Union

It’s a Philadelphia story as old as Ben Franklin — with a coronavirus twist.When he came to Philadelphia 20 years ago, Diego Vivas went door to door, passing out pizza shop ad flyers to earn his bread.

But last month, Vivas had to lay off most of his staff of 25 in the coronavirus shutdown. He rushed to learn about the federal government’s new Paycheck Protection Program — “forgivable” loans if the money is used to pay for payroll and space over the next two months.

Vivas called the bank that holds his checking accounts, Tompkins VIST, and piled up the PPP paperwork — “all my information and five years of taxes.” Days went by, then a week.

Finally, a nonprofit serving Latino immigrant communities and other businesses, Finanta, which had financed a piece of his equipment loan eight years ago, took his application — and approved a PPP loan of more than $100,000. “Now I can start bringing back people,” Vivas told me.

Vivas, a native of Colombia, said he’s pleased that Philadelphia’s vibrant immigrant business communities are finally drawing lenders’ interest. Indeed, Tompkins VIST bank called him Monday, as a second round of PPP loan approvals began.