NEW YORK, NEW YORK – September 14, 2021 – Quontic Bank Holdings Corp, the parent to Quontic Bank, is the recipient of $1.825M from the U.S. Department of the Treasury’s CDFI Rapid Response Program. The program was designed to quickly deploy capital to Certified CDFIs to support small business owners and wage earners impacted by COVID-19. The funds will allow Quontic to reach more low-income families, minorities and those residing in low income communities, so they may access equity in their homes. The funds will also assist creditworthy low-income homebuyers to build a more stable future through affordable home financing.
Quontic’s focuses on financially underserved communities. The bank brings the dream of homeownership to low-income families, immigrants, people of color, small business owners and others who are unable to obtain home mortgage financing through traditional mortgage channels.
“Quontic is extremely appreciative to be awarded CDFI Rapid Response funds that will further allow us to assist in the communities we serve,” said Steve Schnall, CEO & Founder of Quontic. “We’re aware firsthand how much the pandemic affected families, and minorities in particular. The funds will help those creditworthy low-income homebuyers, affected by COVID-19 obtain affordable financing. In addition, we’re committed to providing financial literacy and homeownership education to financially underserved communities through partnering with local organizations already embedded in the communities we serve.”
Quontic is among 863 CDFIs nationwide that were awarded a total of $1.25 billion dollars in Rapid Response Program funds to aid underserved communities across the country negatively impacted by COVID-19. Quontic was named one of Inc 5000’s fastest growing private companies in America in both 2020 and 2021 and recently featured as Bankrate’s Best Online Bank.
To learn more about Quontic and its mission, visit www.Quontic.com.
Quontic is the adaptive digital bank that empowers its customers financially while embracing their diverse circumstances. Quontic’s disruptive banking platform reimagines traditional banking with adaptive lending and innovative deposit products that transcend legacy banking inequities. Quontic’s mission to break the system for financial empowerment stands in the face of big banks and proves there is a better and more equitable way to put the customer first. The bank focuses on truly understanding and serving the underdogs, entrepreneurs, gig-economy workers, immigrants, and more with a curated banking experience as opposed to a one-size-fits-all banking approach. Quontic is a privately held company based in New York, New York. Follow and connect with Quontic on LinkedIn, Facebook and Instagram.
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $3.9 billion to CDFIs, community development organizations, and financial institutions through the Bank Enterprise Award Program, the Capital Magnet Fund, the Community Development Financial Institutions Program, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $61 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds for over $1.7 billion through the CDFI Bond Guarantee Program. For more information about the CDFI Fund and its programs, please visit www.cdfifund.gov.