8602357696?profile=originalProgreso Financiero, an innovative and socially minded financial institution dedicated to the economic advancement of lower-income Hispanic families, today announced that its founder and CEO, James Gutierrez, has been named to the Consumer Advisory Council. In this role, he will represent the perspective of consumers and innovators in serving the unbanked and advise the Federal Reserve Board on issues relevant to lower-income individuals and their economic advancement.

“It is an honor to be selected to serve on the Consumer Advisory Council, and it will allow me to continue to advocate for the creation of innovative and affordable ways for America’s underserved communities to join the financial mainstream,” Gutierrez said. “With more than 23 million underbanked Hispanics in the United States, it is imperative that we encourage and facilitate investment, development and access by the financial industry in these communities.”

Through Progreso Financiero, Gutierrez has been instrumental in filling a large gap in today’s financial system by helping individuals with thin or no credit files establish credit and fulfill their banking needs. Progreso Financiero offers customers responsible and affordable small-dollar loans that can be paid back in fixed installments and that emphasize a borrower’s true capacity to afford a loan. As customers pay back their loan, they establish and build their credit history, and begin to move up the economic ladder.

The typical Progreso Financiero borrower begins with no credit history, yet after three successful small loans that each average $1,000 for 10 months, they can build to a credit score of 660. This allows them to qualify for more traditional products offered by larger lenders and financial institutions. Since its founding in 2005, the company has made more than 90,000 loans, extending $100 million in capital to underserved Hispanic families through more than 50 locations across California and Texas, and helped 87 percent of customers improve their credit scores through a Progreso loan. READ MORE

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