Acronyms that contain the term progreso financiero 

Progreso Financiero

Company Overview Progress Financial Corporation is a consumer finance company that offers unsecured credit to Hispanics that lack established credit and banking relationships. Our customers are hard working immigrants who have been in the US for 10 years and at the same job for 3.3 years. They come to the US to get ahead and to create a better life for their children. Unfortunately, given the way credit works in the United States, most immigrants have a very difficult time getting loans, building credit and entering the financial mainstream. As a result, we believe that a very large opportunity exists to offer personal loans, retail installment loans and credit cards to a fast growing population of honest, hard working people who demonstrate a high moral commitment to personal obligations. Under the brand name, Progreso Financiero, we market, sell and disburse $500 - $5000 loans in Spanish from a network of distribution points located inside large Hispanic supermarkets and high traffic malls. We currently have 4 locations in the Bay Area, but have plans to expand rapidly to other parts of California and the United States. Founding Story The idea for Progress Financial was born out of a research project at Stanford's Graduate School of Business led by MBA student, James Gutierrez, and sponsored by Professors Charles Holloway and Joel Peterson. Raised among Mexican immigrants, James aimed to start a business that helped hard-working Hispanics achieve their financial goals in the US. The team of ex-Bain and McKinsey consultants interviewed 30+ senior executives at retailers and financial institutions who have successfully penetrated the Hispanic market, namely Wells Fargo, Bank of America, Fair Isaac, Experian, Ace Check Cashing, Lexicon Marketing, and La Curacao. The team also studied several credit companies in Latin America that have proven that lending to the poor is profitable and highly impactful. These businesses include Banco Azteca/Elektra, Casas Bahia, Compartamos, Credito Familiar and Zogbi Bank. Gabriel Manjarrez, Bank of America's former Hispanic Segment Executive, who led the bank's acquisition of 4M+ Hispanic consumers and testified in Congress on the use of Matricula Consular IDs in financial services, later joined James as co-founder. We currently have sales locations in San Jose, CA, one of the most important Hispanic immigrant communities in the country.

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