MoCaFi’s Rent Relief Program Presents New Standard for Social Impact Among Corporations and Fintechs

Aug 17, 2020

NEWARK, N.J., Aug. 18, 2020 /PRNewswire/ -- MoCaFi ["Mobility Capital Finance"], a Harlem and Newark (NJ) based African American-owned fintech, has partnered with African American-led, Atlanta-based affordable housing developer Quest Communities, to offer low-cost loans to assist renters with their rent payments. The program was launched in late June exclusively for renters in Quest Communities and Westside Atlanta and provided up to $2,000 for rent only.

"With the temporary federal and state provisions that have benefited low-income and working-class Americans during the pandemic reaching their expiration date, we understood that it would be incumbent upon well-intentioned corporations to assist disenfranchised communities," said Wole C. Coaxum, Founder, and CEO of MoCaFi. "Residents in the Westside Atlanta region will agonizingly feel these lapses – in addition to unemployment and disproportionately higher coronavirus infection rates. Our rent relief program will help Quest residents to remain in their homes. At the same time, they will be able to focus on managing as the pandemic continues to affect our communities – particularly, communities of color."

Applicants can apply for a loan that covers up to two months of rent payments or the loan amount maximum ($2,000). The applicant will be approved for the lesser amount of the two. The loan term is 24 months. The loan is priced at 5 percent APR. If approved, proceeds from the loan will be paid directly to the tenant's landlord to cover the monthly rent payment. To date, more than two dozen renters have taken advantage of this program.

"MoCaFi's Rent Relief Program exemplifies the type of social impact that will support those who have been left behind, continuously, through one of the world's most traumatic events," said Leonard Adams, Founder, and CEO of Quest Communities. "Many Quest communities are in neighborhoods that are underinvested and have been underserved for decades. Currently, they are positioned for gentrification, with many "legacy residents" facing displacement. This partnership speaks to how corporations and even startups can stand in the gap for at-risk citizens."

MoCaFi recently launched an upgraded banking platform with features and services designed to address financial inequality in Black, Hispanic, and historically disenfranchised communities. They are committed to providing financial assistance for the more than 50 million Americans who are unbanked or underbanked across the nation. Quest Communities tenants who apply for loans will also have an opportunity to apply for a MoCaFi Mobility Banking account. The account offers a MoCaFi Mobility Debit Mastercard, which provides access to no-charge ATM withdrawals and options on how to load funds, in addition to Tap & Go® contactless payments, mobile wallet functionality, and advanced security features such as Mastercard ID Theft Protection™.

Additionally, loan applicants may want to take advantage of MoCaFi's credit building feature that allows users to pay rent from funds on their MoCaFi Mobility Bank Account and opt in to have those payments reported to Equifax and TransUnion as a tool for building their credit score.

"During these challenging and troubling times, the Equifax Foundation remains a steadfast supporter of our key community partners, including Quest, Mobility Capital Finance and others," added David Stiffler, President, Equifax Foundation and CSR Leader. "Our focus in Atlanta centers on helping vulnerable consumers and communities live their financial best through greater access to products, services, and supportive measures designed to bring them into the financial mainstream and protect them once they arrive. It's impossible to do this if a person or a family lives in fear of eviction or does not have a home.  Our partners and this initiative help people have a home."

For any questions about the loan, interested Quest Communities and Westside Atlanta tenants should email [email protected] or contact customer service at (800) 342-7374 for further details.

About MoCaFi [Mobility Capital Finance, Inc.]

Mobility Capital Finance, Inc. (MoCaFi) is an African American owned fintech serving Americans who exist in the economic margins as unbanked or underbanked. MoCaFi is addressing the market failure in the banking industry by reimagining financial services for individuals to ensure that all Americans have access to safe, secure, and affordable financial products and services.

About Quest Communities

Quest is committed to the development of affordable housing and to providing needs-based community services to enhance the quality of life for underserved individuals and families.

Contact:
Marjorie Fields Harris
917-719-0348
[email protected]

SOURCE MoCaFi

More News

Malaysia turns to Turkey for warship missiles after Norway’s export freeze
Nov 13, 2026
Malaysia turns to Turkey for warship missiles after Norway’s export freeze

Malaysia’s decision to pivot to Turkey for anti-ship missiles after Norway cancelled a procurement deal has offered it a way out of a costly setback, though analysts warn the episode has exposed its vulnerability to foreign export controls and highlighted the need for greater defence autonomy. The planned switch to Turkey’s Roketsan Atmaca missile system for the Malaysian navy’s littoral combat ships (LCS) reflects Kuala Lumpur’s growing defence ties with Ankara, even as questions remain over...

Indonesia’s upper house to pick new VP on December 2
Nov 13, 2026
Indonesia’s upper house to pick new VP on December 2

Indonesia’s upper house of parliament will pick the country’s new vice-president on December 2, its speaker said on Friday, after the dramatic resignation of Gibran Rakabuming Raka, the president’s deputy and the son of his predecessor. Gibran’s ‌resignation this week, which analysts say could widen the gulf between President Prabowo Subianto and former president Joko Widodo, followed a month of increasing political pressure from lawmakers after Indonesia’s top courts ruled that he had...

After Xi Purges China’s Generals, a Military Inquisitor Rises
Nov 13, 2026
After Xi Purges China’s Generals, a Military Inquisitor Rises

The rise of Zhang Shengmin suggests that China’s top brass remains embroiled in investigations, potentially complicating preparations for war over Taiwan.

Could Nvidia scandal put Malaysia’s AI boom in US crosshairs?
Nov 13, 2026
Could Nvidia scandal put Malaysia’s AI boom in US crosshairs?

A scandal involving Nvidia founder Jensen Huang and an alleged Chinese spy is putting Malaysia’s booming data centre industry in Washington’s crosshairs, as US lawmakers demand tighter controls on advanced artificial intelligence chips. Malaysia is among the Southeast Asian economies facing potential fallout from the controversy surrounding Singapore-based Nvidia chip buyer Megaspeed and its Malaysian subsidiary Speedmatrix, amid concerns that American technology may have been diverted to...

Jensen Huang’s fall sparks dismay in Asia over Nvidia ex-CEO’s family man image
Nov 13, 2026
Jensen Huang’s fall sparks dismay in Asia over Nvidia ex-CEO’s family man image

Tech titan Jensen Huang, dressed in his signature leather jacket, has always carried the charisma of a rock star during his public appearances around the world. That allure runs deep in South Korea, where he has had viral dinners at local fried chicken joints as onlookers jostled for a glimpse of the AI chip visionary. But that admiration turned to dejection for some fans in the East Asian nation after Nvidia announced on Thursday that Huang had resigned as CEO amid reports of three extramarital...

Court-appointed administrators to sound out investors for Nexperia stake amid Wingtech feud
Nov 13, 2026
Court-appointed administrators to sound out investors for Nexperia stake amid Wingtech feud

The two court-appointed administrators overseeing Nexperia said on Thursday they would sound out investors on a majority or minority stake in the Dutch chipmaker, a week after its Chinese owner Wingtech rejected their proposal to hand control of its operations outside China to foreign investors. “We have decided to assess market interest in possible long-term solutions for Nexperia,” Guido Dierick and Arnold Croiset van Uchelen said in a statement. “No decision has currently been taken to reduce...

‘Immense benefits’: US envoy to Singapore flagged over US$1m Trump donation
Nov 13, 2026
‘Immense benefits’: US envoy to Singapore flagged over US$1m Trump donation

US ambassador to Singapore Anjani Sinha was among dozens of individuals who allegedly “reaped immense benefits” after helping to fund President Donald Trump’s political operations and pet projects, according to an American think tank. Sinha donated US$1 million to Trump’s political action committee, Maga Inc, in February last year and was nominated as ambassador to Singapore the following month, according to the Centre for American Progress (CAP), citing the Campaign Legal Centre, a non-profit...

Jensen Huang’s abrupt exit stuns Nvidia’s China staff, clouding the outlook in a key market
Nov 13, 2026
Jensen Huang’s abrupt exit stuns Nvidia’s China staff, clouding the outlook in a key market

Jensen Huang’s abrupt resignation stunned some Nvidia staff in China and raised questions about the future of the US chipmaker’s operations in a market its co-founder had spent years cultivating, according to company sources. “It’s the end of an era. I really don’t understand why Huang was asked to resign – no one benefits from him stepping down,” one Nvidia employee in China said, declining to be named as they were not authorised to speak to the media. A second employee said colleagues looked...

Tourists Brave a Muddy Jungle Trek to See a Famed World War II Wreck
Nov 13, 2026
Tourists Brave a Muddy Jungle Trek to See a Famed World War II Wreck

Seven Chinese tourists, a dozen villagers and a couple of journalists forded streams and bushwhacked to the downed plane of Isoroku Yamamoto, the Japanese admiral. Machetes proved handy.

Thailand bets on local AI as Chinese drones dominate its skies
Nov 13, 2026
Thailand bets on local AI as Chinese drones dominate its skies

Drones could save Thai farmers fortunes in fertiliser and water management as a “super El Nino” withers harvests – while also mapping flood risks and safely scouring vast industrial sites, from oil rigs to solar farms, for damage. Yet across Southeast Asia, Thailand is still heavily reliant on Chinese hardware to bring the technology into its economy, creating a price gap that prevents the benefits of drone technology from being shared equally. Thailand is pushing hard on tech adoption to help...

Why Japan’s job market is attracting more Chinese university graduates
Nov 13, 2026
Why Japan’s job market is attracting more Chinese university graduates

After graduating with a bachelor’s degree in China, Jessica Zhang chose to look for work in Japan. She is now studying Japanese at a language school in Kyoto on a student visa while working as a supermarket cashier. She plans to improve her Japanese to an upper-intermediate level, which many employers expect, before applying for a full-time job and switching to a work visa. “I’m working by the hour now, and the pay is quite good by Chinese standards, though prices for daily necessities in Japan...

China’s SMIC sees AI computing crunch until 2028 as Nvidia heat risks tighter chip curbs
Nov 13, 2026
China’s SMIC sees AI computing crunch until 2028 as Nvidia heat risks tighter chip curbs

China’s Semiconductor Manufacturing International Corporation (SMIC) is betting that a relentless data centre buildout will keep artificial intelligence computing power in short supply for the next two years. The bullish forecast comes as scrutiny over former Nvidia CEO Jensen Huang threatens to intensify Washington’s curbs on Chinese access to advanced American processors – a shift that could accelerate China’s reliance on domestic foundries. “By the middle to the second half of 2028 …...

YOUR NEWS, OUR NETWORK.

Do you have Great News you want to tell the world?

Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.

Indo Inquirer

Indo Inquirer is the leading online news network in Indonesia, providing daily breaking news with in-depth news coverage and the best photojournalism. We deliver compelling and diverse engaging stories around the world.

Newsletter