Mission
As both a nonprofit and a community development financial institution, BetterFi seeks to create an alternative to predatory lending, “whether that’s helping people get out of the trap they’re already in or providing ways for them to avoid it in the first place,” says Executive Director and Founder Spike Hosch. “Basically, this [predatory lending] trap is designed to find people when they’re in a bind.” BetterFi’s main programs provide assistance through loan refinancing, financial coaching and helping clients achieve goals.
History
Before returning home to Tennessee, Hosch was working at a bank in Mongolia. He quips that Mongolian loan sharks “may break your knees,” they often charge less than predatory lenders in Tennessee. That contrast convinced him there needed to be better financial solutions in the U.S., so he came back and got to work. Setting up shop inside a bank in nearby Grundy County, BetterFi began as a nonprofit in 2018, and later received its community development financial institution status in 2021. The organization fully opened its Chattanooga office on April 15, 2025 — Tax Day, fittingly.
Scope