Family Shield Credit, a Philadelphia-based funeral financial outfit with ties to greater Glenside, is expanding its reach to more than half of the industry nationwide.

The option helps funeral homes assist customers afford rising funeral costs and was formed by banking experts and John Givnish, owner of Life Celebration by Givnish (which has locations in Glenside and Abington Township). Dan Solecki Sr., Family Shield’s president, is also Givnish’s chief operating officer.

According to John Givnish III, a Huntingdon Valley (Upper Moreland Township) resident and a Life Celebration by Givnish heir, Family Shield allows for a lower monthly rate than any credit card company and functions much like financing a new car: Families are able to take care of funeral expenses gradually if they so choose, instead of stressing over a single upfront payment by a date specified by the funeral home.

“Families might be settling an estate, for example, but those funds might not be available at the time of death. It allows people to purchase time and flexibility to decide how you want to pay for the expenses,” Givnish III said.

The concept launched in 2021 after Givnish was unable to arrange the option through banks and credit unions and has since grown each year.

“The banks couldn’t wrap their heads around it. So, we created it ourselves in order to better care for our clients so that they don’t have to worry about payment. We wanted to give clients exactly what they want when they want it,” Givnish said. “It’s worked well, and now it’s a national platform. We have clients from all over the country. All we’re doing is offering another payment plan.”

Givnish noted that 35 percent of all loans taken out through Family Shield are paid off within 90 days.

“That tells us that people want the ability to take care of what’s at hand before worrying about payment. It’s peace of mind,” he said. “Family Shield gives the customer the ability to decide how and when they want to pay for services. Payment is one of the biggest stressors when the time comes to plan for a funeral. We don’t want our customers to settle for something less than what they wanted. We’re eliminating customer sacrifice.”

“There were other lenders for a long time, but the rates were unaffordable. This model is based on the opposite intention,” Givnish III said. “It’s treated as a premium payment option, which means not everyone qualifies for it. We think it’s very reasonable in terms of its rates and terms. Family Shield provides another avenue that didn’t exist prior. In a lot of ways, it’s become another option for funeral directors to lean on.”

Family Shield recently caught the eye of The Philadelphia Business Journal. From the story:

Family Shield’s board includes Givnish owner John Givnish Jr. as chairman and co-founder as well as former Huntingdon Valley President Bob Marino and Huntingdon Valley Chief Lending Officer Hugh Connelly, who doubles as chief technology officer.

The group raised close to $7 million in startup money from its founders with some outside funders. Krewson said Family Shield is generating between $200,000 and $300,000 in monthly loans underwritten and expects that figure to increase 10 times due to Tribute’s reach in the industry. He said the company turned a profit in less than a year.

Family Shield’s average loan size is $8,500. Krewson said interest rates range between 13.49% and 18%, lower than credit card rates but high enough to compensate for the risk of unsecured financing. Clients have a choice between loan terms of 36 and 60 months. If a customer defaults on the loan, Family Shield would be responsible for the loss and not the funeral home.

“They’re designing this one-stop shop for funeral homes and the interest they had in Family Shield was that there’s really not a payment option that exists inside of the funeral space” Solecki told The Journal. “We’ve created that, and it’s a natural fit to their tech platform.”

For more on Family Shield Credit, you can visit their website. For more on Givnish Life Celebration Homes, you can visit their website. 

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