Community First Fund Receives $30 Million New Markets Tax Credit Allocation from US Treasury CDFI Fund

Lancaster, PA – Community First Fund is pleased to announce the receipt of $30 million New Markets Tax Credit allocation from the U.S. Department of the Treasury’s Community Development Financial Institution Fund.  Community First Fund was selected as one of 102 awardees from applicants requesting a total of $14.8 billion in tax credit allocation.

The New Markets Tax Credit Program (NMTC Program) helps economically distressed communities attract private investment capital.  This federal tax credit helps to fill project financing gaps by enabling investors to make larger investments than would otherwise be possible.  Communities benefit from jobs created and the development of housing and public facilities such as health, education, and workforce development entities.

“We are extremely proud of this accomplishment and even more excited about the resources it will bring to the communities we serve,” says Daniel Betancourt, President and CEO of Community First Fund.  “This program allows us to support projects that align with our goal of creating pathways to sustainable and vibrant communities that create jobs, provide affordable housing, grant access to healthy foods, promote access to healthcare and serve as a catalyst for even more community development initiatives.”

The program is directed by the U.S. Department of the Treasury’s CDFI Fund and allocated to local Community Development Entities (CDEs) across the United States.  Community First Fund is a certified CDE. This allocation will give Community First Fund the authority to provide tax credits to investors who can then make qualified investments into impactful projects.

Community First Fund has now been awarded a total of $120 million in New Markets Tax Credits to revitalize low-income communities throughout eastern and central Pennsylvania since 2013.  Previous projects provided financing to: expand workforce development training opportunities, create grocery stores in areas designated as a USDA “food deserts,” develop affordable housing, and redevelop blighted space into commercial and mixed-use facilities.

About Community First Fund

Community First Fund is a private, independent non-profit Community Development Financial Institution (CDFI) whose mission is to provide capital in places where it is not usually available. We seek to create positive change in the community by providing entrepreneurs, commercial real estate and affordable housing developers as well as nonprofits with access to loans for projects that generate jobs, create housing opportunities, essential community facilities, and that help to revitalize communities. www.communityfirstfund.org.

Community First Fund to Participate in House Democratic Policy Committee Hearing

LANCASTER, PA – Representatives from Community First Fund will be joining other community leaders to discuss Community Development and Financial Institutions at a PA House Democratic Policy Committee Hearing on Friday, September 8.

Rep. Ismail Smith-Wade-El from the 49th District in Lancaster is hosting the hearing on Community Development and Financial Institutions at Thaddeus Stevens College at 1pm.  The hearing will feature three panels, with the second featuring Community First Fund panelists: Jonathan Encarnacion, Community First Fund Board Member and Alba Fernandez, Senior Vice President, Director of Lending.

Jonathan and Alba will be joined in the hearing by Jose Lopez, CEO of the Spanish American Civic Association (SACA), Marlyn Barbosa, Chief Workforce Development Officer, SACA, and Jamie Arroyo, Executive Director of Assets.

The hearing is open to the public.  Testimony from the hearing will be posted to pahouse.com/policycommittee/hearingmaterials.

About Community First Fund

Community First Fund is a private, independent non-profit Community Development Financial Institution (CDFI) whose mission is to provide capital in places where it is not usually available. We seek to create positive change in the community by providing entrepreneurs, commercial real estate and affordable housing developers as well as nonprofits with access to loans for projects that generate jobs, create housing opportunities, essential community facilities, and that help to revitalize communities. www.communityfirstfund.org.

Community First Fund named FHLBank Pittsburgh’s Diversity, Equity and Inclusion Membership Award Recipient

LANCASTER, PA – Community First Fund has been selected as the recipient of the 2023 Federal Home Loan Bank of Pittsburgh’s (FHLBank) Diversity, Equity and Inclusion Membership Award.  Community First Fund will be recognized at FHLBank’s member event in Philadelphia on June 26.

The award celebrates FHLBank member financial institutions that have implemented or supported impactful, innovative diversity, equity and inclusion (DEI) initiatives or programs in their communities.  Being selected for this award also serves to inform and inspire other financial institutions to enhance their commitments to DEI work in their communities.

FHLBank selected Community First Fund for its community impact across eastern Pennsylvania through its Economic Justice Fund Program.  Community First Fund is committed to creating inclusive and vibrant communities that increases economic prosperity for everyone.  Its Economic Justice Fund Program, created in 2020, reflects Community First Fund’s mission and commitment to serving People of Color, women, immigrants, and low-income individuals and communities.

The Economic Justice Fund Program coupled with Community First Fund’s technical assistance programs closes the opportunity gap for small business owners and entrepreneurs to start, grow, and expand their businesses, create jobs, advance economic mobility and increase financial stability in their community.  The program supports minority business owners whose business serve and are located in a disadvantaged community.

Community First Fund is grateful for the recognition from FHLBank and is committed to advancing its work uplifting diversity while building wealth and financial equity.

About Community First Fund

Community First Fund is a private, independent non-profit Community Development Financial Institution (CDFI) whose mission is to provide capital in places where it is not usually available. We seek to create positive change in the community by providing entrepreneurs, commercial real estate and affordable housing developers as well as nonprofits with access to loans for projects that generate jobs, create housing opportunities, essential community facilities, and that help to revitalize communities. www.communityfirstfund.org.

About FHLBank Pittsburgh

FHLBank Pittsburgh provides reliable funding and liquidity to its member financial institutions, which include commercial and savings banks, community development financial institutions, credit unions and insurance companies in Delaware, Pennsylvania and West Virginia. FHLBank products and resources help support community lending, housing and economic development. As one of 11 Federal Home Loan Banks established by Congress, FHLBank has been an integral and reliable part of the financial system since 1932. Learn more by visiting www.fhlb-pgh.com.

You can read FHLBank Pittsburgh’s announcement here.

$750,000 Loan Closing for Suit Company Inc.

Philadelphia – Angel Rosario, Director of Community Lending, Lancaster, joins representatives from Suit Corner LLC, to close a $750,000 loan to refinance a loan from a predatory lender.  The refinanced real estate loan and business lines of credit will be critical in helping Suit Corner LLC achieve its revised business plan and continue to serve its community.

Suit Corner is a Philadelphia urban men’s clothing store on Market Street in Center City Philadelphia near Penn’s Landing, Olde City, Society Hill, Independence Mall, and the National Museum of American Jewish History. Suit Corner sells men’s fashion and employs a full-time tailor to help clients get their orders quickly. The business has been open for over 60 years.

The business initially started as a manufacturing business that made Rooster (brand) ties and shipped them to department stores all over the northeast.  The business grew to include three stores
next to each other. In March 2014, three generations of the family business came tumbling down. The famed Shirt Corner at 3rd and Market Street collapsed during a controlled demolition. A month later, tragedy struck again when the family’s sister business, the Suit Corner, was set ablaze. By May 2014, the business had reopened a block down the street and continued to succeed.

In June 2020, more than six years after the fire, the business re-opened at their original
location. Gone is the corner building in favor of a smaller, modern storefront at 302 Market Street, known simply as the Shirt Corner again.

Community First Fund Hosts Community Leaders to Discuss Importance of CDFIs

Community First Fund President and CEO, Daniel Betancourt, and Senior Vice President for Development and Impact, Lydia Walker, with fellow PA CDFI Network member organization, Assets, and its CEO, Jamie Arroyo, hosted community leaders and members from the PA CDFI network for a walking tour of Lancaster city.  Community members included: Senator Ryan Aument and his staff, representatives from Representative Mike Sturla’s office, and representatives from Senator Scott Martin’s office.

While touring, the group discussed the importance of CDFIs and our transformational capital to create vibrancy in our downtowns.  The tour stopped at several clients including both Assets and Community First Fund clients.  Attendees could see firsthand the importance of access to capital for entrepreneurs to start and grow small businesses.

Additionally, the group spoke on the impact of the state’s COVID relief efforts and how it supported businesses throughout the pandemic.  CDFIs like Community First Fund were at the forefront of advocating for and distributing funding to keep small businesses in operation.  In the aftermath of the pandemic, CDFIs are still fighting for small business support.

Community First Fund is grateful for the opportunity to work with public figures to continue to find ways to make a difference in our communities.

$2 Million Loan Closing for Mazzoni Center

Philadelphia – Ilya Golubtsov, VP, Community Lender, Philadelphia joined representatives from the Mazzoni Center to close a $1.5 million term loan and $500,000 line of credit to support two facilities totaling $2 million.

The Mazzoni Center provides comprehensive health and wellness services in a LGBTQ+ focused environment, while preserving the dignity and improving the quality of life of the individuals served.

Founded in 1979, the Mazzoni Center was established two years before the HIV/AIDS epidemic was first recognized.  For the better part of two decades, responding to the AIDS epidemic was the organization’s primary concern.  The Mazzoni Center is the oldest HIV service provider in the state.

Though this continues to be a core pieces of its mission, the Mazzoni Center provides services to all members of the LGBTQ+ community.

Community First Fund Joins CDFI Network to Advocate for Small Business Funding for Pandemic and Inflation Relief

Harrisburg, PA – Community First Fund joined other leaders from the Pennsylvania Community Development Financial Institutions Network (PA CDFI Network) at the State Capitol to ask legislators to include $120 million in this year’s state budget to create a loan fund and grant program to support small businesses still struggling from the impact of the pandemic and inflation.

PA CDFI Network’s request, would create a $100 million loan fund to be managed by members of the PA CDFI Network.  An additional $20 million would create grants to organizations like Community First Fund to provide free business counseling and technical assistance for small businesses.

“We’re asking for another $20 million to support mom-and-pop businesses across the state,” said Daniel Betancourt, President and CEO, Community First Fund.  Dan also serves as the chair of the PA CDFI Network.

Full coverage of the press conference can be found here.

Community First Fund Recognized as Community Partner of the Year – SCORE – Lancaster/Lebanon Chapter

Community First Fund was recognized as the Lancaster/Lebanon SCORE Chapter’s Community Partner of the Year.  Our Central PA Lending Team, Dan Beck, VP, Community Lender Team Leader, Central PA, Angel Rosario, Director of Community Lending, Lancaster, and Oscar Orozco, Senior Community Lender Lancaster, were recognized at the annual Small Business Awards Luncheon.

“Dan has been a long-standing supporter of SCORE Lancaster/Lebanon and our small business clients, providing financial guidance and support to help them launch and grow their businesses,” said Cathy Bonser, Chapter Chair.  “Thank you, Dan and the Community First Fund team for the help that you provide our mentors help their business entrepreneurs achieve their dreams.”

Dan shared that Community First Fund’s partnership with SCORE started more than 13 years ago, when he met with members of SCORE to find a way to build a partnership to help small businesses in Lancaster and Lebanon counties.

Community First Fund was the final award of SCORE’s annual event where they also recognized 5 small business clients for their outstanding success.

Community First Fund is grateful for this recognition and we are proud of the work of our lending team and community partners in helping business entrepreneurs pursue their dreams.

President and CEO Daniel Betancourt appointed Chair of Federal Reserve Board Community Advisory Council

Lancaster, PA – The Federal Reserve Board announced the appointment of Daniel Betancourt, President and CEO of Community First Fund, as the Chair of the Federal Reserve Board’s Community Advisory Council (CAC).  Betancourt was appointed to the CAC in 2020 and most recently served as the council’s Vice Chair.  The board also selected four new members to serve three-year terms.

Since its inception in 2015, the CAC continues to bring together diverse perspectives on the economic circumstances and financial services needs of consumers and communities, with a particular focus on the concerns of low- and moderate-income populations.  Members of the CAC include experts and representatives of consumer, workforce, and community development organizations.

Betancourt has served as President and CEO of Community First Fund since 1999.  Under his leadership, Community First Fund has grown into a revered regional Community Development Financial Institution (CDFI), attracting multi-million-dollar investments with nearly $230 million under management.  In 2022, Community First Fund launched its federally chartered credit union for which Betancourt also serves as President and CEO.

With more than 30 years of experience in small business and economic development lending, Betancourt’s leadership extends beyond the Community First Fund Family of Companies.  He is a member of the Federal Reserve Bank of Philadelphia’s President’s Council.  He serves on the board of directors for the Expanding Black Business Credit Initiative, Greater Philadelphia Hispanic Chamber of Commerce, Impact Services of Philadelphia, and Elizabethtown College.  As Chair of the Pennsylvania CDFI Network, Betancourt’s leadership was instrumental in the development of the COVID-19 Relief Pennsylvania Statewide Small Business Assistance program.

You can read the Federal Reserve’s press release about the announcement here.

Community First Fund Receives $2.25 Million Grant From Truist Foundation

Philadelphia, PA – Truist Foundation today announced a $2.25 million commitment to Community First Fund, a nonprofit Community Development Financial Institution (CDFI), dedicated to aligning capital with social justice for low-income communities and low-wealth individuals. The grant will help launch Community First Fund’s Economic Justice Fund (EJFund) that will support lending activities to Black and Latine entrepreneurs across Community First Fund’s service footprint in Eastern and Central Pennsylvania, including in the greater Philadelphia region.

Truist Chairman and CEO, Bill Rogers and President of Truist Foundation, Lynette Bell joined Community First Fund’s Senior Executive Vice President, Joan M. Brodhead, Chair, Board of Directors, Jonathan Bowser, and Senior Vice President and Chief Lending Officer Dragan Dodik, to formally announce the grant and discuss the future of Community First Fund’s EJFund. Community First Fund is embarking on a campaign to grow this fund to $50 million over the next five years.

“The Truist Foundation supports intermediaries which provide capital at favorable rates and terms for small business owners and individuals in historically excluded communities,” said Lynette Bell. “The work of Community First Fund provides essential financial and technical assistance to help diverse entrepreneurs scale their businesses across Greater Philadelphia.”

The $2.25 million grant is part of Truist’s recent $120 million commitment to strengthen and support small businesses nationally, with a focus on women and diverse business owners. Community First Fund’s work to create financial equity through wealth building opportunities for individuals, families, and business owners, especially Black and Latine individuals, women, and immigrants embodies Truist’s commitment to these communities.

The work of Community First Fund is centered around creating sustainable prosperity for low-wealth communities and individuals by providing loans and investments to small businesses, and real estate financing to non-profit developers and entrepreneurs for commercial and affordable housing projects.

“The Truist Foundation grant of $2.25 million helps us close the opportunity gap for small business owners and entrepreneurs to start, grow and expand their businesses, create jobs, advance economic mobility and increase financial stability in their community,” said Community First Fund President and CEO, Daniel Betancourt.

Truist’s commitment to Pennsylvania and the Philadelphia region goes beyond its partnership with Community First Fund; Truist contributed over half a million dollars in grants while its employees completed 4,434 volunteer hours in the Philadelphia region in 2021.

“This grant and partnership with Community First Fund underscores our commitment to supporting entrepreneurs throughout Pennsylvania,” said Travis Rhodes, Delaware Valley and Lehigh Valley regional president for Truist. “Small businesses are the bedrock of Philadelphia’s economy, and the work of Community First Fund is creating opportunities for more individuals while supporting employees, families and neighborhoods throughout the greater Philadelphia region.”

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About Truist Foundation

The Truist Foundation is committed to Truist Financial Corporation’s (NYSE: TFC) purpose to inspire and build better lives and communities. Established in 2020, the foundation makes strategic investments in nonprofit organizations to help ensure the communities it serves have more opportunities for a better quality of life. The Truist Foundation’s grants and activities focus on building career pathways to economic mobility and strengthening small businesses. Learn more at Truist.com/Purpose/Truist-Foundation.

About Community First Fund

Community First Fund is a private, independent non-profit Community Development Financial Institution (CDFI) whose mission is to provide capital in places where it is not usually available. We seek to create positive change in the community by providing entrepreneurs, commercial real estate and affordable housing developers as well as nonprofits with access to loans for projects that generate jobs, create housing opportunities, essential community facilities, and that help to revitalize communities. www.communityfirstfund.org