Over the last decade, there has been a notable increase in Black, Hispanic, Latino, and Asian residents in Pennsylvania, presenting an opportunity to rebuild a racially equitable local economy. It’s increasingly clear that we must collectively address the barriers and inequities that limit the full economic potential of communities of color.
A long-standing history of serving Pennsylvanians
With a deep understanding of how small businesses help create unique identity and vibrancy in communities, Community First Fund (“Community First”) has worked with thousands of restaurants, bodegas, barbershops, nonprofits, and community developers across the eastern Pennsylvania market for over 30 years.
Community First Fund was founded by Black and Latino community visionaries with a dream to provide much needed capital to low-income entrepreneurs and community organizations serving the poor in South Central Pennsylvania. These leaders created community development loan institutions (CDFI)─ some of the first to form across the country, to address the opportunity gap and make capital accessible to all residents. To date, Community First Fund has provided $487 million in loans and investments across central and eastern Pennsylvania, 71% of which has gone to businesses owned by people of color. They have lending offices in Philadelphia, Lancaster, Reading, Harrisburg, York, and Allentown.
Joining forces via the Economic Justice Fund
Last August, Truist Foundation partnered with Community First’s Economic Justice Fund (EJFund) to support lending activities to Black and Latino entrepreneurs across its service footprint in Eastern and Central Pennsylvania. The $2.25 million grant was part of Truist’s recent $120 million commitment to strengthen and support small businesses nationally, with a focus on women and diverse business owners.
The EJFund showcases the transformative power of access to responsible financial services for underserved populations. Community First aims to grow this fund to $50 million over the next five years, with a focus on efforts that benefit the cities’ low-income communities and people─ especially African Americans, Latinos, and other People of Color who face the greatest barriers to accessing mainstream financial resources.
Community First Fund aims to create thriving communities and, through this Fund, prioritizes support to:
- Businesses that provide jobs for low-income residents
- The development of affordable housing units
- Increasing access to fresh food, healthcare, and educational facilities
Community First Fund offers a range of small business loans with one-on-one business and financial technical assistance, ensuring entrepreneurs have the information they need to be successful─from creating a business plan to building their credit. With increasing rates of gentrification across the U.S., it’s vital for people to live in equitable and vibrant communities and access meaningful wealth building opportunities.
Creating prosperity for low-wealth communities across Pennsylvania
The EJFund funds many of Community First’s programs, including the Affinity Group Lending (AGL) program based in Philadelphia which facilitates lending circles to help entrepreneurs access capital and build their credit in the U.S. AGL provides meaningful financial advice and builds sustainable wealth for their families and generations to come.
It’s not just about the loans Community First provides, but the education and technical assistance for all clients that come through their doors. Community First prides itself on helping clients become agents of change in their communities in the areas of affordable housing, access to food and healthcare resources, creating jobs and economic security, and increasing educational opportunities.
One of many success stories: Mamie Sardnee
