Community First Fund, an independent non-profit community loan fund, launched its first credit union branch today with an official grand opening and ribbon-cutting ceremony. Community First Fund Credit Union aims to create financial equity and economic mobility for individuals and families, especially African Americans, Latinos, immigrants and women. The credit union’s mission is supported through access to consumer financial products and education that improve personal financial stability and provide opportunities to obtain quality, affordable housing. “We’ve been serving Lancaster for 30 years by providing access to credit to entrepreneurs who want to make a positive change in the community,” said Daniel Betancourt, President and CEO of Community First Fund and the credit union. “With the credit union, our mission is to provide a pathway to financial stability for families. We’re excited to expand our service in the community and celebrate this milestone.” Community First Fund based its plan to launch the credit union on national research that shows
“Unbanked” are people who do not have a savings or checking account, and “underbanked” means they do have bank accounts, but rely on an alternative financial services such as money orders, check cashing stores, or pawn shop loans. Essentially un(der)banked people do not have an established relationship with a financial institution and therefore cannot access nor benefit from critical financial services that ultimately save money and build wealth. To better understand the local need and demand for a credit union, Community First Fund partnered with Franklin and Marshall College’s Center for Opinion Research and surveyed Lancaster County residents. The survey showed a need to strengthen the financial mobility of families and that the creation of a financial center would help foster financial equity and economic prosperity. Community First Fund Credit Union was chartered by the National Credit Union Administration in June 2021 and is one of very few credit unions that have launched nationally since 2017. “This is wealth-building institution,” states Todd Harper, NCUA Board Chair. “Established by the community and for the community, it is at the very heart of our nation’s credit union system that was built on the principle of people helping people.” Community First Fund has received funding from private donors, local foundations such as the Calvin and Janet High Foundation, Lancaster County Community Foundation, the High Foundation, and Ferree Foundation, and national bank partners such as Santander Bank and M&T Bank. Santander Bank was the first bank partner to commit significant financial funding to launch the credit union with a $500k contribution paid over five years. “Investing in projects that help build strong and healthy communities is a key priority for Santander Bank, and we are proud to be a long-time supporter of Community First Fund,” said Seth Goodall, Executive Director, Corporate Social Responsibility for Santander Bank. “The establishment of the Community First Fund Credit Union in Lancaster is a significant enhancement to the community, and we congratulate Community First on reaching this important milestone.” M&T Bank, a long-standing partner of Community First Fund, is the latest bank funder to contribute toward operating support. The bank has committed to provide $1 million over the next five years to the Community First Fund Credit Union in Lancaster. “This moment is about more than opening the Community First Fund Credit Union in Lancaster,” said Tom Koppmann, M&T Bank’s regional president for Southeastern Pennsylvania. “This is about expanding access to banking and other financial services to communities in the area that have been underbanked for years. It’s a transformational moment that could help lift the entire community. M&T Bank is proud to be associated with Community First Fund and its work throughout Southeastern Pennsylvania.”
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Author: Mike LawsonMarried to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple. Archives
April 2024
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