October 2009

Community First Raises $3.4 Million

Community First Fund recently received a $1,000,000 grant from the US Treasury’s Community Development Financial Institution (CDFI) Fund and a $495,000 loan from the US Department of Agriculture Intermediary Relending Program (IRP). Community First was the only organization in Pennsylvania to receive either of the awards. The CDFI Fund gave a Financial Assistance (FA) Award to Community First which will be used in equity investments and loans. The CDFI Fund is funded by congressional appropriations and has awarded $625 million through the CDFI Program since inception.

The IRP program was created to alleviate poverty and increase economic activity and employment in rural communities. Under the IRP program, loans are provided to organizations such as Community First Fund for the establishment of revolving loan funds. Since the beginning of September, Community First has received almost $3.4 million dollars in new money. Other organizations contributing with time notes include PNC Bank, the Small Business Administration and The Mercy Fund. For more information contact development@commfirstfund.org.

Client Profile: Sandi’s Breads

Sandi's Breads wheat cookies

Sandi’s Breads located in the Farmstead Farmer’s Market in Palmyra is meeting rising demand for her products. This local small business, owned by Sandi Smith, offers a wide variety of breads, baked fresh daily. This family business does everything from recipe creation, baking, and packaging. In order to provide customers with the most fresh, most nutritional, and most flavorful products Sandi’s Breads mills their own wheat just prior to adding it to the dough. They are currently expanding to now offer European style breads. Sandi’s Breads also features specialty muffins, cookies, and glutton free products. Sandi’s Breads received a loan from Community First Fund in May 2008 to open her market stand business. Community First Fund is committed to supporting entrepreneurs like Sandi.