Community First Fund Looks out for Small BusinessThe spirit of leadership and vision is still thriving in our region. Community First Fund, since inception in 1992, has made a total of 615 small business loans in the central Pennsylvania area. Combined, these loans equal more than nine million dollars. Today Community First has a total of 153 small business loans, accounting for 54% of the loan portfolio. The average size of a loan made at Community First is about $26,000. Community First Fund believes in the success and driving force of small businesses. With the success of small business comes economic growth in the community. These small businesses are mainly sole proprietorships, creating employment for the owner and often times, other family members. Becoming more successful allows them the opportunity to hire more employees, creating more jobs for the community in which they are located.
The AEO (Association for Enterprise Opportunity) calls small business the backbone of our economy. They estimate that there are more than 24 million microenterprises in the U.S., representing 18% of all private employment and 87% of all businesses. One out of six U.S. private sector employees works for a microenterprise. Supporting small business means supporting your community.
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Client Profile: Jessica Dean, Celebrate GettysburgWith a background in writing, marketing, editing, and printing, along with a degree in graphic design, Jessica Dean is the ideal entrepreneur to create an unparalleled publication. Locals to the Adams county area, Jessica and her husband Troy embarked on this new business in the fall of 2006. A loan from Community First Fund was used to help with the start-up costs of finding employees and advertisers and printing Celebrate Gettysburg, a monthly magazine designed for both local residents and tourists of Adams county. From the very first issue, Jessica and her staff of freelance photographers and writers have produced a high-quality publication with full-color pages and priceless tidbits of knowledge. Jessica has the entire upcoming year planned out, with no lack of articles to debut. Says Jessica, “With each issue, we want to improve from the previous; of course, we set the bar pretty high with the first one!” See the January/February 2010 magazine online at www.celebrategettysburg.com.
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Investor Profile: Bank of AmericaBank of America is a tried and true friend of Community First Fund. Bank of America which initially invested $2 million in Community First Fund’s loan fund in 2006 has recently increased that investment to $3 million, making them our largest investor.
In addition to supporting our loan fund which enables Community First to provide loans to our customers, Bank of America (and its predecessors) has been a supporter of the annual Friends of the Fund celebration since 1996. Understanding that in order for Community First Fund to make loans it must have operational monies for staff, rent, etc. the Bank of America Charitable foundation has contributed more than $55,000 in grants over the last three years.
Says Tom Woodward, Bank of America Pennsylvania Market President,” Bank of America remains focused on providing relevant, meaningful support to Community Development Financial Institutions like Community First Fund so they can help small businesses, nonprofits, and families navigate difficult times. Ensuring vulnerable populations in our community have access to credit is a critical component to revitalizing the economy. We are proud to support Community First Fund’s impact in Central Pennsylvania.”
Community First Receives Donation from WachoviaDan Betancourt, President and CEO; Joan Brodhead, Senior V.P. and COO; and Jeff Dice, Director of Business Lending and Counseling for the York/Adams Region graciously accept a $7,500 donation from Phyllis Leonard, Officer, Relationship Manager, Small Business Banking at Wachovia. The donation is from the Wachovia Wells Fargo Foundation.
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