City First Bank

City First Bank delivers innovative and creative community development finance services to low- and moderate-income communities of Washington DC and its nearby suburbs and Los Angeles, California. City First provides a range of banking services to nonprofit organizations and small businesses. They offer competitive returns to socially motivated investors who want a double bottom line return. With aid from the New Markets Tax Credit, they are able to finance large scale projects and offer subsidized financing for eligible projects that offer demonstrated and sustained benefits in low wealth neighborhoods.

Related News

CDBA | Wednesday, June 22, 2022

Yesterday, the CDFI Fund released the FY2021 Capital Magnet Fund (CMF) award announcement, awarding over $336 million to 32 CDFIs and 27 Nonprofit Housing Organizations. This year: Three CDFI banks or bank holding companies and one CDFI bank affiliate received awards: Beneficial State Bancorp, Inc.; Central Bank of Kansas City; City First Enterprises, Inc.; and Legacy Bank & Trust Company; of the three CDFI banks or bank holding companies and one CDFI bank affiliate, all were either CDBA members or affiliated with a CDBA member; collectively, these banks increased their awards by $4.9 million over their previous award amounts; a total of 146 organizations applied for the FY2021 round requesting more than $991 million in CMF awards. Of those applicants, three were banks or thrifts and two were depository institution holding companies.

Washington Informer | Wednesday, March 23, 2022

D.C. Mayor Muriel Bowser and the Office of the Deputy Mayor for Planning and Economic Development recently announced the inaugural awardees of the Commercial Property Acquisition Fund — a program that provides eligible businesses down payment assistance for the acquisition of commercial property in the District. The Commercial Property Acquisition Fund counts as the first grant program in the District of Columbia created to help entrepreneurs and small business owners who face barriers to accessing capital to purchase their commercial properties. The fund provides down payment assistance through grants up to $750,000 or 25% of the total acquisition cost, whichever is lower, to eligible businesses looking to maintain and expand their operations by acquiring commercial property in the District. The $4 million Commercial Property Acquisition Fund is administered by the largest Black-led bank in the country, City First Bank, with its co-headquarters located in the District.   

Impact Alpha | Thursday, March 17, 2022

Misperceptions of risk among many lenders make Black-owned small businesses twice as likely to get rejected for bank loans as white-owned small businesses. A new fund raised by the Expanding Black Business Credit Network aims to shift the narrative. The Black-led consortium of community development financial institutions, or CDFIs, has raised $29 million for the Black Vision Fund to increase the amount of capital available for lending by its members. The goal: reduce the racial wealth gap. The loans will be underwritten by community lenders including Jackson, Miss.-based Hope Credit Union, the National Community Investment Fund in Chicago, Texas Mezzanine Fund, Minneapolis-based Metropolitan Economic Development Association, City First Broadway Bank in D.C. and Los Angeles, Community First Fund in Philadelphia, and Florida-based Black Business Investment Fund.