|
|
Where We Are Headed
Community First, Inc., has served the District of Columbia since 1993. Our mission is to bring greater access to capital for small businesses in the city. Recently, we scored a major success when our spin-off development bank, City First, opened in June, 1999. Our major goals for this year are to boost our current portfolio of 24 loans worth $5 million by 40%.
What's in a Name?
In truth, our first mission was to be a bank and we liked the name Community First because it sounded like a financial institution. But this name also highlights our philosophy. The prosperity of any city improves when the community functions well. Access to loans is only part of the puzzle, so we try to do more than leverage capital and create jobs. The use of partnerships defines the way we work, and we hope our efforts will help banks and small businesses find ways to trust one another and bring creative solutions to bear on our city's problems and opportunities. Our lending program helps strengthen neighborhoods by increasing local ownership of assets, thereby increasing the liklihood the businesses will remain in the city.
How is CFI funded and staffed?
As a tax exempt, nonprofit organization, we can receive funding from foundations and individuals, but a good deal of our operating support comes from fees we earn when we process loans. We raise our capital on Wall Street in the bond markets.
As for staff, Tim Walter is the president of Community First, bringing ten years of economic development experience and an education that includes an MBA. He also writes a monthly newsletter on community economic development with a readership of over 10,000. He coordinates a team that includes some of the top talent in the SBA 504 Program in the nation. Stephenie Frazier helps us package our loans and is a principal in the Small Business Capital Development Group. Kathleen Strawhacker is a consultant who also packages loans and reviews all our work; she formerly ran one of the most successful development lenders in the U.S., and is now writing the SBA's training manual on the 504 Program. Finally, our team is rounded out by Jan Garlitz, Esq., who closes all our loans; she is arguably the most experienced 504 attorney in the U.S., and consults widely in the industry.
Our loan committee is headed by two key members. Celina Trevino Rosales is the Executive Director of the Latino Economic Development Corporation and a former banker with a speciality in loan work-outs. Robert Leland is Vice President of the National Congress for Community Economic Development; he is one of the most experienced development professionals in Washington.
Please call us for more information: (202) 265-4569.
|
|
|
Community First, Inc.
PO Box 57121 One Dupont Cir., NW, Suite 700
Washington, DC 20037-7121
Ph: (202) 265-4569
Fax: (202) 265-4598
timothy@communityfirst.org
|
|
