First Community Capital, Inc. Certified as a Community Development Financial Institution by Carl Dameron
The Community Development Financial Institutions Fund (CDFI Fund) of the US Department of the Treasury has certified First Community Capital, Inc. as the first and only Community Development Financial Institution (CDFI) located in Southwest Riverside County. First Community Capital serves Southern California and Arizona.
Community development financial institutions play an important role in generating economic growth and opportunity in some of our country’s most troubled communities. By offering tailored resources and innovative programs that invest federal dollars alongside private sector capital, CDFIs take a market-based approach to supporting economically disadvantaged communities.
CDFIs can lend money at very attractive rates to help people buy homes and small businesses.
“Our mission is to foster economic justice and opportunity by providing access to capital and technical assistance to economically disadvantaged micro and rural enterprises,” said Jay Diallo, CEO and Founder of First Community Capital, Inc.
“FCC is motivated to achieve the ambitious goal of economic inclusion by ensuring that BIPOC (Black, Indigenous, People of Color) and women-owned businesses, including immigrants, refugees and former incarcerated people , have equitable access to capital and other financial resources to support business startups, while strengthening existing businesses to withstand the economic impacts imposed by the Covid-19 pandemic, ”said Diallo.
First Community Capital helps low and moderate income entrepreneurs who lack sufficient training and education access capital, providing long-term economic strength to communities while helping small businesses become more resilient.
“We often lend to borrowers who may not meet the underwriting criteria of traditional institutions, helping to bridge the gap between conventional lending standards and the needs of hard-to-reach borrowers,” said Diallo.
Prior to launching First Community Capital in 2019, Diallo was Vice President – Head of Community Development Loans at Pacific Premier Bank in Irvine, California. He was also Executive Director – PPEP Microbusiness & Housing Developing Corporation (PMHDC), in Tucson, AZ.
Diallo received a BA in Political Science with a minor in Economics from Westmont College in Santa Barbara. He also received a graduate degree in banking from the Pacific Coast Banking School in Seattle, WA. His areas of expertise included: credit and corporate risk management, bank financial statements, bank financial tools, dynamic leadership, business conditions analysis, sales and marketing.
First Community Capital is a 501 (c) 3 nonprofit and certified CDFI organization governed by an independent board of directors. The Board of Directors provides fiduciary and organizational oversight, ensuring it achieves its mission of growing businesses and strengthening underserved communities in California and Arizona. Directors are responsible for approving all lending policies and procedures as well as reviewing the financial and programmatic performance of the agency.
“When the health and economic disaster of COVID-19 hit our small businesses, FCC quickly responded to their critical needs. Through the United States Small Business Administration (SBA) Economic Disaster Lending Program (EIDL). FCC has helped more than 65 microenterprises obtain loans to finance their business activities during the pandemic in order to survive until the end of the crisis, ”said Diallo.
“In addition, FCC has provided direct loans specifically to minority-owned microenterprises that were not eligible for the SBA EIDL loan and would otherwise have been left without financial assistance and forced to close their businesses, which may never reopen,” added Diallo.
For more information on First Community Capital, Inc., visit https://www.fccbi.org or call (951) 249-5767
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