Last Updated on March 25, 2024 by BVN
T Jay Diallo, CEO | First Community Capital
First Community Capital (FCC), proudly certified by the US Department of the Treasury as a Community Development Financial Institution (CDFI), is thrilled to report substantial achievements and financial growth for the year ended 2023. As a dedicated non-profit economic development institution, FCC has steadfastly championed economic justice and opportunity, dedicating its efforts to support economically disadvantaged small businesses and Low- and Moderate-Income individuals, particularly focusing on Black, Indigenous, and People of Color (BIPOC).
Expanding Impact through Strategic Programs and Lending
Our innovative microlending and business counseling programs have significantly advanced the economic well-being of the communities we serve. The growth in our lending activities, with the total number of loans increasing to over 75 in 2023, highlights our dedication to fostering economic recovery and resilience among underrepresented communities in Riverside, San Bernardino, and Los Angeles counties.
Milestones and Recognitions
FCC’s journey has been marked by significant milestones, including our certification as a Community Development Financial Institution (CDFI) by the US Department of the Treasury, a testament to our commitment to financial inclusivity and community development. This certification, along with the acquisition of our first CDFI Technical Assistance Grant in 2022 and reaching the 100 loans milestone in October 2023, underscores our impact and dedication to our mission.
Robust Financial and Operational Growth
The year 2023 saw remarkable financial achievements for FCC, with total assets increasing by 66% to $750K and Unrestricted Net Assets growing by 236%. These gains reflect our strong financial health and strategic growth. Additionally, our continued revenue growth, with a notable increase of 18% in 2023, alongside consistent growth in net income, underscores the effectiveness of our operational strategies and market presence.
Empowerment through Education and Events
Our technical assistance programs and community events, including the “Reimagine Your Business” workshops and the inaugural African Immigrant Entrepreneurship Ecosystem cohort, exemplify our commitment to empowering entrepreneurs and small business owners with the knowledge and resources needed for success.
Gratitude and Future Outlook
FCC extends its deepest gratitude to our board of directors, staff, sponsors, partners, and the communities we serve. The success stories of businesses such as L & R Global Link, Martinez & Sons, and Haadi Shipping & Auto Body Work testify to the transformative impact of our services. As we move forward, FCC remains committed to its mission of economic justice and opportunity for all, reinforcing its position as an equal opportunity lender and a pillar of support for the underrepresented.
We thank our partners, including Rise Economy, CAMEO, PNC Bank, US Bank, Bank of America, CCEDA, Credit Builders Alliance, African American Alliance of CDFI’s & CEOs, Pacific Premier Bank, City National Bank, CA Investment and Innovation Program (Cal IIP), Pacific Western Bank, Sisters of Charity of Cincinnati, Loma Linda Health University (LLUH), Uplift San Bernardino, Riverside County Black Chamber of Commerce , Murrieta / Wildomar Chamber of Commerce, Tito’s Handmade Vodka, for their continued support and collaboration. Together, we are making a difference in the lives of those we serve and contributing to a more equitable and prosperous future.
About First Community Capital
Headquartered in Riverside, CA, First Community Capital is a non-profit, CDFI certified by the US Department of the Treasury, dedicated to providing accessible capital and support to disadvantaged small businesses and individuals. We are committed to being an equal opportunity lender, with a focus on serving BIPOC communities, women, veterans, refugees, immigrants, and individuals impacted by the justice system.