Press Release: Top Black-Led Financial Organizations to Provide Up To $100 Million in Mission-Focused Lending to Underserved Small Business Owners
City First Bank, Capital Impact Partners, and CDC Small Business Finance team up to support low-to-moderate income areas in California; Washington, D.C.; Maryland; and Virginia with flexible owner-occupied commercial real estate options via their Small Business Administration 504 First Mortgage program.
OCTOBER 3, 2023 (Arlington, VA/Washington, DC) – The pathway for underserved small business owners to obtain affordable owner-occupied commercial real estate mortgages just got easier — thanks to a new loan product meant to help small businesses in low-to-moderate income areas. By working in these disinvested communities, this loan product will also help entrepreneurs of color and female entrepreneurs.
This effort reinforces the shared vision of City First Bank, Capital Impact Partners, and CDC Small Business Finance to address systemic barriers to accessing capital by providing Small Business Administration (“SBA”) 504 First Mortgage loans.
“This is a creative, flexible loan product with competitive rates that is tailored to the needs of entrepreneurs who live in or serve disinvested communities — or who otherwise have been left out due to historical lending practices,” said Ellis Carr, President and CEO of Capital Impact Partners and CDC Small Business Finance, each of which is part of the Momentus Capital branded family of organizations.
This mission-focused SBA 504 First Mortgage partnership is designed to intentionally attract and invest private capital into the low-income neighborhoods and/or minority-owned businesses in the overlapping markets of City First Bank and Momentus Capital in California, Maryland, Virginia, and Washington, D.C.
“City First Bank is thrilled to partner with Momentus Capital and leverage its track record for originating and servicing SBA 504 First Mortgage loans that can benefit our small business customers,” said Brian Argrett, President and CEO of City First Bank, National Association.