|Largo, MD–County Executive Angela Alsobrooks and the Board of Directors of FSC First are pleased to announce that FSC First has been selected by Citi Foundation as one of 30 Community Development Financial Institutions (CDFIs) nationwide to collectively receive $15 Million in grants.
Citi Foundation announced the grants are funded to support CDFIs efforts to provide small businesses with the vital resources needed to sustain their operations and support economically vulnerable households impacted by COVID-19. The CDFIs, which will each receive $500,000 in unrestricted funding, were selected through an open Request for Proposals application process based on their strong track record of serving small businesses owned by people of color and underserved individuals and communities.
Kenneth L. White, Chairman of the Board, said, “the FSC First Board of Directors thanks Citi Foundation for this new partnership to further our mission to increase our funding capacity and provide creative and innovative business financing solutions to small businesses in the State of Maryland.”
“We are so pleased to be selected for this generous award”, stated Shelly M. Gross-Wade, President & CEO of FSC First. “This endorsement of the great work we do at FSC First encourages us to continue pivoting to provide increased access to capital for our local businesses greatest impacted by the COVID-19 pandemic.”
The grant proceeds will be used to fund Loan Loss Reserves and support FSC First efforts to deliver enhanced technical assistance and increased awareness of its direct loans and grant opportunities for small and minority-owned businesses, while also supporting the automation and integration of its loan processing systems.
For additional information, please click on the following links: www.fscfirst.com https://www.citigroup.com/citi/news/2020/201119a.htm