A Powerful Financial Alliance in the Making: City First Bank and Broadway Federal Bank
In a revolutionary move, two of the leading Community Development Financial Institutions (CDFIs) have joined forces to form an even stronger force for economic and social equity. City First Bank of DC, National Association (“City First Bank”) and Broadway Federal Bank, f.s.b. (“Broadway Federal Bank”) have joined together to provide capital in low- to moderate-income communities across the United States. This new alliance holds great potential for empowering entrepreneurs and communities alike. Let's explore how this new institution will work to make a difference.
What Are CDFIs?
Community Development Financial Institutions (CDFIs) are private financial institutions that are dedicated to providing financial services, such as loans, investments, and other financial assistance, to individuals and businesses in underserved or distressed communities throughout the country. The aim is to empower these communities by giving them access to capital that they would not have had otherwise.
The Benefits of Joining Forces
By joining forces, City First Bank and Broadway Federal Bank are able to combine their strengths and tap into each other's networks of business contacts, customers, and local knowledge that each bank has built up over years of service in their respective cities. This allows them to expand their reach beyond Washington D.C., where City First Bank is based, and Los Angeles California where Broadway Federal is headquartered. It also gives them access to new markets that could benefit from additional capital investment from these two CDFIs.
How They Are Helping Communities
The goal of this partnership is clear - create an even more powerful force for economic development in underserved communities across the United States by providing access to capital for businesses that might not otherwise be able to get it on their own. By doing so, these two banks are helping create jobs, support small businesses, and spur economic growth in areas where it is most needed. Additionally, they are helping foster a sense of community by providing financial education programs that help people better understand how they can use finances responsibly in order to achieve their goals.
This powerful alliance between City First Bank and Broadway Federal Bank shows what can be achieved when two committed organizations join forces with a shared vision for making a positive impact in our communities through responsible lending practices and financial education programs designed with the end user in mind. With bi-coastal headquarters already established in Washington DC & Los Angeles California respectively—and plans for expansion into other urban markets—this joint venture has great potential for creating jobs & spurring economic growth while helping low-to-moderate income individuals & families access much needed capital resources they may not have been able to acquire on their own otherwise!
Contact Information
Brian E. Argrett
President and CEO
1 Thomas Circle, NW STE 700
Washington, DC 20005--580
www.cityfirstbroadway.com
investor.relations@broadwayfederalbank.com