Who We Serve - First Community Capital

Our dedication to serving the needs of diverse entrepreneurs is at the core of our mission. We take pride in being the driving force behind your aspirations, providing the financial support, resources, and guidance needed to turn your entrepreneurial dreams into reality. With a commitment to inclusivity and exceptional customer support, we stand by your side as you chart your path to success.

Minority-Owned Business Loans

Minority owned business loans are growing at a faster pace than overall U.S. businesses. Minority entrepreneurs owned 8 million or 29% of the nation’s nearly 27.6 million businesses as of 2012, up from 5.8 million in 2007 according to U.S. Census Bureau data.

However, securing financing can be a challenge for minorities. According to the Federal Minority Business Development Agency, minority entrepreneurs may have lower credit scores and fewer assets to secure loans than other business owners. As a CDFI lender, First Community Capital (FCC) was established to bridge that gap, by providing affordable financing opportunities and holistic business counseling specifically geared toward minorities and entrepreneurs who don’t often qualify for traditional lending. FCC proudly provides alternative financing options in such cases.

Women-Owned Business Loans

Women are starting businesses in increasing numbers, but research suggests access to affordable capital is becoming increasingly difficult for women-owned businesses compared to their male counterparts. According to a study conducted in 2014 by the National Women’s Business Council, men-owned firms start with nearly double the capital women-owned firms do, and women-owned firms only get about 6% of the outside equity that male-owned firms do on average.

Our mission at First Community Capital is to remove these and other barriers that prevent women-owned businesses from equally accessing capital and other financial services for their new or existing business. FCC is committed to working with women entrepreneurs, and to assist in finding the best options for their businesses, namely lower borrowing costs and favorable loan terms and conditions.

Rural Entrepreneurs Loans

Studies have shown that counties in rural areas were more heavily impacted during the economic crises of 2008 when most small businesses were forced to close. It is no surprise that rural areas suffer more significantly during an economic crisis since most have a high unemployment rate and often low access to capital and other financial services.

In such instances, rural entrepreneurs and farmworkers cannot fund their new ideas or to further support their existing businesses. At First Community Capital our loan program was established to improve the economic and environmental climate in rural communities through the development, improvement, and financing of small businesses that create and preserve jobs in rural areas.

Veteran-Owned Business Loans

Research indicates that Veteran entrepreneurs own 7.5% of the nation’s 5.4 million businesses having employees. Unfortunately, these veterans struggle to get the funding they need to start or scale their businesses purely due to financial gaps as a result of their time deployed or on active duty.

First Community Capital understands and appreciates the sacrifice of the brave men and women who serve and protect our great nation in the armed forces. Every military family should be respected for risking their lives to preserve and protect us all. At First Community Capital our commitment is to the service of our veterans, and we work to ensure they receive the necessary funding and technical assistance to start up or support existing businesses.

Immigrant and Refugee-Owned Business Loans

The United States is still the most sought-after country for refugees or immigrants fleeing persecution or simply looking for economic opportunities to improve the quality of life for their children and families. In 2015, 70,000 refugees came to the United States. Of those coming to America for a new beginning, many demonstrate incredible skill sets and a strong desire to establish their own business.

Unfortunately, it is almost impossible for newly arrived refugees to start a small business, due to a lack of capital and the inability to borrow from financial institutions. Barriers to these entrepreneurs are typically: language and cultural misunderstandings, lack of credit history and/or an unacceptable credit score, lack of business experience in the United States, lack of collateral, and lack of personal equity to invest in the business. For these reasons, immigrants and refugees are often considered high risk and not bankable to financial institutions.

Re-Entry Program

The goal of this is to ensure a safe and successful return to the community through Technical Assistance and Business Counselling. Each year, more than 700,000 people are released from state and federal prisons, while another 9 million cycle through local jails. Statistics indicate that more than two-thirds of state prisoners are re-arrested within three years of their release and half are re-incarcerated. High rates of recidivism mean more crime, more victims, and more pressure on an already overburdened criminal justice system.

Reentry programs are designed to assist incarcerated individuals with a successful transition to their community after they are released. Specifically, the strategy calls for supporting post-incarceration reentry efforts by assisting such individuals with technical assistance and financial services needed to use their skills to start a business. At First Community Capital our main purpose is to make communities safer, by assisting those returning from prison and jail in becoming responsible and productive tax-paying citizens, while also saving taxpayer dollars by lowering the direct and collateral costs of incarceration.