City First Enterprises Secures $5 Million Loan from JPMorganChase to Grow Affordable Lending Initiatives and Community Development

Press Release

Washington, DC — City First Enterprises (CFE) is excited to announce the closing of a $5 million loan from JPMorganChase. This funding, provided through its Impact Finance & Advisory team, will be instrumental in supporting CFE’s mission to create equitable financial solutions that support people and communities in achieving their economic aspirations.

“This facility is a significant milestone for CFE. Building on our existing relationship with JPMorganChase boosts our lending capacity and reinforces our ability to continue meeting the needs of the communities we serve,” said City First Enterprises CEO Oswaldo Acosta.

The additional capital will be allocated to CFE’s various lending programs, including affordable housing, commercial real estate, small businesses, and clean energy. As CFE prepares for significant growth in its clean energy activities, this facility will further enable its communities to access additional resources.

With this $5 million loan, CFE can extend $10 million in loans to the community, amplifying the positive impact on local businesses, nonprofits, and families. This loan from JPMorganChase will help CFE’s efforts to strengthen communities, foster economic development, and build a more equitable financial system.

“Helping to create equitable financial solutions is an important part of JPMorganChase’s work to advance economic growth opportunities for all,” says Michelle Egan, Head of Credit Solutions for Impact Finance and Advisory. “City First Enterprises has consistently demonstrated its ability to drive impact for the communities it serves, and we look forward to seeing the additional impact the team can unlock with bolstered lending capacity.”

“Funding opportunities like these position CFE a step closer toward our strategic goal of making $120 million in loans for local community development by the end of 2026,” said CFE’s Chief Operating Officer, Rodrigo Cordon. “This facility jump-starts our growth plans for 2025.”

This funding will further CFE’s community impact and dedication to financial inclusion and the ongoing efforts to bridge the gap between traditional banking services and underserved communities. “This is a time of remarkable growth for CFE, as we continue to build on our strong foundation to serve our communities,” said Arisa Koyama, CFE’s Director of Impact. “JPMorganChase has been a big part of that, and we’re grateful for their continued support.”

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About City First Enterprises

City First Enterprises is a certified CDFI (Community Development Financial Institution) specializing in flexible lending for affordable housing, commercial real estate, small businesses, non-profits, and clean energy projects. With a mission to create equitable financial solutions to support people and communities in achieving their economic aspirations, we envision a future where all people and communities transform their futures through equitable access to capital.

FOR IMMEDIATE RELEASE
February 4, 2025

CONTACT:
Jasmine Williams
Communications and Development Manager
City First Enterprises
jasmine@cfenterprises.org
202-536-5838

Julia Decerega
Vice President
JPMorganChase
julia.decerega@jpmchase.com