The money will enhance Community First Fund’s loan fund, enabling it to undertake lending through the end of next year, the nonprofit’s president and CEO Daniel Betancourt said.
Community First Fund, a community development finance institution or CDFI, provides underserved communities in 13 Pennsylvania counties with access to capital, disbursing $5.6 million in loans in the past year.
National Penn’s commitment is one of the largest in Community First Fund’s history, Betancourt said. The bank has supported the nonprofit’s counseling and training programs in the past, but this is its first loan-fund investment, he said.
The money will support roughly 20 loans averaging $50,000 each, targeted primarily in Lancaster and Berks counties, Betancourt said.
“This is an excellent partnership,” he said.
In a statement, National Penn’s Lancaster Region President Tom Jordan praised Community First Fund’s commitment to neighborhood revitalization.
“We are proud to make this investment,” he said.
Based in Boyertown in Berks County, National Penn operates 119 branches in Pennsylvania and one in Maryland. It has six branches in the midstate, according to the Federal Deposit Insurance Corp.