Community First Fund provides a variety of loans to individuals and community based organizations committed to starting or expanding small or mid-sized businesses, creating affordable housing units, or developing commercial spaces that will impact the community. Community First Fund charges nominal application fees ranging from $50 to $100.
Small Business Loans: Up to $35,000 for the starting of new businesses or expansion of existing businesses. Uses may include machinery and equipment purchases, site improvements, working capital, inventory, materials and supplies, and expansion.
Mid-sized Business Loans: From $35,000 to $500,000+ to support the increased capital needs of maturing businesses and may be used for such things as expanding or improving the business site and services provided, increasing supplies, materials and/or staff.
Community Development Loans: For the support of non-profit and community organizations to develop and support community-based programs.
Affordable Housing Loans: For for-profit and non-profit developers to rehabilitate affordable housing for rental or resale.
 Our Affordable Housing program is sponsored in part by the Lancaster County Community Foundation.Â
Commercial Mortgage Loans: Up to $500,000 for commercial properties used as retail space, wholesale operations, light manufacturing, storage, etc. The purpose can be to purchase, construct or refinance.
SBA Guaranteed Loans: Community First is an SBA approved lender. For more information on the      SBA 7(a) program, Express, CommunityExpress, and Patriot Express visit the U.S. Small Business Adminstration’s Web site.
Ready to apply?
Download, print, and bring your completed application into any one of our five offices. Our Business Lenders work with you if you need assistance.
Business & Community Development
Affordable Housing & Commercial Mortgage
For more information on these and other topics see our Community First Resources here.
Frequently Asked Questions
How is Community First Fund different from banks and other funding sources?
Community First Fund is a private, independent, non-profit community development financial institution. Community First Fund looks at the overall social and community impact of the business for which a loan is sought. Community First Fund considers non-traditional collateral, offers a flexible loan structure. The rates and fees are generally competitive with bank rates for similar loans. Community First Fund also provides business counseling and training and technical assistance to help potential borrowers improve their capacity to succeed in business
Does Community First Fund provide grants?
No, Community First Fund provides loans to qualified applicants. Information on grants and other sources of funding click here.
How much can I borrow and for how long?
Community First Fund will make loans for as little as $1,000 and as much as $500,000 depending on the stage of the business (start-up versus existing). Repayment terms are flexible based on cash flow and use of funds.
Is my credit history important?
Credit history is one of the most important factors in making our decision to provide a loan. Credit history is the clearest indication we have of your willingness and ability to repay loans.
Do I need collateral?
Yes, we will ask you to pledge your business assets to secure a loan. Offering assets such as your automobile, home, or other real estate makes us feel that you are as confident in your business as you would like us to be. Although not always required, we like to have spouses guarantee the debt to show there is family support of the business.
Do I need a business plan?
A business plan is necessary for start-ups and can be very useful for existing businesses, especially when major changes are planned. A business plan outline is included in our application packet and lists questions that Community First Fund would like to have answered. A business plan does not have to be a lengthy paper, but should outline your goals and business direction.
How long does the approval process take?
Once we have a fully completed application packet, Community First Fund aims to have an answer to you within two weeks. Each loan officer uses the information you provide to write an in-house document summarizing your loan request amount, respective financial and business strengths and weaknesses. Every week members of the Community First Fund lending staff review these documents for approval, modification, or denial of a loan.
If I am approved for a loan, when can I expect to receive the loan?
Currently Community First Fund disburses loans two to four weeks after approval. A borrower can usually expect a time frame of 30 to 60 days from the time of application to loan disbursement.
Is there a fee to apply for a loan?
Yes. Community First Fund charges a $50 fee for all loan applications under $50,000 and a $100 fee for loans over $50,000.
