CDFI and MDI
First Choice Bank Awarded the Bank Enterprise Award for Six Consecutive Years
First Choice Bank is proud to announce that the U.S. Department of the Treasury’s Community Development Financial Institution (CDFI) Fund recently granted First Choice more than $233,000 in Bank Enterprise Awards (BEA), the maximum amount presented for this award. In addition to the CDFI designation, First Choice Bank also qualifies as a Minority Depository Institution (MDI), as a majority of our Board of Directors is minority, and the communities we serve are predominantly minority.
First Choice Bank’s mission is to promote economic development, job creation, business development, affordable housing, financial literacy and philanthropic support to underserved people and economically distressed communities. Some of our significant contributions to Low-to- moderate income communities in the County of Los Angeles, Orange, and San Diego include facilitating flexible lending solutions to underserved small businesses. Giving back is vital to our organization. We were honored to be involved in many events and programs that benefited low-income families, high school students, and small business owners. In 2017, First Choice Bank donated close to $75,000 to more than 35 non-profit organizations and invested $1,500,000 for a cause in affordable housing. In 2018, First Choice Bank introduced a micro-loan program to provide startup funds to small business entrepreneurs. Employee volunteerism has also made an increasing impact to the communities we served. First Choice Bank’s employees and directors serve on a variety of non-profit boards, from supporting children after school programs to promoting financial literacy education.
As a certified CDFI and qualified MDI, First Choice Bank strives to promote economic sustainability and create long-term success for its communities and the bank.