The First Southwest Community Fund (FSWCF), in collaboration with First Southwest Bank (FSWB), today released its 2022 Impact Report that highlights its growth and ongoing commitment to remain a catalyst for economic equity in rural Colorado.
The report showcases the collective impact of both organizations through success stories, testimonials and infographics. Last year, the FSWCF loan portfolio grew by 26%, which allowed the organization to invest over $3.2 million into small businesses across rural Colorado, 76% of which were women-owned (up 5% from 2022) and 56% of which were BIPOC (Black, Indigenous, People of Color)-owned (up more than 21% from 2022). These investments are critical to create thriving rural Colorado communities.
“My hope is that the work of First Southwest Community Fund will be remembered as a catalyst for equity that helped those who are most vulnerable in our economic system,” stated Azarel Madrigal, Executive Director of the First Southwest Community Fund.
The 2022 Impact Report also provides insight into how First Southwest Bank is fulfilling unmet needs locally and statewide. For example, the bank launched multiple programs to address Colorado’s housing crisis, such as the Workforce Rental Assistance Program, making housing opportunities more affordable for low- and moderate- income residents, and partnered to finance teacher housing and mobile home park acquisitions. Additionally, with the Colorado Department of Agriculture, FSWB and FSWCF deployed low-cost fixed-rate loans through the Colorado Agricultural Future Loan Program to help increase participation from next-generation farmers and ranchers, expand diversity within farming, and strengthen Colorado’s agriculture. Details about these programs and others are highlighted in the report.
Collectively, in 2022, FSWB and FSWCF helped 217 businesses in 59 Colorado towns and cities, investing a total of $104,574,449.
“We treasure the communities we serve and remain committed to their social, economic, and environmental well-being, as we simultaneously extend our reach to draw upon additional resources to benefit our region,” said Kent Curtis, Board President of First Southwest Community Fund and CEO & President of First SouthWest Bank.