Freedom First Lends $162 Million in Economically Distressed Areas in 2023 Direct Community Giving Exceeds $525,000

MEDIA CONTACT:

Jaime Clark, VP Public Relations

(540) 315-5249

marketing@freedomfirst.com 

Freedom First Credit Union invites you to review our newly released 2023 Community Impact Report. This report provides details of the targeted investment, economic development, financial education, and community outreach we accomplished in 2023. 

Highlights from the report include: 

• $162 Million (61%) in loans originated in Community Development Financial Institution Target Markets, which are economically distressed areas in our region. 
• $86 Million in Commercial Loans to local business owners looking to purchase property, finance construction and development, and establish new business lines. 
• $75.9 Million in home loans to borrowers throughout Southwest and Central Virginia, $14.7 Million of which were to borrowers of modest means. 
• $518,000 in Down Payment Assistance secured for Freedom First borrowers, a 132% increase year over year. 
• $17.2 Million in Depositor Dividend payments, a 218% increase year over year. 
• $2.3 Million in small dollar loans for borrowers needing access to a cash advance without pulling credit (approval is based on their relationship with the credit union), thus helping them avoid the predatory lending trap of payday loans. 
• $12.1 Million in Social Investor Deposits from around the nation to deploy locally. 
• $891,511 in National Capital brought into our community from outside sources, such as the U.S. Treasury, and deployed throughout our service area. This is especially significant because according to the CDFI Coalition, Community Development Financial Institutions like Freedom First leverage $12 for every $1 in federal funding. 
• $538,000 in direct community give-back to local nonprofits, students, and other community causes in 2023 alone, which was 12.6% of Freedom First’s Net Income (profits). Each year, Freedom First commits a minimum of 10% of our previous year’s net profit towards give back activities. 

“By supporting local businesses, affordable housing, and other important community development initiatives, we’re working to help build strong and vibrant communities for generations to come. We are committed to growing our positive impact even further and appreciate the continued support of our members, employees, community, and leaders,” said Paul Phillips, President/CEO of Freedom First. Read the full report to find out more.

Read Here

About Freedom First Credit Union:

Freedom First Credit Union is the largest member-owned Community Development Financial Institution in Southwest Virginia. Founded in 1956, Freedom First has grown to over 60,000 members, assets of over $1 billion, and 13 branch locations in the Roanoke and New River Valleys and Greater Lynchburg. People living, working, worshipping, going to school, or contributing to a nonprofit in the Roanoke, New River, and Shenandoah Valleys or Greater Lynchburg are eligible for membership. Freedom First members benefit from competitive rates, secure and convenient technology, and the knowledge that their money is being reinvested in their community. For more information, please visit www.freedomfirst.com.