Community First Fund officially opens credit union 

Community First Fund, an independent nonprofit community loan fund, hosted an official grand opening and ribbon-cutting ceremony Tuesday for the first branch of its Community First Fund Federal Credit Union.  

The goal of the credit union at 51 S. Duke St., Lancaster, is “to create financial equity and economic mobility for individuals and families, especially African Americans, Latinos, immigrants and women,” according to a release. “The credit union’s mission is supported through access to consumer financial products and education that improve personal financial stability and provide opportunities to obtain quality, affordable housing.” 

Community First Fund started the credit union because national research shows 27% of U.S. households are unbanked or underbanked, including nearly 50% of African American and 46% of Latino households. In addition, almost 50% of Americans live paycheck to paycheck and cannot come up with $2,000 for a financial emergency.  

Unbanked people are those without a savings or checking account, while underbanked people possess bank accounts but also rely on alternative financial services such as money orders, check cashing stores or pawn shop loans.  

Daniel Betancourt, president and CEO of Community First Fund and the credit union, added, “We’ve been serving Lancaster for 30 years by providing access to credit to entrepreneurs who want to make a positive change in the community. With the credit union, our mission is to provide a pathway to financial stability for families. We’re excited to expand our service in the community and celebrate this milestone.”  

Community First Fund Federal Credit Union was chartered by the National Credit Union Administration in June 2021 and is one of few credit unions to have been established in the last five years.  

To launch the credit union, Community First Fund has received funding from private donors; local foundations such as the Calvin and Janet High Foundation, Lancaster County Community Foundation, the High Foundation and Feree Foundation; and national partners such as Santander Bank and M&T Bank.  

Community First Fund has offices in Philadelphia, Lancaster, Reading, York, Harrisburg and Allentown.

Paula Wolf is a freelance writer