Rustin Brown, a partner in Manatt’s venture capital and emerging companies practice, advised City First Enterprises, a D.C.-based Community Development Financial Institution (CDFI), on a recent funding round in which the organization raised a cumulative $2.2 million in notes from a high-net-worth family and New Venture Fund, a fiscal sponsorship-focused nonprofit.
Over the course of the past year, City First Enterprises distributed nearly $50 million in public grants and provided around $10 million in loans to keep over 2,000 small businesses afloat during the COVID-19 crisis.
This $2.2 million investment will be used to finance the organization’s ability to make additional community development loans in D.C. and Baltimore. Through these loans, City First Enterprises aims to promote social justice by increasing economic access and expanding opportunity for low-wealth communities by supporting affordable housing and small businesses and increasing access to climate-friendly infrastructure and community facilities for the arts, health, education and other social services.
Learn more about City First Enterprises.