Community First Fund expands partnership with Alvernia to promote microbanking in Reading

From left: Jonathan Encarnacion, MBA; Alvernia University Vice President of Research, Economic Development and Innovation Rodney S. Ridley, Sr., Ph.D., RTTP; Community First Fund Senior Vice President and Director of Lending Alba Fernandez, Alvernia University President Glynis A. Fitzgerald, Ph.D.

University's O'Pake Institute to provide technical assistance for microlending

Alvernia University's O'Pake Institute for Economic Development and Entrepreneurshipand Community First Fundexpand partnership to expand microbanking in Reading. The O'Pake Institute and its Fellows program will provide technical assistance and funding education to current and new business owners to provide equitable access to microloans.

"This partnership coincides with Alvernia's Reading CollegeTowne initiative and deeply rooted mission of serving the underserved," said Alvernia University President Glynis A. Fitzgerald, Ph.D. "We look forward to expanding our reach in uplifting local entrepreneurs and contributing to the revitalization of downtown Reading while expanding access to critical resources and fostering pivotal student experiential learning opportunities alongside Community First Fund."

The O'Pake Institute's Financial Lending and Innovation Collaborative(FLIC) has provided over $100,000 in microgrant funding to over 25 local businesses to date through partnerships with other financial institutions, foundations and private donors, including the Berks County Commissioners, the County of Berks, Neighborhood Housing Services of Greater Berks. Inc. Greater Reading Chamber Alliance, Kutztown SBDC, Visions Federal Credit Union, Riverfront Federal Credit Union, Barrio Alegria, the PA 30-Day Fund, Schlouch Inc., and Allan Myers, Inc. The partnership with Community First Fund allows Alvernia to expand these efforts in providing capital and knowledge to early-stage entrepreneurs in a unique delivery that includes student experiential learning as well as financing, investment and mentoring for rising entrepreneurs.

"As a non-profit and [Community Development Financial Institution], we're limited and we do count on institutions like O'Pake to be able to provide that ongoing support," said Community First Fund Senior Vice President and Director of Lending, Alba Fernandez. "When our client gets a loan from, they're a long-time client...we need to make sure that they're continuing to grow. Partnerships are key to our success, the success of our customers and of the communities that we serve. We're making this official today, but this really has been an ongoing relationship that has flourished in the last few years."

Over the last four years, Alvernia has nearly doubled the O'Pake Institute's goal of engaging 50 students in providing startup services to local businesses through the SPARK Business Incubator.Alvernia students in the O'Pake Fellows Programwill work alongside the O'Pake Institute staff to provide technical assistance programs and sessions on financial services, business planning and creative services to empower Community First Fund clients to embark on their entrepreneurial journey.

Furthermore, Community First Fund and The O'Pake Institute will collaborate closely to coordinate workshop sessions held on-site at Alvernia University, ensuring that they align seamlessly with the mission of both community organizations. These workshops will serve as foundational steps for business owners in Greater Reading, equipping them with essential knowledge and skills to kickstart their entrepreneurial endeavors via technical assistance and planning to begin qualifying for micro loans with Community First Fund.

"Pairing micro banking and microlending with educational programming allows entrepreneurs, especially those in marginalized and low-income communities, to make the strides necessary for a successful business," said Alvernia University Vice President of Research, Economic Development and Innovation and Chief Operating Officer of the O'Pake Institute, Rodney S. Ridley, Sr., Ph.D., RTTP. "Entrepreneurs who create successful businesses, in turn, create jobs, trade, and contribute to the economic revitalization of our community We've been able to see this impact in the two short years with FLIC and the Community First Fund's impact speaks for itself as the organization has been committed to creating an equitable and socially conscious economic community since its inception in 1992. Together, we will expand our efforts in contributing to the economic growth of Greater Reading by empowering the community and business owners with the resources and support needed to thrive."