LANCASTER, Pa. (WHTM) -- Community First Fund Credit Union has opened its first federally chartered credit union in Lancaster. The non-profit organization aims to create positive change in communities by providing loans to women, minorities, and immigrants.
"Community First Fund has a long affiliation with small business owners. We've been able to lend to them for the past 30 years and we're going to take that knowledge of reaching low income communities and low income borrowers and use that to start this new credit union and provide capital and loans and savings accounts," said Daniel Bentacourt, President of Community First Fund.
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National research shows that nearly 27% of households in the United States are "unbanked" or "underbanked". An "unbanked" person is anyone who does not have a checking or savings account. An "underbanked" person has bank accounts but rely on alternative financial services such as money orders, check cashing stores or pawn shop loans.
Community First Fund opened its location in Lancaster to combat problems with unbanked and/or underbanked citizens in the community.
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