First Southwest Bank is a Community Development Financial Institution (CDFI) bank, a certification earned from the US Treasury that holds us responsible for providing access to banking and capital for all members of our communities. We are one of only two CDFI banks in Colorado.
CDFI banks are mission-driven organizations dedicated to promoting economic growth and development in areas that traditional banks may overlook. When you bank at a CDFI, you contribute to the revitalization and improvement of your community. Your deposits are used to provide microloans, small business loans, and other financial products designed to support economic development and entrepreneurship.
Banking with a Community Development Financial Institution is a great way to give back to your community.
Additional benefits of banking with a CDFI:
Personalized Service
CDFI banks work closely with customers to understand their unique financial needs and offer customized solutions. This personalized approach can be particularly beneficial for small businesses and individuals with unique financial situations. Being a locally owned bank allows First Southwest Bank to provide exceptional, personalized customer service, including local decision making, which benefits our customers and communities.
Financial Education
Many CDFI banks offer financial education programs, workshops, and other resources to help customers improve their financial literacy and management skills. These programs can be invaluable for individuals and business owners. Since 2016, First Southwest Bank has provided 5,139 hours of financial counseling to 8,872 people.
Competitive Products & Services
While CDFIs focus on community development, they still offer a range of competitive banking products and services, including checking and savings accounts, business and agricultural loans and more. At First Southwest Bank, our customers enjoy all of the latest banking products and services while supporting a mission-driven institution.
Positive Social Impact
By choosing to bank at a CDFI, you are supporting an institution focused on investing in the community. This can include funding affordable housing projects, supporting local businesses, and creating jobs. In 2023, First Southwest Bank secured grants and formed partnerships to increase investments in area schools, healthcare organizations, local governments, libraries, early childhood education centers, environmental causes, affordable housing and varied nonprofit organizations.
In summary, banking at a CDFI bank is not just about accessing financial services; it's about making a positive impact on your community. First Southwest Bank takes pride in responding to and investing in community needs and priorities, empowering entrepreneurs, fueling small business, and fostering collaborations and partnerships for the betterment of all.
Click here to read more about the positive impact First Southwest Bank has on our community and region.