A $600,000 investment from the Black Renaissance Fund helps close the capital gap for African immigrant entrepreneurs
For First Community Capital Inc. (FCC), expanding access to affordable capital is at the heart of its mission. Serving Black and Brown communities, including the African diaspora across Southern California, the community lender works to provide economically disadvantaged small businesses and individuals with the financing and technical assistance needed to build sustainable futures.
As demand for capital grows, FCC faces challenges familiar to many community lenders: insufficient capital and operating resources to meet the needs of the communities it serves. Without additional resources, the organization risked pausing new lending altogether, limiting a critical source of affordable, mission-driven capital for individuals who face barriers within the traditional financial system.
When CDFIs are forced to scale back lending, the impact extends beyond the institutions themselves, disrupting pathways to wealth building and long-term financial stability.
Flexible Capital as a Catalyst for Greater Impact
Through its membership with the African American Alliance of CDFI CEOs (The Alliance), FCC received $600,000 from the Black Renaissance Fund (BRF), a catalytic fund that provides flexible capital to strengthen the lending power of Black-led CDFIs. The investment included a $400,000 loan to provide direct loan capital and a $200,000 grant to provide further support to the organization’s lending and operations.
“This funding stood out due to its lower cost of capital, less restrictive structure, and flexible terms, including an interest-only payment period that significantly improved our cash flow,” said Jay Diallo, President & CEO of First Community Capital. “In addition, the grant support strengthened our loan loss reserve, allowing us to take on measured risk and offer more affordable loans.”
Since receiving support, FCC has increased its maximum loan size from $25,000 to $150,000 and grown its lending over fifty percent, allowing the organization to reach more small businesses with larger amounts of capital.
Jay Diallo standing next to Dr. Johnson at Mission Grove Urgent Care
That expanded lending is translating into tangible growth for the entrepreneurs FCC serves like Dr. Bonisiwe “Boni” Johnson, an immigrant from Zimbabwe and owner of Mission Grove Urgent Care in Riverside, California. Financing from FCC, made possible through BRF, helped the clinic purchase an energy-efficient imaging machine and scanner, allowing it to provide imaging services in-house instead of referring patients elsewhere. The new equipment is helping Mission Grove retain revenue, serve more patients, and provide urgent care to low-income families and the surrounding community.
Stories like Dr. Johnson’s reflect the depth of FCC’s community commitment and the power in building the credibility needed to attract aligned private capital. The BRF investment helped FCC qualify for a $1 million low-interest drawdown line of credit from a private foundation, strengthening the organization’s capacity to support African immigrant entrepreneurs without being subject to the limitations associated with federal funding.
“The Black Renaissance Fund was created to help close the capital capacity gap for Black-led CDFIs, and we are seeing how that investment can also create bridges to mission-aligned investors,” said Amber Banks, President and CEO of The Alliance. “Our mission is fulfilled when our members are positioned to attract the opportunities that will carry their organizations forward.”
Strengthening the Ecosystem Behind Local Economic Growth
For Diallo, serving as an Alliance member has provided valuable training opportunities that advance the systems, skills, and infrastructure behind Black-led CDFIs.
“Being part of The Alliance network means a lot to us. It’s more than just a network, it’s a trusted community of Black-led CDFIs doing this work together,” said Diallo. “It brings credibility to our organization, opens the door to shared learning and real partnerships, and gives us a stronger collective voice.”
With a growing foundation for impact, FCC is focused on building strategic municipal and philanthropic partnerships, laying the groundwork for future expansion into Arizona.That vision extends to creating a physical hub for Black-led innovation, including a green technology incubator serving entrepreneurs across the Inland Empire and Los Angeles.
FCC’s next chapter reflects the broader promise of the Black Renaissance Fund: investing in Black-led CDFIs at every stage of growth to ensure communities have inclusive access to capital, wealth-building opportunities, and a stronger path toward economic mobility.
Learn more about First Community Capital’s impact across Southern California at https://firstcommunitycapital.org/.
