First West Credit Union’s Post

While both personal and nonprofit finances demand responsible management, key differences exist. Personal finances prioritize maximizing individual wealth and achieving personal goals. Nonprofits, however, prioritize mission fulfillment and demonstrating responsible stewardship of donated funds. This necessitates stricter financial controls, detailed reporting adhering to IRS regulations, and fundraising strategies aligned with the organization's mission. Understanding these distinctions is crucial for effective financial management in both spheres. Today our "Get to Know the Board" series, shines a light on Edosa Obaseki, CFA, our esteemed Vice President of Finance (Treasurer). His role is vital to NBMBAA DFW's sustainability. His impressive financial background, including experience in data analysis and treasury management as well as being a Certified Financial Analyst, equips him to meticulously manage our funds and ensure responsible resource allocation. But Edosa's dedication extends beyond financial prowess. His unwavering commitment to volunteerism reflects a deep understanding of the organization's mission and a genuine desire to empower the Black business community. #DFWBlackMBAs #35yearsstrong #historyinthemaking #blackhistorymonth

Thanks to U.S. Department of the Treasury and Community Development Financial Institutions Fund (CDFI Fund) for hosting us on Monday to discuss the Access program and how states can leverage SSBCI funding to support our country's smallest small businesses. It was a great discussion with TruFund Financial Services’ James H. Bason, Goldman Sachs’ Sherry Wang, CDFI Fund’s Pravina Raghavan, and New Jersey Economic Development Authority (NJEDA)’s Christina Fuentes. As our CEO Jennifer Pryce shared: "It's kind of a program in a box. We've tried to make it as easy as possible for states to come in and hit go right away."  "We have four states with us right now and there is no limit to how many states we can have. This just scales and grows beautifully." Jenn also gave a shout out to our supporters, Citi Foundation and Wells Fargo Foundation: "I want to call out some critical support that came from Citi Foundation and Wells Fargo Foundation. It's unusual that you get grant money to just figure it out and they gave us that type of capital... So, we're really grateful for that moment in time because it let us all as developers of this program work together to get to where we are today." If you are looking to get a state-based program up and running, learn more about Access here and reach out to chat! https://bit.ly/483PWh8 #ImpactInvesting #SmallBusiness

We’d like to spotlight exciting developments at Constituent Services Worldwide Public Benefit Corporation (CSW), a project funded by City First Enterprises, a borrower in the Broadstreet-managed Black Vision Fund. CSW is a Black-owned Public Benefit Corporation that hosts trainings for unemployed and underemployed populations. With financing from City First Enterprises and the District of Columbia Department of Insurance, Securities and Banking (DISB)’s DC Biz Cap, CSW has acquired and renovated a 6,500 square-foot space now known as “The Consortium.” The newly remodeled building now houses two recording studios for media arts students, a state-of-the-art co-working space and a drug testing lab. The building’s newly launched art gallery helps diversify CSW’s income by providing a rental event space. “The loan from City First Enterprises has allowed us to fuel the entire community,” says Robert Jordan, DBA, President and CEO of CSW. His vision for The Consortium extends far beyond its walls, with plans to replicate this model across the East Coast, creating a network of satellite communities dedicated to workforce training and education. “No one should be excluded from opportunity because of their economic situation,” Jordan emphasizes. “We’re committed to creating pathways for everyone.” The Black Vision Fund (BVF) is a loan fund that uses blended capital—a mix of philanthropic and private sector funding—to build the capacity of community-focused lenders to finance small businesses, especially those led by Black owners and serving communities of color. Broadstreet manages BVF and other funds like it that are designed to generate measurable positive social outcomes alongside financial returns. Learn more about Broadstreet’s fund management work with the Black Vision Fund here: https://lnkd.in/gz26QRMV Keep up the great work, Constituent Services Worldwide Public Benefit Corporation! #pavingwiderpaths #communityinvesting #fundmanagement #impactinvesting

We're still making a United Way (HUGE) Impact as we honored First Bank President & CEO Patrick L. Ryan with our Live United Corporate Award back in May. Read the full article here, https://lnkd.in/egExcUNG

At today’s Freedman’s Bank Summer Symposium, Self-Help Credit Union highlighted their work in supporting access to affordable childcare through small business lending, an outstanding example of the incredible impact of $2.2 billion in Emergency Capital Investment Program (ECIP) investments in community development credit unions. Treasury’s 2023 Investing for Impact Report released today shows that CDCUs that received ECIP investments made more than $4.3 billion in deep impact loans, reaching the most underserved people and communities in 2023, and made an additional $6.1 billion in loans benefitting low- and moderate-income people and communities as well as people and communities of color. For more on CDCUs and ECIP, check out Cathi Kim’s piece (https://ow.ly/HgKe50SAL9h) in CUES CU Management highlighting the work of two high-impact CDCUs and how ECIP helped them deepen their impact in their communities. Watch: https://ow.ly/sQJ550SAL9j

Don't miss out on my upcoming Financial Classes that Northern Virginia Association of Realtors Ambassador Bruce McBarnette is teaching on August 4! Learn valuable skills and tips about real estate and investing. Link in bio for more details and to get tickets. #FinancialClasses #FinancialLiteracy #MoneyManagement #August4 #ZoomEvent #usatfmasters, #kellerwilliamss, #NVAR, #usatf, #usatfmasters, #princetonalumni, #princeton, #princetontrack

Getting to know Hon. Chris Chaplin Born into a Jamaican family that believed in public service, Christopher Chaplin's path was affected by his father, a journalist, and mother, a teacher. These early influences instilled in him a profound respect for education, communication, and service. Chaplin recalls: "I grew up in Jamaica, attended prep school at Alpha Prep and high school at St George's College, and went on to the University of the West Indies in Trinidad and Tobago, where I studied engineering." His parents lived a life of service- helping others- which shaped Chaplin into a person who was always looking to contribute positively to his community. Chaplin's career is a study of adaptability and a drive to make significant impacts in various sectors. Initially embarking on a path in engineering, he quickly realized his passions lay elsewhere. "As an engineer, I worked at the Ministry of Construction... but I realized I had little interest in engineering." Chaplin openly shares about his early career redirection. His path took a fortuitous turn when he joined the banking sector, where he became instrumental in projects to revitalize Jamaica's economy. "I was part of a multidisciplinary team at Jamaica's central bank, the Bank of Jamaica... we would go out to all the factories, all the businesses, agricultural enterprises in Jamaica, to set up funding for them," he explains, detailing his transition from engineering to banking. This phase of his career allowed him to contribute to Jamaica's economic development and equipped him with a broad understanding of finance. He expanded his knowledge by earning an MBA from The George Washington University in Washington D.C. and further honed his resume through significant roles in Jamaican and American financial institutions. Reflecting on his banking career in the U.S., Chaplin notes, "I worked for PNC Bank... I went through their credit training program and was part of their media lending team. So, we helped finance Comcast, Charter Communications, and Fox News Media. Thus, I participated in the beginning transactions of some of the large corporations in the United States, and it was a great experience. Eventually, I segued into Community Development Financial Institutions Fund (CDFI Fund), chartered to finance underserved communities in the United States." His career has been a testament to his belief in using finance as a tool for community development and empowerment. Follow the link below to read the rest of Hon. Chris Chaplin's story! https://lnkd.in/eh-EGMvW #funtimesmagazine #communityleader #communityimpact #blackexcellence

Transferring wealth to the next generation is a significant milestone for many families, representing a financial legacy and a continuation of values, traditions, and dreams. Proper planning is necessary to help ensure wealth transfers occur smoothly while minimizing potential conflicts or mismanagement. Learn more from Scotia Wealth Management. https://lnkd.in/gRX5cztZ #calgary #yyc #wealthtransfer #wealthmanagement

🚗 Norma Fralin's Story: Gaining Freedom with Responsible Rides 🚗 For Norma, having reliable transportation wasn’t just about convenience — it was a lifeline. Without a car, everyday tasks like getting to work or caring for her family became overwhelming. But with limited financial resources, securing a vehicle seemed out of reach. That’s where Freedom First Credit Union, a dedicated Community Development Financial Institution (CDFI), stepped in. Through their Responsible Rides Program, Norma was able to access affordable financing and finally purchase a reliable car. This program doesn't just provide vehicles; it gives individuals like Norma the opportunity to regain their independence and build a better future. 🚘💼 Freedom First Credit Union is one of the many CDFIs that CNote partners with through the Flagship Fund, ensuring capital flows into programs that support individuals and families in need of economic empowerment. Learn more about how access to affordable transportation is changing lives for people like Norma: https://hubs.ly/Q02QC1sj0 #ImpactStory #NormaFralin #FreedomFirstCreditUnion #ResponsibleRides #CDFI #CNote #FlagshipFund #EconomicEmpowerment #CommunitySupport #InvestInChange #ResilientCommunities

The Wall Street Journal recently explored issues that arise when assets are left without direct heirs. Situations like those represent opportunities for advisors to offer more personalized advice and make a meaningful impact. Estate planning is not just about transferring wealth—it's about creating a lasting legacy, and there are endless ways to do that with a thoughtful approach. https://lnkd.in/g88ScNsW #EstatePlanning #LegacyPlanning #WealthManagement