Independent Banker - December 2021 - 72

CONNECTIONS COMMUNITY SPIRIT
The power of a CDFI
First Southwest Bank is carving out new business models to address a need for credit
and financial services through nonprofit lending programs and software that leverages
its community development financial institution (CDFI) funding. By Tiffany Lukk
La Plata County
commissioner Marsha
Porter-Norton champions
First Southwest Bank's
innovative lending. It's
one reason why she's a
customer of the bank.
F
irst Southwest Bank isn't one
to borrow a page from another
bank's playbook.
The $435 million-asset community
development financial institution
(CDFI) in Alamosa, Colo., creates
lending programs that are
highly tailored to the needs of its
rural communities. " We test a lot of
programs, " says president and CEO
Kent Curtis. " If a program works
in the area and we think we can
duplicate it within our footprint or in
other rural areas around the state of
Colorado, then we'll do that. "
That mindset, and its dedication
to its community, has led to the bank
receiving hundreds of thousands
of dollars in loans and grants year
after year.
" We have a [significantly] different
business model than most banks in
the country-pretty much every bank,
actually, " Curtis says. " While we're
68 Q ICBA Independent Banker Q December 2021
a traditional bank, we also have the
CDFI designation, and then we also
have an affiliated nonprofit called the
First Southwest Community Fund. "
A nonprofit banking model
The First Southwest Community
Fund (FSWCF) was created in 2015 to
provide risk-mitigating gap funding
for its lending programs. Because the
nonprofit doesn't have the same risk
restraints as a traditional bank, it's
Photo courtesy First United Bank & Trust Company

Independent Banker - December 2021

Table of Contents for the Digital Edition of Independent Banker - December 2021

Table of Contents
Independent Banker - December 2021 - Intro
Independent Banker - December 2021 - Cover1
Independent Banker - December 2021 - Cover2
Independent Banker - December 2021 - Table of Contents
Independent Banker - December 2021 - 2
Independent Banker - December 2021 - 3
Independent Banker - December 2021 - 4
Independent Banker - December 2021 - 5
Independent Banker - December 2021 - 6
Independent Banker - December 2021 - 7
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Independent Banker - December 2021 - Cover3
Independent Banker - December 2021 - Cover4
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