City First Enterprises

What City First Enterprises does

City First Enterprises (CFE) is a nonprofit Community Development Financial Institution (CDFI) founded in 1993 and headquartered in Washington, DC, that deploys accessible debt capital to underserved communities across the DC, Maryland, Virginia, and Baltimore metro areas. The organization operates a multi-product lending platform through its Equitable Growth Fund, offering term loans and lines of credit for affordable housing developments (2-50 unit buildings, cooperatives, supportive housing), commercial real estate, small businesses, nonprofits, and clean energy projects, with tickets ranging from $100,000 to over $2 million at 6-10% interest and 0.5-3.5% origination fees. CFE also manages government grant programs on behalf of DC agencies (DMPED, DHCD), having administered over $84 million in COVID-19 relief and recovery grants since 2020, and offers Impact Investment Notes to individual and institutional investors as a recurring capital source.

CFE's go-to-market is sales-led and mission-driven, relying on direct lending outreach, referrals from government partners and community organizations, and co-lending relationships with its sister bank City First Broadway (NASDAQ: BYFC). The customer base targets borrowers unable to access conventional financing, with 99% of investments directed to historically disinvested communities and a strategic emphasis on Black and Latino-led organizations, women-owned businesses, and low- and moderate-income housing developers. Dedicated sub-brands include Homes by CFE (down payment assistance for first-time homebuyers) and One Climate Fund (clean energy financing in partnership with DC Green Bank and Montgomery County Green Bank). Under CEO Oswaldo Acosta, who joined in 2019, the organization has quadrupled its assets, grown its lending portfolio at a 40% average annual rate, and reached $93 million in total assets with $28 million in 2025 originations.

Name

City First Enterprises

Legal name

City First Enterprises

Website

https://cfenterprises.org

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

11–50 employees

Short description

City First Enterprises is a Washington, DC-based nonprofit CDFI founded in 1993 that lends $100K-$2M+ to affordable housing developers, small businesses, nonprofits, and clean energy projects across the DC/MD/VA/Baltimore region while administering DC government grant programs.

Ownership category

akta.pro rank

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Loan Interest and Fees: CFE generates revenue through interest on loans provided to borrowers for affordable housing, small businesses, nonprofits, commercial real estate, and clean energy projects. Interest rates range from 6%-10% depending on loan type. Origination fees of 0.5%-3.5% are charged on loans.
2. Impact Investment Notes: CFE offers Impact Investment Notes to individual and institutional investors at fixed interest rates, paid semi-annually, with principal repaid at maturity. These notes deploy capital to promote racial and economic equity.
3. Grants Management Administration: CFE administers government grant programs on behalf of DC government agencies (DC Mayor's Office, DMPED, DHCD). CFE designs programs, reviews applications, processes grants, and provides compliance oversight. Since 2020, has administered over $84 million in grant programs.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

City First Enterprises is a nonprofit Community Development Financial Institution (CDFI) that delivers accessible debt capital and grant administration to underserved borrowers across the DC, Maryland, Virginia, and Baltimore metro regions. Its core product, the Equitable Growth Fund, finances affordable housing developments, small businesses, nonprofit organizations, commercial real estate projects, and clean energy installations, while the organization also administers government grant programs on behalf of DC agencies and provides technical assistance to borrowers.

Product overview

City First Enterprises operates as a Community Development Financial Institution (CDFI) offering a comprehensive suite of lending, grant management, and investment products. The core offering is the Equitable Growth Fund, a loan fund providing accessible debt capital to underserved markets. Supporting products include Homes by CFE (down payment assistance), One Climate Fund (clean energy financing), and various government grant programs including the Commercial Property Acquisition Fund. Lending products span affordable housing, commercial real estate, clean energy, and small business/nonprofit sectors. The organization also provides technical assistance and manages Impact Investment Notes for investors seeking social returns.

Differentiator

Problem solved

Functional benefit

Products and services

• Equitable Growth Fund The primary loan fund of City First Enterprises providing accessible debt capital to underserved entrepreneurs and community developers across affordable housing, small business, education, nonprofits, childcare, green energy, and commercial real estate in the DC and Baltimore metro areas.
• Affordable Housing Lending Financing for low- and moderate-income affordable housing developments including rental housing, for-sale developments, limited-equity cooperatives, and supportive housing for residents with special needs; focused on 2-50 unit buildings with interest rates of 6%-9%.
• Commercial Real Estate Lending Loans from $100K to $2 million, up to 7 years, at 6%-9% interest, supporting commercial properties that drive economic revitalization and direct community services across arts, childcare, community facilities, education, food service, healthcare, manufacturing, and retail sectors.
• Clean Energy Lending Loans up to $2 million over up to 7 years for solar systems, energy efficiency retrofits, renewable energy projects, EV charging stations, and climate infrastructure for small businesses, multifamily housing, and nonprofits, with up to 90% loan-to-value and 1st or 2nd lien collateral.
• Small Business and Nonprofit Lending Term loans of $100K-$500K, up to 4 years, at 7%-10% interest, for inventory, equipment, vehicles, business expansion, working capital, bridge financing against expected grants and contracts, acquisition of businesses, and acquisition of commercial real estate by small businesses and nonprofit organizations.
• Grants Management Administration of public and private grant programs for housing and small businesses, including COVID-19 relief programs and the Commercial Property Acquisition Fund, designed in collaboration with government agencies including DC DHCD and DMPED.
• Technical Assistance Expert consulting in finance, banking, marketing, planning, and fiscal management provided alongside lending to help borrowers prepare for and responsibly manage debt.
• Homes by CFE Down payment assistance program providing shared appreciation mortgages, second trust loans, and a planned second mortgage program to help first-time homebuyers — especially Black and Latino families — build wealth and achieve homeownership in the DC region.
• Commercial Property Acquisition Fund (CPAF) Grant program providing down payment assistance up to $750,000 or 25% of purchase price to help DC businesses — particularly those owned by economically disadvantaged or bias-impacted entrepreneurs — acquire commercial property and stop renting.
• One Climate Fund Clean energy and climate infrastructure financing program operated through partnerships with DC Green Bank and Montgomery County Green Bank, providing loans for solar installations, energy efficiency retrofits, and climate resilience projects in the DC region.
• Impact Investment Notes Fixed-interest investment notes offered to individual and institutional investors that deploy capital to promote racial and economic equity, with semi-annual interest payments and principal repaid at maturity.

Quantifiable outcome

• 3,000+ affordable homes created over past half decade
• +3 more outcomes

Named customers17 records

Segments8 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered core and strategic.

• DC Green BankcoreStrategic or Co-development PartnerStrategic partnership with DC Green Bank for clean energy lending through the One Climate Fund. CFE services loans and provides technical assistance for energy efficiency and solar installations in DC wards 4, 7, and 8.
• Montgomery County Green BankcoreStrategic or Co-development PartnerPartnership to provide capital for green projects for small businesses and nonprofits in Montgomery County. Launched $500,000 joint loan facility in 2020.
• DC Department of Housing and Community Development (DHCD)coreStrategic or Co-development PartnerGovernment partner for grant programs and affordable housing financing in the District of Columbia.
• DC Office of the Deputy Mayor for Planning and Economic Development (DMPED)coreStrategic or Co-development PartnerGovernment partner for Commercial Property Acquisition Fund (CPAF) and COVID-19 relief grant programs.
• Opportunity Finance Network (OFN)strategicStrategic or Co-development PartnerNational association of CDFIs. CFE participates in OFN initiatives and programs.
• Enterprise Community PartnersstrategicStrategic or Co-development PartnerNational affordable housing organization. CFE Board member Lori Chatman is President of Capital Division at Enterprise.
• Coalition for Green Capital (CGC)strategicStrategic or Co-development PartnerCFE CEO Oswaldo Acosta serves as Chair of Risk Committee. Organization operates as national green bank.
• Vermont Energy Investment Corporation (VEIC)strategicStrategic or Co-development PartnerCFE CEO Oswaldo Acosta serves as Chair of Board. VEIC focuses on energy efficiency and clean energy.
• Momentus CapitalstrategicStrategic or Co-development PartnerCFE CEO Oswaldo Acosta serves on the board. Community development financial organization.
• Capital Impact PartnersstrategicStrategic or Co-development PartnerCFE CEO Oswaldo Acosta serves on the board. Nationally recognized CDFI.

Scale indicators26 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Enterprise Community Partners: National affordable housing and community development organization with CDFI lending arm. Board member Lori Chatman (President of Capital Division at Enterprise) sits on CFE's board, indicating close coordination.
• Local Initiatives Support Corporation (LISC): One of the largest national CDFIs with broad community development lending footprint including DC office. Operates at significantly larger scale than CFE across multiple states and product categories.

Direct peers

• Capital Impact Partners: National CDFI providing capital across affordable housing, education, healthcare, and economic development. CFE CEO Acosta sits on its board; both organizations serve similar mission-driven borrowers across overlapping geographies.
• Nonprofit Finance Fund: National CDFI providing loans, asset management, and consulting to nonprofits and communities. Comparable in mission focus on underserved borrowers and direct lending model.
• DC Green Bank: Green bank serving Washington DC that co-funds clean energy projects with CFE through the One Climate Fund. Direct partnership and similar mission of deploying capital to clean energy projects in underserved DC communities.
• Reinvestment Fund: Mid-Atlantic-based CDFI focused on affordable housing, education, and community development lending in DC and surrounding states. Directly comparable in mission, geographic scope, and product mix to CFE.
• Accion Opportunity Fund: Community development financial institution focused on small business lending to underserved entrepreneurs, formerly Opportunity Fund founded by CFE Senior Advisor Eric Weaver. Directly comparable in small business lending mission and target borrower profile.
• Self-Help Ventures Fund: CDFI providing lending to underserved businesses, affordable housing, and clean energy. CFE CEO Acosta previously worked in commercial lending at Self-Help; both organizations serve similar mission-driven borrowers.
• City First Broadway: Sister organization created from merger of CFE's original City First Bank and Broadway Federal; now NASDAQ-listed (BYFC) and the largest Black-led minority depository institution. Shares history, board members, and co-lending relationships with CFE.

Others

• Opportunity Finance Network (OFN): National CDFI industry association of which CFE is a member. Not a direct competitor but provides industry-wide capital, policy advocacy, and program infrastructure that complements CFE's operations.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/city-first-enterprises
• Xx.com/CFEnterprises

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about City First Enterprises