MODESTO, Calif. Feb. 17, 2025 – Valley First Credit Union is pleased to announce that it has once again been awarded a significant grant from the Federal Home Loan Bank (FHLB) of San Francisco’s Affordable Housing and Economic Development (AHEAD) program. This recognition underscores Valley First’s unwavering dedication to strengthening the Central Valley community through economic development and expanding opportunities for local residents.
As a proud member of the FHLB, Valley First Credit Union applied for and secured an AHEAD grant on behalf of STEP to support their impactful initiatives. This program, dedicated to promoting affordable housing and economic development in underserved communities, enables us to further STEP’s mission. We are honored to support their work and contribute to meaningful change in our community.
This year’s grant funds will further Valley First’s collaboration with Stanislaus Equity Partners (STEP), a leading community development organization in the Central Valley. Founded in 2021, STEP is dedicated to empowering Stanislaus County residents through access to asset-building opportunities, including housing, small business services, and affordable lending. Despite its relatively recent formation, STEP’s leadership brings decades of experience addressing economic disparities in underinvested communities.
Expanding Economic Development Through STEP
STEP’s core initiatives address two critical needs in Stanislaus County: pathways to homeownership and support for minority-owned small businesses. This year’s grant will primarily support STEP’s Micro-Business Development Center (MBDC), an initiative aimed at fostering entrepreneurship and sustaining successful BIPOC (Black, Indigenous, and People of Color) entrepreneurs in Stanislaus County.
The MBDC provides:
Access to capital and technical assistance.
Networking opportunities designed to help small business owners grow and thrive.
The Small Business Cohort program, a culturally relevant learning experience offered in both Spanish and English, where entrepreneurs can share experiences, learn from experts, and build a supportive community.
To date, STEP has delivered over 2,615 hours of technical assistance, connected more than 50 small businesses to funding, and held impactful events such as pitch competitions and funders expos. These efforts are crucial in addressing the disparities faced by entrepreneurs of color, who represent nearly 60% of the population but own less than 30% of businesses in the county.
A Community-Centered Approach
STEP designs its programs to be accessible and culturally relevant, meeting entrepreneurs and residents where they are. Services are offered in Spanish and English, and staff regularly travel to rural areas to ensure that geography and language are not barriers to access. By building bridges between community leaders and regional stakeholders, STEP fosters collaboration and alignment across sectors to drive meaningful economic progress.
Valley First’s Commitment to Economic Development
“At Valley First Credit Union, we believe in the power of partnerships to transform communities positively,” said Kathryn Davis, President and CEO of Valley First Credit Union. “This grant reinforces our commitment to the Central Valley and enables us to amplify our support for STEP’s essential programs, which address the unique challenges faced by our community. Together, we are creating opportunities that empower individuals and uplift the region.”
The Central Valley has often been underserved in terms of funding opportunities. This grant from the FHLB of San Francisco exemplifies the positive change that collaboration can bring to the region. Valley First Credit Union is proud to lead by example, actively investing in the future of the Central Valley and bringing much-needed resources to its communities.
About Valley First Credit Union
Valley First Credit Union is a $1.02 billion, member-owned, not-for-profit financial cooperative providing quality financial services to 80,000 members in the growing and diverse communities of Calaveras, Fresno, Kings, Kern, Madera, Mariposa, Merced, San Joaquin, Stanislaus, Sacramento, Tulare, and Tuolumne Counties. With eight branches throughout the Central Valley, the credit union is committed to banking with a purpose – to better the financial lives of the people and businesses in the communities we call home. To learn more about how Valley First is making good happen across the communities it serves, see the credit union’s 2023 Impact Report or visit www.valleyfirstcu.org/.