Impact

impact report

2024

We are rural Colorado people who put community at our core.

First Southwest Bank (FSWB) is a locally owned, independent, community bank, and one of two Community Development Financial Institution (CDFI) banks in Colorado, and the only one serving the Four Corners states. We offer personal and business banking, commercial, agricultural and small business loans. We put loan and deposit customer dollars to work to improve the social, economic and environmental landscape of Southern and rural Colorado.

Celebrating 10 years as a CDFI bank and our commitment to creating positive community impact and financial inclusion in Colorado.

President and CEO, First Southwest Bank

Bank SPOTLIGHT

Crestone Peak Community Housing

Crestone, CO | Construction Draw Loan

“The Village will support quality of life and will be the first multi-unit living facility built in the community, designed by elders, for elders.”

– Crestone Peak Community Housing

Programs

FSWB provides inclusive and innovative financing and depository solutions tailored to small businesses, farmers, and individuals.

New!

Credit Builder Loan Program

Helps individuals build or repair their credit.

Credit Builder Loan Program

New!

Affordable Housing Investment Fund

Flexible, low-interest, and below-market rate funding for affordable housing projects.

Housing Investment Fund

Colorado Credit Reserve

An extremely quick loan process for small businesses, primarily located in the state of Colorado.

Colorado Credit Reserve

On-Bill Financing

Low-cost fixed-rate loans for energy efficiency and other green home enhancements.

On-Bill Financing

Green Loans

E-bike loans, discounts for electric vehicle loans, financing for home solar panel installation.

Green Loans

SBA 7(a)

For small businesses that are looking to start up or expand.

SBA Loans

USDA Business & Industry Guaranteed Loan

Guaranteed loans that help businesses get financing when they don’t qualify for traditional financing.

USDA Business & Industry Guaranteed Loan

USDA Community Facilities Relending

Affordable funding for crucial community buildings.

USDA Community Facilities Relending

Workforce Rental Assistance

Low-cost, fixed-rate microloans for rural Coloradoans to combat affordable housing challenges.

Workforce Rental Assistance

Checkless Checking

A checking account that serves the underserved by providing accounts that have low fees.

Checkless Checking

10-year Auto Loan

Provides a solution to rising vehicle costs and interest rates.

10-year Auto Loan

Consumer Credit Cards

Individuals can build their credit with our secured credit card.

Consumer Credit Cards

Bank SPOTLIGHT

Ignacio Housing Authority

Ignacio, CO | AHIF and conventional financing

"First Southwest Bank’s support has been key to making the Rock Creek housing project a reality. Their CDFI designation, which allowed us to access low-cost 3.0% AHIF funding, is helping us create affordable homeownership opportunities for local families, strengthening our community."

– Mark Garcia, Ignacio Town Manager

Our Approach

By The Numbers

Financial Snapshot

Impact Grants

In 2024 we closed our first two deals using funds from the $10 million Affordable Housing Investment Funds (AHIF) grant awarded to us in September 2023. This revolving grant has a reduced interest rate, enabling us to offer a lower rate to support affordable housing projects and increasing housing accessibility.

The first project, Loma Vista Apartments in Walsenburg, CO, will provide 17 multi-family units for local workforce housing. Of these, 8 units will be rented to individuals and families earning under 80% of the Area Median Income (AMI), while the remaining 9 units will be available to those at 120% AMI or below.

The second project, Rock Creek in the Town of Ignacio, CO, includes 45 units comprising a mix of townhouses and apartments. This development aims to address the need for workforce housing, serving the community and surrounding area. These projects exemplify our commitment to expanding affordable housing opportunities through innovative financing solutions.

Our unique approach combines grant funds with bank loans, allowing us to offer more affordable financing. By securing low-cost grant funding, we pass those savings on to consumers, creating loan packages with lower payments than traditional options. This makes financing more accessible for individuals and businesses.

These specialized lending solutions enable us to bridge the gap between underserved communities and the financial resources they need to thrive.

Impact Partnerships

IntraFi

IntraFi allows us to offer FDIC insurance for deposits greater than $250K. This creates peace of mind for our large-deposit customers and allows them to keep their dollars in our community.

CO Health Foundation
Colorado Health Foundation Loans provide low-interest, flexible financing to organizations working to improve the health and well-being of Coloradans. These loans support projects that align with the Foundation’s mission, including expanding access to healthcare, increasing economic opportunity, and addressing social determinants of health. Loans are typically used for capital projects, program expansion, and capacity building—particularly in underserved and rural communities.

Bank On

The Cities for Financial Empowerment (CFE) Fund’s national Bank On platform supports local coalition and financial institution efforts to connect consumers to safe, affordable bank accounts. Our Checkless Checking account is a safe, low-cost bank account certified by Bank On. Learn more about Bank On Colorado here.

Impact Investments

CNote

CNote helps large organizations invest capital into underserved communities through deposits with FDIC-insured banks, like us, aligning their deposits and investments with the causes that matter to them. Read about this partnership in action.

Bank SPOTLIGHT

BV Bike Doc

Buena Vista, CO | CHFA CCR (Commercial Credit Reserve) Loan

“First Southwest Bank believed in my vision and made it possible for me to launch BV Bike Doc. Their support gave me the tools, truck, and resources I needed to serve the Buena Vista cycling community. I’m grateful for their partnership in turning my passion into a business.”

– Ben Vold, owner

2024 Highlights

In 2024, we implemented and enhanced various initiatives to optimize operations, increase access to capital, support our CDFI mission and improve the banking experience for our customers.

Celebrating 10 Years as a CDFI Bank

In 2024, we proudly celebrated a significant milestone—our 10th anniversary as a CDFI bank. As a Community Development Financial Institution, we remain focused on our mission to fuel economic growth, build stronger communities, and create opportunities for underserved populations across Colorado.

HelloBello^® - Connecting communities with Capital

In 2024, our holding company, First Southwest Bancorporation, launched HelloBello®, creating access to capital for small businesses and entrepreneurs who may not qualify for traditional loans. HelloBello^® is a cutting-edge BaaS platform designed by community bankers, for community bankers, to make lending easier, smarter, and more impactful.

Community banks, credit unions, and small business development centers who partner with First Southwest Bank utilizing the HelloBello® platform, will benefit from getting more loans done, a more simplified loan process, and earning CRA credit, resulting in new opportunities for lending and impact.

Driving Sustainability Forward

In 2024, our Alamosa branch became the first location in the San Luis Valley to install Tesla Superchargers, meeting the growing need for EV charging while supporting the community and driving local economic impact. Additionally, every one of our branches achieved 4Core Green Certification, reinforcing our commitment to sustainability and improving operational efficiency through environmentally responsible business practices.

Improving the Customer Experience

In 2024, we took significant steps to enhance our customer experience and banking services. We launched our first in-house call center, ensuring personalized, local support for every customer. New ATMs with enhanced functionality were installed, streamlining transactions and making banking more convenient. With the ability to complete all deposit and withdrawal transactions electronically, both customers and staff benefit from greater efficiency. Additionally, we began remodeling our Pagosa Springs branch to create a modern, improved space. To further reinforce our commitment to service, we introduced the “People FIRST” customer service campaign, reflecting our core value of People FIRST and our dedication to providing an exceptional banking experience.

Recognized for Rural Impact

We were honored to be named SBA Colorado’s Rural Lender of the year for 2024, underscoring our commitment to fostering economic growth in rural Colorado. Additionally, Kent Curtis, our President & CEO, was recognized as a Who’s Who in Impact Investing Honoree at CO Impact Days by the Denver Business Journal and the Impact Finance Center. This accolade highlights his leadership and contributions to meaningful community impact.

Bank SPOTLIGHT

Chaffee Housing Authority

Buena Vista, CO | AHIF Loan

“Financing affordable housing is a significant challenge for rural communities, often requiring multiple sources of funding. First Southwest Bank helped us with a low-interest loan through the State of Colorado’s Affordable Housing Investment Fund.”

– Jen-Ai Stokesbary, Real Estate Projects Manager

Sponsorships and Donations

First Southwest Bank is deeply involved in the communities we serve and contributed $193,890.36 to 90 local organizations and events in 2024.

Housing & Economic Development

Financial Wellness

Food & Farming

Youth Development & Leadership

Health & Human Services

Energy & Environment

Workforce Highlights

We invest in our employees by providing comprehensive training and continuing education to support career growth, offering generous benefits and time off for work-life balance, and building financial security through living wages, immediate 401(k) vesting, and a 1%-2% employee mortgage program. Our employees are empowered to make a meaningful impact in their communities by volunteering, serving on boards, and driving innovative financial solutions across Colorado.

# of employees

% of employees volunteer

# of boards employees serve on

% of executive leadership participates in community initiatives

# of hours volunteered

% of employees paid a living wage

Staff Achievements

Our employees excelled in 2024, advancing their careers through promotions, pursuing leadership and training opportunities, and receiving awards and recognition for their dedication to excellence and community impact.

Debbie Price
Training Coordinator

Leadership Alamosa Graduate. This Alamosa Chamber of Commerce program cultivates and develops strong, confident, and collaborative leaders in our community.

Jennifer Hatfield
Deposit Services Specialist II

2024 Rockstar Program Winner. This FSWB program celebrates employees who exceed expectations, and Jennifer exemplifies this culture of excellence. She was awarded $3,500 for a vacation of her choice.

Kent Curtis
President and CEO

Who’s Who in Impact Investing Honoree.
This Impact Finance Center award celebrates leaders who are making significant contributions to impact investing and driving meaningful change within their communities.

Charlene Thomas
Commercial Loan Officer, SVP

Rising Financial Leader.
Hired in 2019 with no prior banking experience, she advanced from Loan Associate to Portfolio Manager, then Sr. Portfolio Manager, and is now a Commercial Loan Officer.

Jodi Hayden
Human Resources Director, SVP

Coaching Certifications.
She earned the Professional Coaching Certification (CPC) and Energy Leadership Index Master Practitioner (ELI-MP) certification from the accredited Institute for Professional Excellence in Coaching.

Investing in people, culture, and ideas

First Southwest Community Fund was created in 2015 by First Southwest Bank to provide inclusive and equitable access to capital and gap funding through a range of innovative programs for rural Colorado entrepreneurs and small business owners.

Driving positive change through innovation, collaboration, and economic opportunity for underserved communities across Colorado.

Executive Director, First Southwest Community Fund

What we do

Our Board of Directors

Our Team

Lending Programs

We are pioneering new, innovative ways to support diverse entrepreneurs and small businesses.

Fortaleza Fund

Funding and education for immigrant entrepreneurs and small businesses in rural Colorado.

Fortaleza Fund

Intermediary Relending Program

Fixed rate loans for businesses in rural communities that create jobs.

Intermediary Relending Program

CLIMBER Loan Fund

Flexible working capital for existing and new businesses across rural Colorado.

CLIMBER Loan Fund

Rural Women-Led Business Fund

Funding and education for women entrepreneurs and small businesses in rural Colorado.

Rural Women-Led Business Fund

Socially Disadvantaged Farmers and Ranchers Fund

Affordable capital and low-interest loans for beginning farmers and ranchers.

Socially Disadvantaged Farmers and Ranchers Fund

Educational Workshops + Events

“I appreciated how much was covered in such a short time - as a refresher for some of us who were further along on some basics and a great overview of many of the aspects of small business.”

Empowering rural communities through education is at the heart of our mission. We believe every entrepreneur and small business should have the opportunity to learn the essentials of starting and running a successful business.

FSWCF Events

Impact

In 2024, FSWCF created a positive economic impact in the communities we serve through:

Helped finance: 52% women owned, 26 BIPOC owned, 94% rural and 52% startup business

Loans funded: 1.9 M - one-off free staff tech assistance 59.75 hours

Lend $29,453,644 totaling $179,668, 881 - created 984 job and retained 401 jobs

Community Fund Spotlight

Better Cleaning Services

Alamosa, CO | Rural Women-Led Business Fund

"Better Cleaning Services is growing its business and boosting the economic vitality of the San Luis Valley."

R&D Transport/Octavio’s Trucking Services

Community Fund Spotlight

Octavio's Trucking Services

Alamosa, CO | Fortaleza Fund

"Octavio's Trucking Services is driving economic growth by connecting San Luis Valley agriculture to markets nationwide"

Community Fund Spotlight

J4 Electric

Alamosa, CO | CO Startup Loan Fund

"J4 Electric is powering growth and meeting the demand for skilled electrical services in rural Colorado."

Community Fund Spotlight

Parker Pastures

Gunnison, CO | Socially Disadvantaged Farmers and Ranchers Fund

"Parker Pastures is growing sustainable ranching, providing high-quality beef, and strengthening the local economy with expanded operations."

Our Partnership

1st SouthWest Bank & 1st SouthWest Community Fund

A unique partnership

Since 2015, FSWB and FSWCF have strategically pooled resources to provide inclusive and equitable capital, credit, and financial services to all community members – including those historically unable to access them – so that everyone has the opportunity to prosper and thrive.

Our Partnership: Our Impact Together

In 2024, we jointly funded projects totaling over $91M.

Our Success Story

Partnership spotlight

S&S Pick-Up

Fort Garland, Colorado | Rural Women-Led Business Fund & FSWB Loan

S&S Pick-Up was born from a vision to address a critical need and build a better future - made possible through support from First Southwest Bank and First Southwest Community Fund.

Our Partners

Colorado Office of Economic Development & International Trade

Northwest Colorado Small Business Development Center

Colorado Small Business Development Center

Southwest Colorado Small Business Development Center

Southwest Colorado Accelerator Program for Entrepreneurs

A Decade of Impact: Celebrating Our CDFI Journey

It is with pride that we present the 2024 Impact Report for First Southwest Bank (FSWB) and First Southwest Community Fund (FSWCF). This year marks a significant milestone in our journey—a decade since First Southwest Bank became a Community Development Financial Institution (CDFI). As we reflect on these ten years of service, we are humbled by the transformative impact we've been able to make across rural Colorado and beyond. We are also excited to showcase our work in this digital format. We hope you enjoy it.

As a CDFI bank, we're committed to directing at least 60% of our financing activities toward low- and moderate-income populations and underserved communities. This commitment has enabled us to fuel economic growth through accessible financial products that empower local entrepreneurs and community initiatives. First Southwest Bank is proud to be one of only two CDFI banks in Colorado, guided by a mission to invest in communities often overlooked by traditional lenders.

Our CDFI Impact: 10 Years of Supporting The Social and Economic Landscape of Rural Colorado

Throughout our ten years as a CDFI, we have been dedicated to improving quality of life in our communities and providing financial resources to those who need them most. Our CDFI Initiatives focus on:

Microloans and Small Business Loans: From aspiring entrepreneurs launching their first businesses to established local businesses expanding their reach, we are proud to invest in these businesses that result in new jobs, which lead to economic growth in our rural communities.
Affordable Housing Support: Addressing the need for affordable housing, we provide financing options to help families and individuals secure stable housing in their communities.
Community Partnerships and Collaborations: Combining public, private and philanthropic resources allows us to amplify our impact when investing in community needs and priorities. Our goal is to ensure we’re serving our communities in meaningful ways, from expanding access to healthcare to supporting local events and educational programs.
Agricultural Lending: Our unique programs and partnerships with entities such as the USDA, FSA, Colorado Department of Agriculture enable us to support farmers and ranchers in our state by ensuring we have access to diverse financing options tailored to the specific needs of our agricultural customers.

2024 Highlights: Expanding Our Mission Through Collaborative Initiatives

This year, we're especially proud of the collective impact achieved through our partnerships and initiatives:

First Southwest Community Fund (FSWCF): Our strongest and most vital partnership continues to be with First Southwest Community Fund, our nonprofit partner established in 2015. FSWB and FSWCF create a powerful model for community development: where traditional banking solutions end, FSWCF steps in to provide alternative financing options, grants, and technical assistance. Together, we create comprehensive support for rural Colorado entrepreneurs. In 2024, FSWCF deployed over $1.9 million in loans to entrepreneurs who face barriers to traditional capital.

Affordable Housing Innovation Fund (AHIF): In 2024, we celebrated the closing of our first two projects using the $10 million AHIF grant awarded to us in September 2023. This revolving grant allows us to offer reduced interest rates for affordable housing initiatives, directly increasing housing accessibility in rural Colorado. Our innovative approach combines grant funds with bank loans to create more affordable financing packages, passing cost savings directly to consumers and making homeownership more attainable for underserved populations.

HelloBello: In 2024, our holding company launched HelloBello®, a Banking as a Service platform designed by community bankers for community bankers. This innovative solution creates access to capital for small businesses and entrepreneurs who may not qualify for traditional loans. Partners utilizing the HelloBello® platform benefit from a simplified loan process, increased lending capacity, and opportunities to earn CRA credit, furthering our mission of financial inclusion across our communities.

Looking Forward: Building on Our Foundation

We remain committed to fueling economic growth, building stronger communities, and creating opportunities for underserved populations across our state. The challenges our communities face—from affordable housing shortages to access to capital for small businesses—require innovative, collaborative solutions, and we are dedicated to being at the forefront of these efforts.

As we look to the future, we extend gratitude to our employees, partners, customers, board members and community members who've shared in our mission. Together, we celebrate all that we have accomplished in ten years serving Colorado as a CDFI bank and look forward to the impact we will continue to make in the decades to come.

- Kent Curtis, President and CEO, First Southwest Bank

Crestone Peak Community Housing

First Southwest Bank (FSWB) is helping address the urgent need for affordable senior housing in Saguache County with a loan to Crestone Peak Community Housing for the development of Living Wisdom Village (LWV)—a community of 20 deed-restricted homes for independent adults aged 55 and older.

Saguache County and the surrounding San Luis Valley face a severe shortage of independent living options for older adults. A 2016 housing study reported a demand for 93 new units in the county, which surged 63% to 151 units by 2020. With no dedicated adult independent living facilities in the area, many seniors are left with few options—either struggling to stay in homes they can no longer maintain or facing the high costs of assisted living, which is financially unsustainable for many.

To help fund construction while awaiting a $4.5 million grant from the Colorado Department of Local Affairs (DOLA), FSWB provided a revolving line of credit to keep the project moving forward.

Living Wisdom Village will provide cost-effective, sustainable housing where older adults can age in place—staying close to their friends, community, and support systems. The development will enhance quality of life by ensuring seniors remain physically and socially active, valued in their community, and able to maintain meaningful connections with neighbors of all ages.

Thanks to First Southwest Bank’s support, Living Wisdom Village is turning a vision into reality, giving seniors in Saguache County a place to call home for years to come.

Through strategic public-private partnerships, we have developed specialized programs that support rural entrepreneurs, startups, small businesses, agricultural enterprises, and nonprofits. These programs have evolved to meet the changing needs of our communities, ensuring greater access to capital and financial resources.

Ignacio Housing Authority

The Town of Ignacio is addressing its workforce housing shortage with the Rock Creek housing development, which will add 10 new single-family modular homes—made possible in part by loan assistance from First Southwest Bank.

Like many communities, Ignacio struggles to provide affordable housing for its workforce. With home prices averaging $475,000 in La Plata County, many residents are forced to rent rather than own. To help working families buy homes, the town needed financial support to develop lower-cost housing options.

With help from First Southwest Bank, a $2 million infrastructure grant from the Colorado Affordable Housing Incentives Grant Program, and funding from the Catalyst Loan Fund through the Regional Housing Alliance, Ignacio is developing 10 modular homes. These three-bedroom, 1,300-square-foot homes are available to families earning under 140% of the area median income ($154,700 for a family of four). Local nonprofit HomesFund is also providing homebuyer training and down payment assistance.

This project will give local workers the opportunity to buy homes in their own community. A second phase will add 11 more homes by 2025. Ignacio officials continue working to secure additional funding to expand the project.

Thanks to First Southwest Bank’s support, more families can achieve homeownership, strengthening the local workforce and economy.

Ben Vold has always been passionate about bikes. Growing up in a small town in Indiana, he rode everywhere and loved taking bikes apart just as much as riding them. After college, he worked in various bike shops before transitioning to a career as a pharmacist. But his love for bikes never faded, and in 2024, he decided to turn that passion into a business by launching BV Bike Doc.

Ben saw a real need for convenient, high-quality bike maintenance services in the Buena Vista area. He envisioned a mobile bike repair shop that could meet cyclists where they needed help the most—at trailheads, events, and around town. However, turning that vision into reality required significant startup costs. He needed a truck, a trailer, bike maintenance tools, a custom trailer wrap, and rental bikes to offer demo rides.

That’s where First Southwest Bank stepped in. With their support, Ben secured a loan that gave him the resources to launch BV Bike Doc and bring his idea to life.

Today, BV Bike Doc is a thriving mobile bike repair service, offering everything from basic tune-ups to full overhauls. Ben also provides child safety checks, rental bikes, and a variety of specialized services—from hub adjustments to spoke replacements. His ability to meet customers where they ride has made bike maintenance more accessible and convenient for the Buena Vista cycling community.

Beyond running his business, Ben remains deeply connected to the trails he loves, often riding his single-speed mountain bikes in his free time. Thanks to the loan from First Southwest Bank, he’s not only built a successful business but is also enriching his community—keeping bikes in top shape and helping more people experience the joy of riding.

Chaffee Housing Authority

Salida, CO, is facing a severe shortage of affordable workforce housing, with rents rising 43% since 2016. The increasing cost of living is making it difficult for local workers to find stable housing, threatening the local economy and forcing many to leave the area.

In December of 2024, Chaffee Housing Authority (CHA) assumed ownership of The 505 Apartments in Salida, its first project aimed at preserving existing affordable housing. The 505 is currently home to 32 Salidans who benefit from monthly rents that range from $1,100 to $1,350, which is more affordable to the local workforce than most market-based rents in the city.

First Southwest Bank, which serves as a designated lender for the State of Colorado’s Affordable Housing Investment Fund, assisted CHA with a $1.468M low-interest loan. Additionally, the CHA was awarded $1.9M from the State of Colorado’s Division of Housing.

The acquisition marks a major milestone for CHA, as the 505 Apartments are the first operational apartment complex they own.

CHA continues to expand its impact, with upcoming projects like the construction of Jane's Place, a 17-unit transitional housing project, and support of the 60-unit Midland Apartments. By securing funding from partners like First Southwest Bank, CHA is making significant strides in preserving and expanding affordable housing, ensuring that more of Chaffee County’s workforce can continue to live and thrive in their community.

Businesses We Support

In addition to donating to our impact areas, we contributed over $100,000 to community focused events in 2024.

Below are some of the organizations we supported in 2024:

4Core
Adams State Athletics
Alamosa Chamber of Commerce
Alamosa Community Center
Alamosa High School
Alamosa After Prom
Alamosa KOA
Alamosa Memorial Park
Alamosa Round Up
ALMA
Archuleta County Fair
Bayfield Chamber of Commerce
Bullfrogs and Butterflies
Care and Share Food Bank
Centauri Athletics
Center High School
Center Police Department
Center Viking Youth Club
Durango Derailers
Chaffee County
Community Foundation of SW Colorado
Community Foundation of the SLV
Companeros
Cortez Celtic Fair
Cortez Martial Arts
Crede Repertory Theatre
Del Norte Golf
Dolores County
Durango Adult Education Center
Durango Chamber of Commerce
Durango Community Foundation
Durango High School
Durango Swim Club
El Llamado Hispano
First Southwest Community Fund
Fundamental Needs
Humane Society of Pagosa Springs
Ignacio FFA Chapter
Impact Finance Center
KSUT
Kiwanis Club Durango
La Plata Cattlemen
La Plata Observatory
La Puente
Local First
Manassa Saddle Club
Manna Soup Kitchen
Montezuma Cortez Wrestling
Mountain Valley School District
Music in the Mountains
Pagosa Springs Chamber of Commerce
Pagosa Springs Rotary Club
Poor Boy Car Club
Ruby Sisson Memorial Library
Rugby’s House
Saguache Chamber of Commerce
San Juan Citizens Alliance
Skills USA
SLV Regional Science Fair
SLV Aquatics
SLV Foundation
SLV Health
SLV Local Food Coalition
SLV Museum
SLV Potato
SLV Pride
SLV Sky-Hi Stampede
SLVH Foundation
SOIL
Southwest Baseball
Special Olympics Colorado
Splashland
The Community Foundation of Colorado
The Good Food Collective
Tri-County Head Start
True Western Roundup
United Way
Ute Mountain Round-Up
Western Red Ryder Rodeo
Wolf Creek Ski Team
Women’s Foundation of Colorado
Young Professionals of Alamosa
Young Professionals of Durango

Our mission is to support the entrepreneurial spirit of rural communities by investing in people, culture and ideas that fuel innovation and financial knowledge by prioritizing access to equitable capital to those who have been traditionally excluded.

Letter from Rosy & Kent

This 2024 Impact Report shows the unwavering commitment of FSWCF, FSWB, and HelloBello® to driving positive change through strategic initiatives that empower small businesses, strengthen community partnerships, and ensure financial sustainability. Over the past year, we have enhanced operations, expanded our funding base, and refined lending programs to better serve entrepreneurs, especially in underserved rural communities across Colorado. By implementing advanced technology platforms, improving staff development, and securing critical funding, we are well-positioned for continued growth and lasting impact. This report underscores our focus on innovation, collaboration, and creating economic opportunities for those who need it most.

In 2024, we successfully selected and began implementing advanced loan origination and customer service platforms, streamlining operations and enhancing user experience. We fostered deeper collaboration between FSWB, HelloBello®, and FSWCF, resulting in two new members joining the FSWCF board and establishing stronger communication channels. We also strengthened FSWCF’s internal structure by restructuring key roles to improve alignment and operational effectiveness. On the funding front, we secured significant philanthropic support and expanded our base by targeting new funding relationships, positioning us for continued success.

Looking ahead to 2025, we will finalize platform implementation, prioritize staff training, and strengthen partnerships through clearer communication, contingency planning, and process optimization. We will also continue cultivating sustainable funding, secure CDFI certification, and enhance staff well-being to ensure long-term success for both our team and the communities we serve. As part of our broader organizational development, we are also enhancing staff well-being by implementing policies that promote work-life balance, prioritize mental and physical health, and create a supportive work environment that empowers our team to thrive.
Our efforts are connected to fostering long-term success for both our staff and the communities we serve.

Rosy McDonough, Executive Director, First Southwest Community Fund

Kent Curtis, President and CEO, First Southwest Bank & President, First Southwest Community Fund

Lending Programs

We are proud to cultivate our rural communities’ entrepreneurs, startups, small businesses, and nonprofits by providing comprehensive access to capital, education, resources, and technical assistance. We work with a focus on underserved communities, by providing low-interest, flexible, and accessible loan programs and grants. Our capital can serve entrepreneurs as both standalone financing and participatory financing in conjunction with other funders.

Educational Events

FSWCF recognizes that fostering a thriving entrepreneurial ecosystem in rural Colorado requires more than just capital. That's why we are deeply committed to providing practical, skills-based training to help businesses thrive. We deliver this education and training primarily through our Rural Women-Led Business Fund and our Spanish-language Fortaleza Fund.

In 2024, we expanded our commitment to education by offering 7 workshops that served 130 participants. These workshops covered a diverse range of marketing and finance topics essential for success in today's competitive landscape. The Start Up Entrepreneurship Program was a core component of this effort, providing targeted support to emerging businesses throughout rural Colorado. Building off of the success of the Start Up Entrepreneurship Program, we proudly partnered with the SBDC (Small Business Development Center) to further amplify our impact and reach even more entrepreneurs through our jointly lead Leading Edge for Business course.

“I felt your presentations and facilitation were very professional and inviting as a participant. I am looking forward to attending the extended 8-week session that begins in just a few short weeks!”

We are dedicated to expanding these impactful programs even further throughout rural Colorado in 2025, extending our reach and empowering even more entrepreneurs.

While FSWCF is dedicated to fostering tangible economic opportunities by making non-traditional capital (loans) available to rural entrepreneurs and small business owners, we also provide grants for training and technical assistance. In 2024, we proudly provided grants totaling $78,600, directly injecting resources into promising ventures throughout our rural communities.

We are focused on helping rural Colorado entrepreneurs and small business owners overcome obstacles and seize opportunities for advancement by providing inclusive and equitable access to capital. We have seen, time and time again, that the entrepreneurs we have the honor of working with are incredibly resilient and driven.

Better Cleaning Services

Building on her decade-long experience in residential cleaning, Erika Martinez took a significant step forward in 2024 by establishing Better Cleaning Services LLC. This move formalized her well-respected cleaning business in the San Luis Valley, expanding her services to include commercial cleaning alongside her established residential offerings.

With a strong reputation for quality and reliability, Erika has become the go-to cleaner for major rental companies in the area, specializing in move-out cleanings for apartment complexes. To support her growing business and improve operational efficiency, Erika secured a loan through First Southwest Community Fund to purchase a dedicated vehicle for transporting her team and equipment. This investment has enabled Better Cleaning Services to take on more clients and provide even more responsive service, contributing to the economic vitality of the San Luis Valley region.

Octavio's Trucking Services

Octavio's Trucking Services, established in 2023, has quickly become an integral part of the San Luis Valley's agricultural transportation network. Drawing on his four years of experience in the industry and his certification from US Trucking School, Octavio Villasenor has positioned his business to meet the high demand for produce transportation in this crucial agricultural hub.

In its first year of operation, Octavio's business has expanded its services beyond local farm operations to include interstate transportation of hay and refrigerated produce. His comprehensive understanding of both driving and vehicle maintenance has allowed him to operate efficiently, reducing costs and improving reliability. With support from First Southwest Community Fund, Octavio has been able to invest in additional equipment, enabling him to take on more diverse contracts and contribute to the region's economic growth by facilitating the movement of goods to markets across the United States.

J4 Electric LLC, founded in 2021, has quickly established itself as a reliable electrical services provider in rural Colorado. Drawing on over two decades of experience, including 16 years as a lead foreman on large commercial projects with Valley Electric, Jacob Jones has successfully transitioned from employee to entrepreneur.

In its first two years of operation, J4 Electric has built a strong reputation serving homeowners and contractors throughout the region. Initially funded through a personal line of credit, the business has now reached a pivotal point in its growth. With support from First Southwest Community Fund, Jacob and his wife Crystal are refinancing their startup costs and securing additional working capital. This strategic move not only strengthens J4 Electric's financial foundation but also positions the company for continued expansion, enabling it to meet the growing demand for skilled electrical services in rural Colorado communities.

Parker Pastures, a family-owned meat company in Gunnison, Colorado, has entered an exciting new chapter under the leadership of Cloe Parker. Founded by Bill and Kelli Parker when Cloe was a young girl, the meat company has always been dedicated to producing high-quality, nutrient-dense meat through sustainable and regenerative practices.

Cloe's journey in agriculture took an unexpected turn in 2021 when her mother was diagnosed with cancer. At just 19 years old, Cloe stepped up to take over the entire operation of Parker Pastures. Despite her youth, she brought with her a lifetime of experience on the ranch and valuable insights gained from working on ranches in Wyoming and Oklahoma. Under Cloe's guidance, Parker Pastures has continued to thrive, maintaining its commitment to providing families nationwide with grass-fed and finished beef. With support from First Southwest Community Fund, Cloe has been able to secure the capital needed to expand the business, enabling Parker Pastures to serve even more families with their high-quality, ethically-produced meat in an increasingly challenging food landscape.

As a CDFI bank, FSWB has access to additional resources to help underserved small businesses. Even with these additional resources, some entrepreneurs are not able to access financing, particularly startups that do not have three years’ worth of financial data and businesses that fall outside of more traditional lending policies.

With a primary mission of supporting tangible economic opportunities throughout rural Colorado, FSWCF makes much-needed non-traditional capital loans available to emerging and existing businesses.

In the beginning, FSWB and FSWCF partnered on most deals, using FSWCF financing to enable a loan to fit within FSWB loan policy parameters. As funding sources and partnerships grew, FSWCF began to offer targeted, standalone funding — such as the Rural Women-Led Business Fund, and the Fortaleza Fund.

S&S Pick-Up, a family-owned waste management company in Fort Garland, Colorado, launched in November 2024 after more than three years of planning and preparation. Salina Pacheco and her sister initially envisioned collecting trash as a side job, but soon recognized a critical need in their community. With only one trash service provider available, illegal dumping on back roads, open areas, and mountain lands had become widespread, and some residents resorted to burning their trash. Recognizing the significant environmental and health risks posed by these practices, Salina saw an opportunity to address this issue while building a more financially stable future for her family. In April 2021, she began distributing interest forms during her lunch breaks, revealing the magnitude of the waste management problem and solidifying their decision to start S&S Pick-Up.

Salina's entrepreneurial journey was significantly shaped by her connection to First Southwest Community Fund and First Southwest Bank. Through the Rural Women-Led Business Fund at First Southwest Community Fund, she accessed valuable resources and support tailored specifically for women entrepreneurs in rural Colorado. Salina participated in various workshops and educational programs offered by the Community Fund and it's partners, covering topics such as business plan creation, financial management, and entrepreneurship fundamentals. These opportunities helped her gain confidence and essential skills as she transitioned from an idea to a fully operational business.

With support from First Southwest Bank and First Southwest Community Fund, S&S Pick-Up secured the necessary funding to purchase essential equipment and obtain working capital for launch. Salina emphasizes the pivotal role of her sister, whose unwavering belief in their vision fueled their perseverance through challenges. Today, S&S Pick-Up addresses a critical need in Fort Garland, promoting environmental sustainability through responsible waste management. Salina expresses deep gratitude for the partnership with First Southwest Community Fund and First Southwest Bank, stating, "We are in business today because of our partnership."