Impact-2025 | First Southwest Bank

impact report

2025

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.

The challenges our rural communities face require us to be innovative and collaborative, and focused on our mission.

President and CEO, First Southwest Bank

Bank SPOTLIGHT

Boys and Girls Clubs of the San Luis Valley

Alamosa, CO | New Market Tax Credit

“This financing is more than just numbers on paper - it's going to change lives here in the San Luis Valley. Because of the support of First Southwest Bank, we're now able to bring the Early Childhood and Learning Center from vision to reality. That means kids have a safe, enriching place to grow and learn, families have support, and our community gains a new cornerstone for opportunity.”

– Aaron Miltenberger, President and CEO

Programs

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

Credit Builder Loan Program

Helps individuals build or repair their credit.

Credit Builder Loan Program

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

Red House Law

Loveland, CO | NSBCI Loan

"This program is a meaningful step toward economic empowerment and self-determination for Navajo entrepreneurs. Access to capital enables Native-owned businesses like mine to grow, serve our communities more effectively, and continue the work of building a stronger future for the Navajo Nation."

– Alvina Earnhart, Owner

Impact

Our Approach

By The Numbers

Financial Snapshot

Impact Grants

In 2025, we continued to deploy funds from the $10 million Affordable Housing Investment Funds (AHIF) grant awarded to us in September 2023. This revolving grant features a reduced interest rate, enabling us to offer lower rates to support affordable housing projects and increase housing accessibility across our communities.

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 overlooked communities and the financial resources they need to thrive.

Rock Creek Development, Ignacio, CO

We supported funding for both phases of the Rock Creek development, providing 46 total units: 10 single-family modular homes (Phase 1) and 21 single-family homes plus 25 multifamily units (Phase 2). The three-bedroom homes are available to families earning under 140% of area median income. This project addresses Ignacio’s workforce housing shortage.

Tierra Azul Development, Alamosa, CO

We supported Tierra Azul, a 412-unit development on 43 acres that addresses critical housing needs in Alamosa. The first phase includes 137 units of townhomes and first-time homebuyer options.

Anvil Townhomes, Silverton, CO

We helped fund the Anvil Townhomes project, providing 9 townhome units in Silverton (population 724). The project addresses the limited housing supply identified in the towns Master Plan and 2024 resident survey.

Through our AHIF program in 2025, we have funded projects that will create hundreds of affordable housing units across rural Colorado communities. These developments represent more than just construction; they represent opportunities for teachers, healthcare workers, service industry employees, and families to live and thrive in the communities they serve.

By continuing to leverage our AHIF grant funds alongside traditional bank lending, we are making homeownership and quality housing accessible to those who need it most, building stronger, more sustainable communities throughout our region.

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.

Colorado 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.

HomesFund

HomesFund is a $12.4 million CDFI loan fund that has helped over 1,700 families achieve homeownership through pre-purchase counseling, homebuyer education, and down payment assistance. As a longstanding partner, First Southwest Bank made a critical investment in 2025 to ensure the loan fund’s continued operation and impact.

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 and their highlight on our 2025 affordable housing impact.

ZOMA Foundation Impact Deposit

ZOMA Foundation's philanthropic work in Colorado focuses on Early Childhood Development and Community Economic Development. In 2025, they made an impact deposit of $10 million with First Southwest Bank to support these critical initiatives across the state, furthering our shared commitment to building stronger communities.

QwickRate

Through QwickRate, we receive deposits from other banks, allowing them to earn Community Reinvestment Act (CRA) credit by banking with us. As a CDFI, our impact attracts these partner banks seeking meaningful investment opportunities. In 2025, we secured $10.2 million in deposits from 44 organizations, demonstrating strong confidence in our community development mission.

Bank SPOTLIGHT

Anvil Townhomes

Silverton, CO | AHIF Loan

"The Anvil Townhomes represent a critical step forward in ensuring that Silverton remains a place where working families can afford to live and thrive. We are very grateful for First Southwest Bank for supporting this project and our community." - Anne Chase, Director, Silverton Housing Authority

2025 Highlights

Throughout 2025, we continued to innovate and refine our operations, expanding access to capital for underserved communities while enhancing service delivery and reinforcing our commitment to our CDFI mission.

A decade of empowering rural colorado entrepreneurs

2025 marked the 10th anniversary of our mission-aligned nonprofit partner, First Southwest Community Fund (FSWCF). We created this fund to provide access to capital and gap funding for rural Colorado entrepreneurs and small business owners. Over the past decade, FSWCF has invested over $30 million, helping entrepreneurs create 997 jobs and retain 469 jobs across Colorado, demonstrating our commitment to fueling economic growth and building stronger communities.

HelloBello^® technology transforms capital access

In 2025, we officially adopted HelloBello® technology at First Southwest Bank, transforming how we search for funding and create capital stacks for our loan customers. Beyond our own lending operations, we're onboarding community banks and credit unions to gain access to our CDFI funding resources. The HelloBello® platform allows community banks and credit unions to search our funding options and view capital stack recommendations for their own loan customers, extending our impact far beyond our direct reach and strengthening the entire community banking ecosystem across rural Colorado.

New ev infrastructure in SW colorado

In 2025, we installed eight Tesla Superchargers at our Cortez branch, addressing a long-requested infrastructure need in the Four Corners region. These high-speed chargers provide up to 200 miles of range in just 15 minutes, filling a critical gap in rural southwestern Colorado’s EV charging network.

The strategic location opens new routes for EV owners to Mesa Verde National Park, the Four Corners region, and connections to Durango and beyond. By bringing travelers off major highways and into our community, these charging stations create economic opportunities for local businesses as visitors shop, dine, and explore while charging.

This installation reflects our commitment to filling critical infrastructure gaps while supporting local community members and creating positive economic impact in rural Colorado; core elements of our mission.

refined mission vision and values

In January 2025, we conducted a comprehensive session to reassess and refine our guiding principles, resulting in a revised mission statement, a new vision statement, and clearly defined values that authentically reflect who we are and what we stand for. After reviewing these updates with staff throughout the bank to ensure organization-wide resonance, we celebrated the rollout during all-staff meetings with t-shirts, notebooks, bookmarks, and desk displays. We also launched Mission, Vision and Values Day, a quarterly celebration that keeps these principles at the forefront of everything we do.

Credit builder loan program success

Since launching our Credit Builder Loan Program in July 2024, we have witnessed remarkable results that demonstrate the power of financial inclusion. This program helps customers establish or rebuild their credit history, and the impact has been transformative. With a 70% success rate, participants have either improved their credit or built credit from scratch. Twelve participants (40%) started with no credit history and now average a 650 or more credit score, establishing a strong foundation in the fair-to-good credit range. One participant's journey stands out: starting from no credit history, they achieved a 724 credit score, reaching the excellent credit range. These numbers represent real people in our communities who now have better access to loans, housing, and financial stability, opening doors to opportunities that were previously out of reach.

Sponsorships and Donations

First Southwest Bank is deeply involved in the communities we serve and contributed $167,336 to 132 local organizations and events in 2025.

Housing & Economic Development

Community

Food & Farming

Youth Development & Leadership

Navajo Nation

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 2025, advancing their careers through promotions, pursuing leadership and training opportunities, and receiving awards and recognition for their dedication to excellence and community impact.

Domonick arellano
Call Center Supervisor, VP

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

Genna Thompson
Senior Loan Servicing Specialist

2025 Rockstar Program Winner. This FSWB program celebrates employees who exceed expectations, and Genna exemplifies this culture of excellence. She was awarded $3,500 for a vacation of her choice.

Brenna Morlan
CRA/CDFI Officer, VP

ABA Emerging Leader Award.
This award recognizes the next generation of bank leaders who are committed to the highest standards of achievement and service to both their industry and local communities.

Loretta Paniagua
Branch Manager, VP

ABA Branch Manager Certification.
The ABA Branch Manager Certificate program is designed to develop skills essential to successful management while strengthening knowledge of banking operations and building expertise in deposit and loan products.

John rosch
Director of Compliance, SVP

ABA Certified Regulatory Compliance Manager Certification.
The CRCM certification is awarded to individuals who demonstrate excellence in the field of bank regulatory compliance..

kristy Esquibel
Chief Credit Officer, EVP

Appointed to CDBA Board of Directors.
She has been appointed to serve a three-year term on the Community Development Bankers Association (CDBA) Board of Directors.

Investing in people, culture, and ideas

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

Celebrating a decade of commitment to rural Colorado: expanding access to capital and creating lasting economic opportunity.

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.

New! Northwest Catalyst Capital Microloan Fund

Low-cost loans for entrepreneurs and small business owners in Moffat, Routt and Rio Blanco counties.

Northwest Catalyst Capital Microloan Fund

New! ACF Regional Rise Fund

Loans for small businesses and nonprofits from Aspen to Parachute.

ACH Regional Rise Fund

CLIMBER Loan Fund

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

CLIMBER Loan Fund

Rural-Led Business Fund

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

Rural-Led Business Fund

Colorado Agricultural Future Loan Program

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

Colorado Agricultural Future Loan Program

Fortaleza Fund

Funding and education for 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

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 2025, FSWCF created a positive economic impact in the communities we serve through:

Community Fund Spotlight

Ruby Rose Sweets & Gourmet Treats, LLC

La Jara, CO | Rural-Led Business Fund

"First Southwest Community Fund's favorable interest rates and rural-focused financing gave us exactly what we needed to grow from a home bakery into a cozy microbakery and café in the heart of the San Luis Valley."

San Juan Therapeudics equipment and windows

Community Fund Spotlight

San Juan Therapeudics, LLC

Durango, CO | Rural-Led Fund

"While I have years of experience as a physical therapist, launching a new business came with unique challenges—especially without the profit-and-loss history most traditional lenders require. The First Southwest Community Fund made it possible to build something of my own and serve my community in a meaningful way."

Community Fund Spotlight

Simply Smiles Dental Hygiene Clinic

Sanford, CO | Rural-Led Fund

"Through the Leading Edge for Business education series and grant support from the First Southwest Community Fund, we gained valuable resources, meaningful connections, and the confidence needed to move from planning into action. Today, Simply Smiles Dental Hygiene Clinic is officially open and proud to serve our community."

Community Fund Spotlight

HolaImpact

Bellvue, CO | Fortaleza Fund

"After participating in the Leading Edge Business Program and receiving grant support through First Southwest Community Fund, I was able to take HolaImpact from concept to reality—running a pilot that reached 40 participants and partnered with a nonprofit in Colombia to create economic opportunity for native speakers facing financial hardship."

Our Partnership

1st SouthWest Bank & 1st SouthWest Community Fund

A unique partnership

Since 2015, FSWB and FSWCF have strategically pooled resources to provide 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 2025, we jointly funded projects totaling over $86M.

Our Success Story

Partnership spotlight

Raisin' Rye

Del Norte, Colorado | FSWB Loan & FSWCF Loan

“We have always dreamed of owning a family bakery with our two sons. We feel so blessed to have this opportunity and are beyond grateful to First Southwest Bank and First Southwest Community Fund for working with us to make it happen. We're excited to bring our passion for baking and coffee to the community and carry on the beautiful business that was built here.”

– Aimee and Jonathan, Owners, Raisin' Rye Bakery

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

One Year. Lasting Impact.

Dear Friends and Community Partners,

What a remarkable year it has been. In 2025, we celebrated milestones that reflect what we stand for at First Southwest Bank, our commitment to creating lasting opportunity in rural Colorado and beyond.

This year we celebrated the 10th anniversary of the First Southwest Community Fund (FSWCF), our nonprofit partner established in 2015 by First Southwest Bank. Founded on the idea that rural entrepreneurs deserve access to the capital and support needed to thrive, FSWCF is an essential part of our community development mission.

Over the past decade, FSWCF has deployed over $30 million in affordable loans, grants, and educational programming to entrepreneurs across Colorado. The results speak for themselves: 997 jobs created and 469 jobs retained in communities that need them most. Through affordable financing, grants, workshops, and webinars, FSWCF has equipped hundreds of rural business owners with the tools and resources to grow and enrich their communities.

In January 2025, our team came together to revisit and refine the guiding principles that shape our work. The result was a revised mission statement, a new vision statement, and a clearly articulated set of core values.

Our mission statement defines our present purpose and serves as our guide for every decision we make. Our vision statement looks toward the future, describing the organization we aspire to become. And our values establish the standards that shape how we show up each day for one another, for our customers, and for our communities. Together, these three elements form the foundation from which all of our work flows.

First Southwest Bank is one of only two CDFI-designated banks in Colorado—and the only one in the Four Corners region. This designation by the U.S. Treasury recognizes our commitment to serving communities that are traditionally underserved by conventional lenders. It also enables us to access federal and state funding that we deploy directly into the hands of our customers in the form of lower-interest loans for affordable housing, agriculture, and small business development.

This year, we had the honor of closing the first loan in the Navajo Small Business Credit Initiative (NSBCI). The NSBCI is a Navajo Nation program, part of the U.S. Treasury’s State Small Business Credit Initiative (SSBCI), designed to expand access to capital for Navajo small businesses and Native-owned enterprises across the country.

We achieved this milestone in partnership with Change Labs and entrepreneur Alvina Earnhart. This represents more than a single loan, it is a step toward closing historic gaps in access to capital for Indigenous communities. It demonstrates what is possible when federal resources, tribal leadership, community-based organizations, and mission-driven financial institutions work in partnership.

Our team also helped launch another meaningful project. Colorado’s San Luis Valley has long faced a critical childcare shortage, six rural counties officially designated as a Child Care Desert, with approximately 4,000 young children in need of quality care. This gap has not only impacted families; it has constrained the economic potential of an entire region.

We are proud to have helped the Boys & Girls Clubs of the San Luis Valley navigate a complex New Market Tax Credit (NMTC) deal to construct a state-of-the-art Early Childhood Learning Center in Alamosa. The center will provide 160 additional licensed childcare spots for children from six weeks to age six, create 31 new jobs with living wages, and offer 10 modern classrooms with specialized learning environments. This is what innovative, mission-aligned financing can accomplish—and it is a model we are proud to replicate.

These are just a few examples of what we’ve accomplished this year. The work described in this report is the result of extraordinary effort from our employees, partners, customers, board members, and community. The challenges our rural communities face, from affordable housing shortages to barriers to capital, require us to be innovative and collaborative, and focused on our mission.

We remain committed to that mission. And we remain grateful to all of you who share in it.

With gratitude,
Kent Curtis, President and CEO, First Southwest Bank

From Child Care Desert to Learning Hub: How NMTC Financing Transformed Early Childhood Education in Rural Colorado

First Southwest Bank helped the Boys and Girls Clubs of the San Luis Valley (BGCSLV) navigate a complex New Market Tax Credit (NMTC) deal and was instrumental in bringing together the various funding sources to ensure the project's success.

The San Luis Valley in Colorado faces a critical childcare shortage, officially designated as a Child Care Desert. With approximately 4,000 eligible young children needing care across six rural counties, families struggled to find quality childcare options that would allow parents to participate fully in the workforce. This barrier significantly limited economic development opportunities in the region.

The BGCSLV needed an innovative financing solution to construct a state-of-the-art 17,566 square foot Early Childhood Learning Center in Alamosa. FSWB helped navigate the complex $10.7 million project utilizing a NMTC deal that brought together multiple funding sources.

The Early Childhood Learning Center is set to deliver transformative results for the San Luis Valley. Immediate benefits include: 160 additional licensed childcare spots for children ages 6 weeks to 6 years, 23 new full-time jobs for early childhood educators and an additional 8 for cooks, grounds maintenance and administration with living wages, and 10 modern classrooms with specialized learning environments.

This project demonstrates how innovative financing can address critical community needs while strengthening economic development in low-income, rural areas.

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.

Building Justice: How Red House Law Expanded to Serve the Navajo Nation

When Alvina launched Red House Law as a solo practice during COVID-19, she quickly became overwhelmed by desperate calls for help. As the only attorney on the Navajo Nation Bar Association member list willing to handle family law, divorce, child custody, and probate cases, she couldn't meet the demand alone.

Alvina was the only attorney on the Navajo Nation Bar Association member list willing to handle family law, divorce, child custody, and probate cases. Courts relied on this list to refer cases, and families had nowhere else to turn. Working alone, she simply couldn't meet the overwhelming demand.

Alvina was exploring ways to expand her practice and bring on additional staff. However, her initial application for business funding through a bank was denied because her practice was too new. Then she saw an ad for Change Labs, which connected her with specialized funding administered by FSWB that covered the costs of expansion at exactly the right moment.The loan covered the critical costs of bringing new employees on board and managing the increased overhead expenses.

Red House Law now fills a critical void in legal services for the Navajo Nation. With her partner's extensive experience in tribal legal matters, they're uniquely positioned as the only firm accepting cases others won't take. Families who previously had nowhere to turn finally have access to essential legal representation.

Expanding Homeownership Opportunities in a Mountain Community

Silverton, a small mountain town in southwestern Colorado, faces affordable housing challenges. Like many rural communities across the state, rising home prices have priced out local workers and families, making homeownership increasingly unattainable for the people who keep the community running.

In 2025, the Silverton Housing Authority broke ground on the Anvil Townhomes, a development designed to increase Silverton's affordable housing supply by 10% in a single building season. The project consists of nine move-in ready 2- and 3-bedroom homes available for sale to income-qualified households, bringing homeownership opportunities to families otherwise priced out of the local market.

First Southwest Bank supported the Anvil Townhomes development using funds from the $10 million Affordable Housing Investment Fund (AHIF) grant awarded to the bank in September 2023. This revolving grant program features a reduced interest rate, enabling First Southwest Bank to offer lower rates to affordable housing projects and increase housing accessibility across the state.

By partnering with the Silverton Housing Authority and leveraging AHIF grant funding, First Southwest Bank is helping preserve the character and viability of this rural mountain community, ensuring that local workers and families can afford to live where they work and build equity through homeownership.

Businesses We Support

Below are some of the organizations we supported in 2025:

4Core
Adams State Athletics
Adams State University
Alamosa Chamber of Commerce
Alamosa Community Center
Alamosa High School
Alamosa After Prom
Alamosa KOA
Alamosa Memorial Park
Alamosa Round Up
Alamosa Senior Citizens, Inc.
ALMA
Antonito High School
Archuleta County Fair
Bayfield Chamber of Commerce
Bayfield Cheer Team
Bullfrogs and Butterflies
Cancer Resource Alliance
Care and Share Food Bank
Centauri Athletics
Center Consolidated Schools
Center High School
Center Middle 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 Rotary
Dolores County
Dolores High School
Durango Adult Education Center
Durango Chamber of Commerce
Durango Community Foundation
Durango Cowboy Gathering
Durango Education Foundation
Durango High School
Durango Swim Club
El Llamado Hispano
First Southwest Community Fund
Fundamental Needs
Homes Fund SW Colorado
Hope Community Christian Academy
Hoodlums Car Show
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 Little League
Manassa Saddle Club
Mancos Valley Lions
Manna Soup Kitchen
Monte Vista Crane Festival
Montezuma Cortez Wrestling
Montezuma Heritage Museum
Mountain Valley School District
Music in the Mountains
Pagosa Springs After Prom
Pagosa Springs Chamber of Commerce
Pagosa Springs Humane Society
Pagosa Springs Rotary Club
Pine River Centennial Rotary Club
Poor Boy Car Club
Pure Vida for Good, Inc.
Rio Grande Club
Rio Grande Land Trust
Rise Above Violence
Ruby Sisson Memorial Library
Rugby’s Rescue House
Saguache Chamber of Commerce
San Juan Citizens Alliance
Sangre de Cristo National Heritage Area
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
Southwestern Colorado Livestock Association
Special Olympics Colorado
Splashland
The Community Foundation of Colorado
The Good Food Collective
Tri-County Head Start
True Western Roundup
United Way/Team Up
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
Youthentity

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.

Dear FSWCF Communities,

In 2025, we proudly celebrated ten years of advancing opportunity across rural Colorado. This milestone allowed us to reflect on our progress, honor the partnerships that sustain our work, and dedicate ourselves to expanding access to capital where it is needed most. Over the past year, we strengthened our foundation, extended our reach, and delivered meaningful results for entrepreneurs and communities across the state.

We accelerated capital deployment by launching the Northwest Catalyst Capital Microloan Fund in Moffat, Rio Blanco, and Routt counties and activating the ACF Regional Rise Fund serving communities from Aspen to Parachute. These initiatives expand our geographic footprint and deliver flexible, responsive financing to rural businesses ready to launch, grow, and create jobs.

We enhanced how we serve you by investing in strong leadership and modern systems. We welcomed a new Commercial Lender and advanced internal leadership to better align strategy and operations. We implemented new lending platforms to streamline applications and improve transparency, and we introduced call center support to ensure every entrepreneur can connect with a live person. These improvements strengthened efficiency, responsiveness, and customer care.

We empowered entrepreneurs through education, mentorship, and direct investment. We celebrated Start-Up Entrepreneurship and Leading Edge graduates who completed business training and each received a $2,400 grant to start or strengthen their ventures. We expanded mentorship opportunities statewide, reduced barriers to lending, and paired capital with coaching to help business owners build resilient and sustainable enterprises.

We deepened partnerships that drive long-term growth. We marked ten years of collaboration with USDA and secured continued support from private foundations and government partners. Working closely with First Southwest Bank and HelloBello, we aligned strategy, improved communication, and leveraged shared expertise to increase our collective impact.

We elevated rural leadership and shared our voice throughout Colorado. Our team contributed to conversations on rural resiliency and impact investing, and we were honored by regional and state partners for our leadership and service. These recognitions affirm the dedication of our staff, board, and the entrepreneurs who inspire our mission every day.

We strengthened transparency and accountability by launching a new website. We refined internal processes, reinforced sustainable funding strategies, and positioned FSWCF for continued growth and greater community impact.

As we look ahead, we will continue expanding opportunity, simplifying access to capital, and showing up in communities to listen, collaborate, and lead. Thank you for your trust and partnership. Together, we will build stronger rural economies and create lasting impact for generations to come.

Together in service to rural Colorado and enduring impact,

Rosy McDonough, Executive Director, 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.

Ruby Rose Sweets & Gourmet Treats, LLC

With support from the First Southwest Community Fund, we were able to turn a dream into a thriving small business during our very first year. The Fund’s favorable interest rates and rural-focused financing gave us exactly what we needed to grow from a home bakery into a cozy microbakery and café in Hooper, Colorado—just 19 miles south of Alamosa in the heart of the San Luis Valley.

Today, our work is rooted in one simple promise: real food, made the right way. We’re proud to source as locally as possible, partnering with area farmers and ranchers for certified organic produce from Rio Grande Farm Park and Valley Roots Food Hub, pasture-raised eggs from Yoder Farms, and regenerative, grass-fed and grass-finished beef from Blue Range Ranch. From small-batch pantry ingredients to organic local potatoes from growers like Jones Farm Organics and White Rock Specialties, every ingredient reflects our commitment to quality, sustainability, and community.

Everything we serve is made from scratch—fresh doughs and batters prepared by hand, house sauces and dressings mixed in small batches, and flaky rolls and buttery biscuits baked daily. Whether it’s a hearty sandwich or one of our hand-pressed burgers, each plate is crafted with care and built on the belief that good food should nourish people and strengthen local connections.

Thanks to the First Southwest Community Fund, we’re not only growing our business, we’re helping keep local agriculture strong and serving food that tastes like home in the San Luis Valley.

San Juan Therapeudics, LLC

With support from the First Southwest Community Fund, I was able to take the next step in my career and open San Juan Therapeudics, a private physical therapy practice built around personalized, high-quality care. While I have years of experience as a physical therapist and have always been able to build a strong caseload, launching a new business came with unique challenges—especially without the profit-and-loss history most traditional lenders require.

Securing startup funding through the First Southwest Community Fund was instrumental in getting the practice off the ground. The loan made it possible to secure a dedicated space, purchase essential equipment, and create a welcoming environment where patients can feel comfortable and supported from the moment they walk in. With a competitive interest rate, repayment has been manageable, allowing me to focus on what matters most: helping people heal and move better.

Today, San Juan Therapeutics is more than a clinic, it’s a place where patients receive the best care possible in a beautiful, thoughtful setting. I’m deeply grateful for the opportunity to build something of my own and serve my community in a meaningful way.

Simply Smiles Dental Hygiene Clinic

Simply Smiles Dental Hygiene Clinic connected with First Southwest Community Fund during the early stages of business development, and the timing could not have been better. Through the Leading Edge for Business 8 week education series and grant support, we gained valuable resources, meaningful connections, and the confidence needed to move from planning into action.

Today, Simply Smiles Dental Hygiene Clinic is officially open and proud to serve our community. We are currently accepting Medicaid and most major dental insurance plans, helping ensure more families have access to quality dental care close to home. We are grateful for the support that helped make this possible and excited to continue growing while meeting an important local need.

After participating in the 8 week intensive education and grant program through First Southwest Community Fund, I’ve been able to take meaningful steps forward in launching HolaImpact, an initiative designed to connect language learners with native speakers in a way that builds fluency, creates opportunity, and generates real social impact.

HolaImpact was born from two clear needs. First, many language learners don’t have access to a safe, affordable space to practice conversation and build confidence. Second, if speaking a language as a native speaker is a valuable skill, it should be recognized as such, creating economic opportunity and greater digital inclusion for native speakers from vulnerable communities. Beginning with Spanish as the first model, I participated in the Leading Edge Business Program through the First Southwest Community Fund in partnership with the Small Business Development Center (SBDC), which helped me connect the dots, strengthen the concept, and design a pilot. That pilot was an essential step in validating the idea, gathering feedback, and laying the foundation for sustainable product development.

One of the most meaningful parts of the experience was the community of women entrepreneurs alongside me, peers who understood the doubts and challenges that come with building something new. Their encouragement and shared experiences were just as valuable as the technical tools gained through the program! Through the pilot, we reached 40 participants and partnered with a nonprofit organization in Colombia to ensure native speakers facing financial hardship could be included in our program. In this case, we worked with women who are navigating cancer diagnoses and, as a result, have lost jobs or are experiencing severe financial strain due to medical expenses.

This early success has helped HolaImpact assemble the key building blocks for the next phase—refining pricing and building a model that can grow sustainably while staying true to its mission. Today, I’m grateful not only for the support that helped bring this pilot to life, but for the momentum it created toward a future where language learning can also create meaningful economic and social impact.

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.

A Creative Partnership Preserves a Community Anchor

When a local bakery came up for sale in Del Norte, Colorado, aspiring entrepreneurs saw an opportunity to preserve a community gathering place and build their future. But like many small business acquisitions, the path to ownership was far from simple. Business acquisitions present unique financing challenges. Unlike traditional lending scenarios, much of a business's value lies in intangible assets—customer loyalty, reputation, and established cash flow—which banks cannot typically accept as collateral. Add in the inherent risk of new ownership, and many promising business transitions never make it across the finish line.

In 2025, First Southwest Bank and First Southwest Community Fund worked together to structure a creative financing solution that made the acquisition of Raisin' Rye bakery possible. The transaction included both the business purchase and the real estate. After working closely with the borrowers to understand their vision and capacity, First Southwest Community Fund provided down payment assistance on the real estate, reducing the barrier to entry for the new owners. First Southwest Bank financed the remainder of the real estate along with the business purchase. The borrowers also brought their own capital to the transaction, demonstrating their commitment and investment in the venture.

The partnership between First Southwest Bank and First Southwest Community Fund allowed both organizations to leverage their respective strengths: the bank's lending capacity and the Community Fund's mission-driven flexibility. Together, they structured a deal that managed risk while supporting entrepreneurship and community preservation.

"Working with the customer for months to find the right structure was essential," said Corey Jimerson First Southwest Bank's Commercial Lender. "Business acquisitions require patience, creativity, and partnership. This is exactly the type of project where collaboration between the bank and Community Fund makes the difference."

Today, Raisin' Rye continues to serve Del Norte as a thriving community anchor, providing fresh-baked goods and a gathering place for locals and visitors. The successful transition ensures that this small business—and the jobs and vitality it brings—remains rooted in the community for years to come.