First State Community Loan Fund sees further growth in lending

With nearly three-quarters of First State Community Loan Fund’s lending going to small businesses, First State CLF’s small business lending is expected to experience tremendous growth in the region, President & CEO Vandell Hampton, Jr., said in addressing business and community leaders at the organization’s recent annual luncheon. Hampton noted that current volume is more than double the amount of five years ago,

“We have been positioning First State CLF to be a prominent player in the small business sector,” Hampton said. “Through enhanced products and services, expanded regional presence and improved collaborations, in 2013 alone, First State CLF made 24 loans totaling more than $2 million.”

With an eye on further strengthening partnerships, the annual luncheon included a panel discussion specific to growth in the regional small business and retail sectors. The panel featured representatives from government, non-profit and private industry, including Tim McLaughlin, director, business development, Delaware Economic Development Office; Gary Smith, president & CEO, Chester County Economic Development Council; and Rick Ferrell, principal, Retail Market Answers, LLC.

Also at the event, First State CLF welcomed four new board members, who were approved at the annual meeting prior to the luncheon. Joining the board of directors for 2014 are:

-Rich Campbell, Senior Vice President, Citizens Bank
– James Gise, Vice President, WSFS Bank
– Jonathan Klass, Vice President, Customers Bank
– Mark Pelletier, Vice President, Fulton Bank