MODESTO, Calif.– Valley First Credit Union Valley First Credit Union has been awarded what it called a “significant grant” from the Federal Home Loan Bank (FHLB) of San Francisco’s Affordable Housing and Economic Development (AHEAD) program that it obtained on behalf of STEP to support affordable housing and economic development in underserved communities.

“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,” the credit union said. “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.”

According to Valley First, 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, Valley First stated.

VFCU said 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.

More Than 2,500 Miles

To date, STEP has delivered more than 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, Valley First said. 

“At Valley First Credit Union, we believe in the power of partnerships to transform communities positively,” VFCU President and CEO Kathryn Davis said in a statement. “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.”