Jay Diallo, the founder of First Community Capital (FCC), has built a legacy of empowering underserved communities through financial inclusion in Riverside, California. His journey from humble beginnings to leading a transformative financial institution reflects the African American Alliance of CDFI CEOs’ mission to empower Black CDFI CEO members to lead and grow their institutional operations, teams, and social impact. Since FCC’s inception in 2019, the Black-led CDFI has achieved remarkable strides, significantly impacting the lives and businesses of those it serves.
Born and raised in Ghana, Jay quickly learned that hard work is the key to achieving success. Following his family’s entrepreneurial path, he assumed significant responsibilities at an early age to ensure that both his and his family’s education were financially secure. At 16, driven by the desire for better opportunities, Jay sought refuge in Costa Rica, where he continued his education at the European School and became fluent in Spanish. His academic excellence earned him a scholarship through his school’s international baccalaureate program, leading him to Westmont College in Santa Barbara, California.
Jay always knew it was a part of his purpose to make a meaningful contribution to economic development and help with narrowing the racial wealth gap. He gained experience as a bank teller, commercial lending officer, and executive director while furthering his education at Pacific Coast Banking School in Seattle. Eventually, Jay returned to California with his family and took on another role with Pacific Premier Bank within the Community Reinvestment Act (CRA) department.
“My combined experiences within commercial lending and CDFIs helped the bank understand the implementation of the CRA. Because I could speak their language, I was able to convince loan officers that providing affordable housing and lending to small businesses actually helps the bank. After working on both sides [for banks and CDFIs], I decided to establish a CDFI, First Community Capital.”
As an emerging CDFI, many funders hesitated supporting Jay’s vision. Despite facing numerous challenges, his determination never wavered, and FCC achieved its CDFI certification within just six months of establishment.
Riverside’s population is predominantly of Hispanic descent, making up over 50%, and Hispanics represent the fastest-growing demographic in the U.S. Being bilingual and deeply familiar with Hispanic culture, the Black-led CDFI made it its mission to offer financial support, resources, and guidance to minority-owned businesses.
Many Hispanics and other minority groups face challenges such as understanding credit, only having an Individual Taxpayer Identification Number (ITIN), and overcoming language barriers. FCC takes a holistic business counseling approach that builds bridges for many Hispanic entrepreneurs to build wealth, who don’t often qualify for traditional lending.
FCC’s clientele includes a wide range of individuals, from truck drivers and street vendors to mechanics, who are considered unbankable and rely on FCC’s support to access financial resources to eventually qualify for traditional banking services.
Success is measured by entrepreneurs increasing financial wealth, retaining employees, demonstrating adaptability, and improving their FICO scores. To achieve those outcomes, FCC provides resources such as business and personal loans, business counseling, financial education, literacy programs, credit education, and more. In the past 18 months, FCC has successfully increased their support for Hispanic businesses and individuals by 65% , with remarkable growth reflected in the issuance of 180 loans to small businesses since the CDFI’s establishment.
“I tell my clients that the ultimate goal for their business is to reach the level where banks are coming to them and offering financial support. And I tell my funders to give me the opportunity to exercise my God-given potential that I was created for.”
Jay Diallo’s impact extends far beyond the financial support he provides. His efforts address the unique capacity building needs of Black and Brown communities who systemically face racial & gender resource inequities. His leadership with First Community Capital has fostered growth and resilience amongst the individuals he serves, offering them the tools and guidance needed to thrive.
One of Diallo’s clients, Jose Martinez, expressed his gratitude to the FCC. During the COVID-19 pandemic, his trucking business, Martinez & Sons, encountered major challenges that cast uncertainty over its future. FCC supported his business by providing access to vital resources such as the SBA Economic Injury Disaster Loan (EIDL) and various local grants. Additionally, FCC helped Martinez & Sons refinance an existing high-interest loan into one with a lower rate and more favorable terms.
“I am profoundly grateful to First Community Capital for their lifesaving support during a critical period when our business was struggling,” said Jose Martinez, owner of Martinez & Sons. “Their efficient loan refinancing and restructuring played a crucial role in revitalizing our trucking operations, stabilizing and thriving our business, enabling us to expand and hire two new employees.”
First Community Capital strengthened the company to stabilize and maintain operations, leading to a substantial improvement in cash flow and setting the business on a path to recovery.
Watch his full interview on our Black Money Series here and stay connected with Jay and First Community Capital to witness the incredible impact they’re making.