FOR IMMEDIATE RELEASE | 10-28-2026
Dorchester Bay Economic Development Corporation Announces $1 Million+ Investment from First Citizens Bank
Investment expands capital designed for Boston’s neighborhood businesses
DORCHESTER, MA — First Citizens Bank has made a $1 million Equity Equivalent Investment (EQ2) in the Dorchester Bay Neighborhood Loan Fund, the lending arm of Dorchester Bay Economic Development Corporation (DBEDC), alongside a $30,000 Community Reinvestment Act grant. The investment expands Dorchester Bay’s ability to finance small businesses across Dorchester, Roxbury, Mattapan and surrounding Boston neighborhoods.
The commitment builds on Dorchester Bay’s record of investing in neighborhood enterprise, with more than $9 million in financing deployed through its Loan Fund. First Citizens Bank’s partnership puts more capital to work in neighborhoods already rich in established businesses, entrepreneurial talent and growth potential.
The investment will support working capital, equipment financing and expansion capital tailored to the ambitions of local businesses. In practice, that means a larger contract, a second location or a renovated storefront for entrepreneurs whose financing need call for flexible capital solutions.
“Our neighborhoods produce businesses worth investing in. Our work is creating access to capital that is structured to recognize their strengths and finance their growth,” said Kimberly R. Lyle, CEO of Dorchester Bay Economic Development Corporation. “First Citizens’ commitment is the kind of capital that turns existing demand into jobs, ownership and wealth that stays local.”
Dorchester Bay’s approach to lending is grounded in the businesses and communities it knows. By pairing flexible financing with individualized support, the Loan Fund responds to a broader range of entrepreneurs, business models and growth opportunities than conventional lending allows. This investment allows Dorchester Bay to sustain that approach as the broader financing and policy environment evolves.
“First Citizens Bank’s investment in the Dorchester Bay Neighborhood Loan Fund underscores our commitment to strengthening local economies where we live and work,” said Maggie Gordon, Community Development Officer at First Citizens. “Small businesses are the heart of our communities, and we’re proud to support DBEDC in expanding economic opportunity across Dorchester and nearby Boston neighborhoods.”
About Dorchester Bay Economic Development Corporation
Dorchester Bay Economic Development Corporation is a Boston-based community development organization advancing affordable housing, business ownership, economic mobility and neighborhood investment. Through real estate development, resident services, workforce initiatives and its lending arm, the Dorchester Bay Neighborhood Loan Fund, Dorchester Bay supports residents and entrepreneurs in building economic security, creating wealth and shaping the future of their communities. Learn more at www.dbedc.org.
About First Citizens Bank
First Citizens Bank is a top 20 U.S. financial institution focused on helping consumers, businesses and entrepreneurs build lasting financial security. Headquartered in Raleigh, N.C., the 125-year-old bank takes a relationship-first approach, delivering specialized expertise and tailored solutions to support its clients’ ambitions at every stage of their financial journey. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a Fortune 500 company with more than $225 billion in assets. Learn more at firstcitizens.com.
Media Contact:
Samantha Menard
Chief of Development and Communications
[email protected] | (617) 533-9569