CDFI Connect Community Discussions

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SSBCI Advocacy

Fri, 2020-05-29 18:17
From : Communities>>Open Forum
Are folks advocating for SSBCI reauthorization? Want to work with other CDFIs to advocate for reauthorization. Gilberto ------------------------------ Gilberto Soria Mendoza Senior Policy Advocate Opportunity Fund San Francisco CA ------------------------------

RE: Paycheck Protection Program

Fri, 2020-05-29 15:22
From : Communities>>Open Forum
We utilized the dollars as intended and will pursue forgiveness. ------------------ Christine Narayanan President/CEO Opportunity Resource Fund Michigan (517) 489-2410 ------------------------------------------- Original Message: Sent: 05-27-2020 09:59 From: Cal Vinal Subject: Paycheck Protection Program We're keeping it and pursuing forgiveness. ------------------------------ Cal Vinal President & CEO Capital for Change Hartford CT (860) 586-2028 ------------------------------ Original Message: [More]

RE: Gauging interest in program evaluation and impact measurement research study

Fri, 2020-05-29 11:40
From : Communities>>Open Forum
Good morning Ms. Rappaport, Thank you for your interest! Here is some information on the study to give you an idea of the time investment. This research will allow us to gain more insight into the processes and barriers faced by CDFIs during evaluation and measurement. The study will involve four separate questionnaires over the course of three months. Each questionnaire will take no more than 30-45 minutes to complete. The purpose of multiple questionnaires will be to aggregate expert opinions [More]

RE: Gauging interest in program evaluation and impact measurement research study

Fri, 2020-05-29 08:19
From : Communities>>Open Forum
Hi - Yes, willing/able... happy to participate in the study.   I would be your primary contact as I lead BlueHub's impact measurement and evaluation function.   My availability depends on what's being asked.  Summer is a busy time, but this is important work. ------------------------------ Catherine Dun Rappaport VP, Learning and Impact Measurement BlueHub Loan Fund, Inc Boston MA (617) 427-3587 ------------------------------

Is your project eligible for a Capital Magnet Fund award?

Thu, 2020-05-28 14:07
From : Communities>>Open Forum
Dear Colleagues - this morning, the CDFI Fund released the NOFA for the Capital Magnet Fund program. Need a quick and way to vet your eligibility and competitiveness for funding?  As part of our commitment to 'lifting the fog' around the details of federal program for CDFIs, we provide this checklist  here to guide you through key application criteria. We'll review your responses and follow up in writing with our initial take and recommendations.  Also, for the hundreds of CDFIs familiar with the [More]

Gauging interest in program evaluation and impact measurement research study

Wed, 2020-05-27 15:45
From : Communities>>Open Forum
Last December there was a conference call hosted by OFN, CNote, and Carolina Small Business Development Fund about CDFI research and program evaluation. In response to some of the issues on that call, we started a project to gain a better understanding of how CDFIs engage in program evaluation and impact measurement (including why there is often a lack of congruence between funder needs and CDFI activities). This research will allow us to gain more insight into the processes and barriers faced by [More]

RE: Paycheck Protection Program

Wed, 2020-05-27 13:19
From : Communities>>Open Forum
Thank you for the follow up, Barbara Anne. I appreciate your undertaking this challenging quest. While I get the gist of what #42 is saying, it appears to align with your initial concern with the two competing definitions of nonprofit, which this apparently resolves with CDFIs prevailing as acceptable PPP borrowers. Thanks for your concerted diligence on pursuing this issue. It was a pleasure meeting you. Take care. Cal Be safe. Stay well. Cal Vinal 860-586-2028 (direct) 203-910-0130 [More]

RE: Small Business Needs--qualitative research

Wed, 2020-05-27 13:02
From : Communities>>Open Forum
Hello @Tameka Montgomery and thanks for sharing!  Your study will be useful in so many ways.  The one question we are always asking is:  What do small business owners want / need?   (We can guess, but only they know....)  The answer, I suspect, is also very different by region, industry and urban v. rural clients.   We will follow this thread and look forward to what you discover.  Thanks for taking the lead!​ ------------------------------ Caprice Pratt Small Business Lending Outreach / Underwriter [More]

RE: Paycheck Protection Program

Wed, 2020-05-27 12:32
From : Communities>>Open Forum
I forgot this topic was running on two, separate threads. I posted the below response on the other thread on May 20th. To sum up, I had finally received a response from 7aPaycheckLoanProgramQuestions@sba.gov, after the Safe Harbor changes were announced and our state SBA District Office told us the changes made CDFIs eligible for funding. The email basically indicated that CDFIs are eligible for PPP funding for a very strange reason - FAQ Response #42. Below is the post I made on that other thread... [More]

RE: Paycheck Protection Program

Wed, 2020-05-27 12:23
From : Communities>>Open Forum
Community Loan Fund returned PPP, on the advice of our attorney. Linda MacFarlane Executive Director 518.436.8586 ext. 808 Facebook: /CLFCR Twitter: @Communityloans Instagram: communityloans

RE: Paycheck Protection Program

Wed, 2020-05-27 12:12
From : Communities>>Open Forum
Lea, Cincinnati Development Fund has utilized PPP for the intended purposes, we have maintained full staff with benefits and paid our rent on our storefront office in an LMI urban business district.  Like Cal @ Capital for Change, CDF plans to apply for forgiveness for the allowable portion of our loan. ​ ------------------------------ Jeanne Golliher President and CEO Cincinnati Development Fund, Inc. Cincinnati OH (513) 721-7211 ------------------------------

RE: Paycheck Protection Program

Wed, 2020-05-27 09:59
From : Communities>>Open Forum
We're keeping it and pursuing forgiveness. ------------------------------ Cal Vinal President & CEO Capital for Change Hartford CT (860) 586-2028 ------------------------------

Huffington Post Article: MS Teens Save Their Town from Climate Change

Tue, 2020-05-26 21:12
From : Communities>>Open Forum
It's difficult to plan for community and economic development in small rural communities in Mississippi. Crumbling infrastructure and lack of equitable public and private investments driven by generations of institutional and structural racism has relegated parts of MS, in particular the Delta, to 3rd world conditions. Yes, in the riches country in the world we have comparable town and villages that resemble shanty towns in Africa. The ASEEDS Initiative is working to change that scenario. Our [More]

RE: Tip Tuesday

Tue, 2020-05-26 13:52
From : Communities>>Open Forum
In this week's Tip Tuesday , we will examine all the available resources as a CDFI Connect user and how to navigate the resource library! ------------------------------ Elizabeth Specht Member Engagement Associate Opportunity Finance Network Washington (202) 618-6100 ------------------------------

Files Attached Document
RE: Tip Tuesday

RE: Small Business Needs--qualitative research

Tue, 2020-05-26 13:43
From : Communities>>Open Forum
I look forward to the results of your research ------------------------------ Shirley Senn Owner/Chief Social Impact Engineer CU Strategic Planning Tacoma, WA 904-861-4477 ------------------------------

RE: CDFIs and Subprime Automotive Finance

Tue, 2020-05-26 12:18
From : Communities>>Open Forum
Thank you Jason for sharing this great report!  It was an interesting read filled with good information.  Tricolor had a unique challenge as a for-profit company to address a community need.  They seem to have found a way to address it successfully AND share what they have learned with the rest of us.  Kudos on the success of their approach and hats off, in my opinion, to everyone (both for-profit and nonprofit) who find a novel approach to a community issue that offers solutions previously not available. [More]

Small Business Needs--qualitative research

Tue, 2020-05-26 12:03
From : Communities>>Open Forum
Hello, As states and cities across our nation open up, we'll begin to really see the devastating impact this Pandemic has had on small businesses.  I'm reaching out because my company is conducting qualitative research to understand the experiences and perceptions of small business owners as they recover and adapt to this new normal .  We are also interested in also gaining insight into what they feel that they need from key support systems/institutions like financial institutions and government [More]

RE: Deferment Length

Tue, 2020-05-26 11:44
From : Communities>>Open Forum
Hi Kerry, We did a blanket deferral for April - June. Still deciding on whether an extension will be blanket or on a more case by case basis. We have not been accruing interest. I agree with you completely on that. ------------------------------ Ryan Schupp Portfolio Specialist Westminster Economic Development Initiative, Inc. (WEDI) Buffalo NY rschupp@wedibuffalo.org ------------------------------

RE: Paycheck Protection Program

Tue, 2020-05-26 11:00
From : Communities>>Open Forum
In the absence of a formal clarification from SBA are any CDFIs returning the funds?  Is OFN still trying to get clarity on this or is everyone just keeping the money and applying for forgiveness? ------------------------------ Lea Salem Director of Finance & Administration Community Vision Capital and Consulting San Francisco CA (415) 392-8215 x316 ------------------------------

RE: CDFIs and Subprime Automotive Finance

Mon, 2020-05-25 09:56
From : Communities>>Open Forum
Thanks for posting, Jason. I was not aware of this company. Reading the materials, arguably they are better than other for-profit lenders. But as you and others in the field hopefully know, community development credit unions (CDCUs) and other Latinx-serving credit unions serve this market, are nonprofits, have lower margins, and I venture  to say, fewer losses. So, this lender is certainly not the optimal solution. Is it best in its for-profit class? Maybe. Best in CDFI class? I wouldn't say so. [More]

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