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Updated: 4 min 47 sec ago

RE: Default Rates - Startups vs. Existing Businesses

12 hours 1 sec ago
From : Communities>>Open Forum
Do you have a local Small Business Development Center? The entity may track data on this topic. Kind regards, Cindy L. Mittlestadt BBDF Manager Bristol Bay Native Corporation Direct: (907) 265-7865 Cell: (907) 301-0504 In- Region Cell: (907) 469-1716

RE: Default Rates - Startups vs. Existing Businesses

13 hours 27 min ago
From : Communities>>Open Forum
Hi Bonnie - this a great question because it gets to the heart of the mission of what it means to be a CDFI.  However, it's not possible to answer it without looking at your underwriting grid.  In our experience, loan review committee members get 'antsy' when there is a lack of clarity about underwriting policies. As you know, credit is only one variable in a solid underwriting matrix.  Do you look at Global Debt Service Coverage? Of our clients that have a core focus on providing microloans, they [More]

RE: Default Rates - Startups vs. Existing Businesses

13 hours 28 min ago
From : Communities>>Open Forum
Hi Bonnie,  This is a GREAT question! Thanks for posting. Unfortunately our organization hasn't tracked this data historically (not from lack of desire, but more so because of lack of capacity), but we are now beginning to orient our operations around capturing this information. It's great to know that other organizations are out here looking at this issue as well.   Here at Wacif, (in general) we tend to shy away from giving loans to start-ups just because of the lack of track record...that being [More]

Live: CDFIs briefed on major changes to the CDFI Fund NOFA

17 hours 7 min ago
From : Communities>>Open Forum
Dear Colleagues - click here  to learn about the changes to this year's NOFA and how it may impact your eligibility. We also demo a tool to help you improve the competitiveness of your application.  Good luck! ------------------------------ Jason Friedman CEO Friedman Associates (319) 341-3556 jasonj@friedmanassociates.net www.friedmanassociates.net ------------------------------

Default Rates - Startups vs. Existing Businesses

Tue, 2020-02-25 11:58
From : Communities>>Open Forum
Does anyone who does small business micro-lending track default rates based on whether the borrower is a startup or an existing business (i.e., over two years old)? We make micro-loans to startups and existing businesses, ($10,000-$150,000), and I have a Loan Committee member that is antsy about startups. However, in my personal experience, I find that existing businesses that come to us for loans tend to have more credit issues than startups. I am looking for some data to address this issue, [More]

For Immediate Release: Major Change to CDFI Fund NOFA

Mon, 2020-02-24 10:59
From : Communities>>Open Forum
Dear Colleagues - our CDFI Fund Program & Compliance team has discovered a significant change to the CDFI Fund Program NOFA.  This may have implications for your eligibility to apply for a CDFI Fund FY '20 Financial Assistance award.   To get the details, and to see a tool we developed to help you gain a competitive edge, join us for a  webinar  tomorrow at 2:00 pm EST/11:00am PST.  To register, click  here .   Click  here  for a link to a NOFA. We will distribute the document with all the changes [More]

RE: Collect board member social security numbers?

Mon, 2020-02-24 10:23
From : Communities>>Open Forum
I can't speak for all federal government agencies having only worked for two but I can tell you that it's a requirement for several. For example, the SBA Microloan Program requires each board member as well as senior/key staff of the organization to complete and submit SBA Form 1081. Here is a link to that form if you are not familiar with it and want to see the extent of what is asked/required:  https://www.sba.gov/sites/default/files/forms/SBA_FORM_1081.pdf The thought process is that board members [More]

CWN Philadelphia Chapter 3/10/20 Planning Conference Call

Fri, 2020-02-21 11:59
From : Communities>>Open Forum
Calling all Philadelphia area CWN Current & Potential Members! Would you like to help plan the next Greater Philadelphia CWN Chapter Meeting? If you yes, we will be hosting a planning call on Tuesday, March 10th at 11:00 AM. We anticipate holding our next activity in May, and we want it to be value-added for everyone who attends. We need your input to make that happen! Our chapter primarily includes CDFI industry members located in Eastern PA, NJ, and DE. Current members of the chapter helping to [More]

RE: In Search of FA Award Feedback

Fri, 2020-02-21 11:41
From : Communities>>Open Forum
Hi Emily, CU Strategic Planning is the leading CDFI application writer for credit unions. In the spirit of cooperation we review credit union applications at no cost. We've won grants for 138 credit unions. Please drop me a line at jamie@creditunionstrategicplanning.com. ------------------------------ Jamie (Chase) Strayer Founder CU Strategic Planning jamie@creditunionstrategicplanning.com (253) 200-0418 ------------------------------

RE: Collect board member social security numbers?

Fri, 2020-02-21 09:19
From : Communities>>Open Forum
I experienced this request several years ago.  I was told that is was to make sure that the agency receiving the funds did not have board members that were delinquent on their taxes or were on the "list" of terrorists or money launderers. Jose Rivera Finance Director Leviticus 25:23 Alternative Fund, Inc. Tarrytown, NY 914-909-4553 ------------------------------ Jose Rivera Finance Director Leviticus 25:23 Alternative Fund, Inc. White Plains NY (914) 909-4553 ------------------------------

RE: Collect board member social security numbers?

Thu, 2020-02-20 17:40
From : Communities>>Open Forum
As far as I can remember, this has never been a request from funders. I would be very cautious and do research before even giving out that type of information. ------------------------------ Diana Pickernell Loan Program Coordinator Chehalis Tribal Loan Fund OAKVILLE WA (360) 709-1631 ------------------------------

Register Now: Working Smarter & Faster on Your CDFI Fund Program Application

Thu, 2020-02-20 14:50
From : Communities>>Open Forum
Dear Colleagues; we invite you to register here for a webinar: Use myFund to develop a competitive CDFI Fund Application! Bonus: What's new in the CDFI Fund Program NOFA! Tuesday, February 25th 2:00 pm EST/11:00 am PST Friedman Associates created the myFund workbook to help CDFIs work smarter and faster to develop competitive applications. How? We converted AMIS into a multi-tabbed spreadsheet that contains all the required data elements, so there are no surprises when you enter the application in [More]

Collect board member social security numbers?

Thu, 2020-02-20 12:02
From : Communities>>Open Forum
We have a federal grantor requesting we collect and share social security numbers of all board members for our nonprofit CDFI. I understand this can be a common request, depending on funding source. Have any of you addressed this with your board or have a policy about when you might collect or use them? Many of our board members are understandably cautious about sharing this level of info with a federal agency. ------------------------------ Robyn Bipes Chief Operating Officer, Twin Cities Habitat [More]

RE: CRA Reform - Call to Action for Small Business Owners, deadline 3/6

Thu, 2020-02-20 11:46
From : Communities>>Open Forum
Hi Erin,  Thanks so much for sharing and for Opportunity Fund's leadership! CRA reform is of deep importance to the CDFI industry and the individuals, businesses, and communities in which we all work. I echo Erin's call to action that everyone consider submitting comments to the regulators. OFN has published our  draft recommendations  so community development financial institution (CDFI) supporters can understand our views on an issue of critical importance to the people and places CDFIs serve. [More]

RE: In Search of FA Award Feedback

Thu, 2020-02-20 10:33
From : Communities>>Open Forum
Emily - we do comprehensive assessments of declined FA applications. We have over a dozen senior level CDFI professionals, some of whom have been readers for the Fund. Happy to discuss. Thanks. ------------------------------ Jason Friedman Principal Friedman Associates (319) 341-3556 jasonj@friedmanassociates.net www.friedmanassociates.net ------------------------------

RE: Small Business Lending to Child Care Businesses

Thu, 2020-02-20 09:50
From : Communities>>Open Forum
Daniel- you could take a look at the operating leverage of the small versus large loans in this portfolio and compare that to the capacity utilization percentage of each day care center.  That would give you a quantitative data point to apply to new loans (large or small) that come into the portfolio.  For example, if New Borrower A walks in the door requesting $75,000 (and that is considered a "large" loan for this portfolio).  They have a utilization rate above the portfolio average for similar [More]

Appalachian Regional Commission Compliance Template

Thu, 2020-02-20 09:04
From : Communities>>Open Forum
Good morning: In order to submit a loan for ARC concurrence, our borrower will need to sign a document that says they comply with requirements of Federal, State and Local laws concerning Davis-Bacon Act, Civil Rights Act of 1964, environmental requirements, etc.  Have any of you received funding from ARC and have a template that you use for your borrowers regarding this compliance?  Would you be willing to share?   Much appreciated. Jennie ------------------------------ Jennie L. Sapsara Director [More]

Small Business Lending to Child Care Businesses

Wed, 2020-02-19 17:37
From : Communities>>Open Forum
Good day, I am Daniel Winslow with Vermont Community Loan Fund. While my organization lends in multiple areas, we have a long history of lending in the Child Care or Early Care and Learning (ECL) field. Our microloans to ECL borrowers have generally performed well. My concern is that in recent years we have seen increasing financial performance issues with our larger loans in this specific industry. We have been taking a hard look at possible internal metrics that could aid our decision making on [More]

CRA Reform - Call to Action for Small Business Owners, deadline 3/6

Wed, 2020-02-19 14:07
From : Communities>>Open Forum
Hello CDFI Community!  My name is Erin Vuong, and I work at Opportunity Fund , a fellow non-profit CDFI based in California. As I'm sure many of us are aware and concerned about, the OCC and FDIC have proposed changes to the Community Reinvestment Act (CRA) that would negatively affect our work and the communities we serve.  Not only are we submitting a comment letter to the OCC and FDIC outlining our concerns with the new proposals, but we are also engaging our small business borrowers on this topic [More]

Files Attached Document
CRA Reform - Call to Action for Small Business Owners, deadline 3/6

RE: In Search of FA Award Feedback

Wed, 2020-02-19 12:57
From : Communities>>Open Forum
Hi Emily, Happy to give it a read and offer ideas to strengthen your approach! The CDFI Fund response feedback is definitely opaque. I've written & edited half a dozen winning FA proposals in recent years, so hopefully I can point out a few areas in your narrative or data to tweak.  Feel free to shoot me an email (contact info in profile) or DM.  All the best, Liz ------------------------------ Elizabeth Dwyer Nonprofit-Fintech Exchange Manager Center for Economic Progress -------------------- [More]

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