CDFI Connect Community Discussions

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Updated: 20 min 38 sec ago

RE: Paycheck Protection Program

1 hour 17 min ago
From : Communities>>Open Forum
I have not heard this. In fact, we are submitting our application today. I haven't seen that in any of the guidelines or regs or FAQs either. Has anyone else heard this? ------------------------------ Andrew Posner Founder & CEO Capital Good Fund Providence RI (401) 339-5437 ------------------------------

RE: CDFI Ignored in Coronavirus Stimulus Plan

1 hour 50 min ago
From : Communities>>Open Forum
Thanks, Jason. CU Strategic Planning informed the article. We are working hard for the not-for-profit, cooperative credit union movement and CDFIs to carry OFN's message of funding in the next relief bill. ------------------------------ Jamie (Chase) Strayer Founder CU Strategic Planning jamie@creditunionstrategicplanning.com (253) 200-0418 ------------------------------

CDFI Ignored in Coronavirus Stimulus Plan

Sat, 2020-04-04 15:20
From : Communities>>Open Forum
Props to the CU Times, CUNA, and the credit union movement for breaking the silence and providing leadership on this, and exposing why CDFIs were ignored in the last COVID-19 stimulus plan. If you can't pull up the full article, signing up for their newsletter is free.    https://www.cutimes.com/2020/04/03/cdfi-ignored-in-coronavirus-stimulus-plan/ ------------------------------ Jason Friedman Principal Friedman Associates (319) 341-3556 jasonj@friedmanassociates.net www.friedmanassociates.net - [More]

RE: Access to new SBA program

Fri, 2020-04-03 19:27
From : Communities>>Open Forum
Jennifer, thanks for your work.  Have you been able to get guidance on if non-profit CDFI's can still access PPP, even if for-profit CDFIs fall under the finance company exclusion from eligibility?  Thanks. ------------------------------ Joel Smith CCO Higher Logics Community Contacts (CDFI CONNECT - DO NOT DELETE) Denver CO 7209635523 ------------------------------

Paycheck Protection Program

Fri, 2020-04-03 17:04
From : Communities>>Open Forum
I have heard that CDFIs aren't eligible for Paycheck Protection Program loans, because lenders are excluded.  What are others hearing? ------------------------------ Kathy Rock Kathy Rock San Francisco CA ------------------------------

Key Resource on Paycheck Protection Program

Fri, 2020-04-03 14:49
From : Communities>>Open Forum
Dear Colleagues - The National Association of Government Guaranteed Lenders (NAGGL) - is the primary resource for SBA-certified lenders and has updates to the Paycheck Protection Program.  Also, they have moved quickly to move their annual conference in May to an online platform. https://www.naggl.org/   ------------------------------ Jason Friedman Principal Friedman Associates (319) 341-3556 jasonj@friedmanassociates.net www.friedmanassociates.net ------------------------------

BSA and AML Policy

Fri, 2020-04-03 12:18
From : Communities>>Open Forum
Does anyone have a Bank Secrecy Act/Anti Money Laundering policy they would be willing to share - we have a very high level BSA policy but it doesn't include Anti Money Laundering or Customer Identification Program. Thanks ------------------------------ Kimberly LaRosa President and CEO Renaissance Community Loan Fund, Inc. Gulfport MS 228-896-3386 ------------------------------

Open Position

Fri, 2020-04-03 09:32
From : Communities>>Open Forum
Amidst all the uncertainty in the world right now, we are trying to keep some sort of normalcy. We are hiring for a Chief Credit Officer. If you know anyone who is qualified, Please have them apply! Many thanks! About Capital Good Fund Capital Good Fund ("Good Fund") is a nonprofit, U.S. Treasury-certified Community Development Financial Institution headquartered in Providence, RI. Foun ded in 2009, our mission is to create pathways out of poverty through equitable financial services. Our 32-person [More]

Increasing CDFI Visibility

Thu, 2020-04-02 12:31
From : Communities>>Open Forum
In the midst of the COVID-19 relief efforts, we are working to increase the visibility of CDFIs and the critical role they play during times like these, particularly to the Impact Investment Community. We're working with our PR team to try and place stories around how CDFIs are on the front lines of the economic response--especially as it relates to small businesses. We'd love to share any stories from the front lines and we're cataloging CDFI disaster funds and donation portals on our COVID-19 landing [More]

Loans Available for Nonprofits in the CARES Act

Wed, 2020-04-01 12:44
From : Communities>>Open Forum
Dear Colleagues - here is a link to a basic description of the SBA loans available to nonprofits.  Fixed rate 4% loans over ten years is hard to pass up. Please note that the regs are not out on this year, so the details may change.  Thanks. ------------------------------ Jason Friedman Principal Friedman Associates (319) 341-3556 jasonj@friedmanassociates.net www.friedmanassociates.net ------------------------------

Guidelines on Small Business Emergency Loan Fund

Tue, 2020-03-31 19:23
From : Communities>>Open Forum
Dear Colleagues -  the scenario is familiar; you are getting calls from banks, foundations, local governments offering to give you funding to backstop local businesses. For your existing SBA Microloan, Community Advantage and 504 clients, the CARES legislation will take care of your clients for six months. But what about new clients?  Can you afford to take the risk?  Or is it a risk you can't afford to not  to take?    We've counseled CDFis on implementing  guidelines  to insulate themselves from [More]

RE: Access to new SBA program

Tue, 2020-03-31 14:26
From : Communities>>Open Forum
Thank you for the advocacy and the information! @Lisa Mensah    @Jennifer Vasiloff ​  ​​​​ ------------------------------ Caprice Pratt Small Business Lending Outreach / Underwriter Spruce Root, Inc., Southeast Alaska ------------------------------

RE: CBA Webinar: Credit Reporting & Borrower Support in Response to COVID-19

Tue, 2020-03-31 11:40
From : Communities>>Open Forum
I neglected to include the registration link. Here it is ! And here is CBA's site of COVID credit related resources for lenders and financial coaches/counselor. Talia Kahn-Kravis Credit Builders Alliance Manager of Innovations and Business Development Pronouns: she/her/hers Office: 914-552-1749 talia@creditbuildersalliance. org If you would like to schedule a call with me, please do so here . This transmission is confidential and/or proprietary to Credit Builders Alliance. It is intended [More]

RE: Forbearance

Mon, 2020-03-30 19:22
From : Communities>>Open Forum
As most of our clients operate seasonal, tourism-related businesses in Alaska, we offered a six-month forbearance.   Hopefully this will provide some peace of mind to our seasonal small businesses to bridge the gap between March 2020 and a time when it is clear what long-term solutions will be available to address their needs. ------------------------------ Caprice Pratt Small Business Lending Outreach / Underwriter Spruce Root, Inc., Southeast Alaska ------------------------------ ------------------------------------------- [More]

CBA Webinar: Credit Reporting & Borrower Support in Response to COVID-19

Mon, 2020-03-30 13:18
From : Communities>>Open Forum
Hi All, I wanted to share information about a webinar Credit Builders Alliance is hosting on Thursday in response to questions we've been getting from our lender members. This webinar will be open to everyone. See more information below! Credit Reporting & Borrower Support in Response to COVID-19 Thursday, April 2, 2020 1 pm Eastern / 12 pm Central / 11 am Mountain / 10 am Pacific (one hour in length) As your loan fund seeks to adjust to business closures, layoffs, and economic hardships induced [More]

RE: Two Ways To Help Your Clients in The Challenging Times

Mon, 2020-03-30 12:51
From : Communities>>Open Forum
Thanks to Phoebe who caught a typo in the date of one of our webinars. Both links take you to the correct date. Improve Your Client's FICO Score is today, March 30 at 4pm pacific https://zoom.us/meeting/register/uJQucuCtrzotsOA2YAfG6SnzGjp73Ln_Og Develop a Sustainable Loan Deferment Policy is tomorrow, MARCH 31 at 4pm pacific https://zoom.us/meeting/register/tZYkceugrDssCIhw5A7MmEzF7bujJqpHFQ Stay safe and healthy everyone! -- Stay healthy and buy something from a small business, #shopsmall [More]

RE: Steps to starting a loan fund

Mon, 2020-03-30 12:25
From : Communities>>Open Forum
Hi @Bill Lantzy , I work with Kiva and ​we often partner with CDFIs to launch local microlending programs together. If that sounds like something you might be interested in, you can read a little more below, as well as email me directly at sophiaz@kiva.org. Sophia ---- Kiva provides 0% interest, crowdfunded loans between $1-10K to entrepreneurs to start or grow their businesses. Since 2011, Kiva US and its 20+ local partners, whom we call Hubs, have supported over 6,000 small business owners in [More]

Files Attached Document
RE: Steps to starting a loan fund

RE: Access to new SBA program

Mon, 2020-03-30 11:14
From : Communities>>Open Forum
Hi Brett,  OFN is actively advocating that CDFIs be eligible lenders under the Paycheck Protection Program. See our attached letter to Secretary Mnuchin.  Also attached is a useful summary of the small business provisions in the CARES Act including the Paycheck Protection Program from Senator Ben Cardin (D-MD).    ------------------------------ Jennifer Vasiloff Chief External Affairs Officer Opportunity Finance Network Washington DC (202) 573-2123 ------------------------------

Files Attached Document
RE: Access to new SBA program

RE: Access to new SBA program

Mon, 2020-03-30 10:51
From : Communities>>Open Forum
Getting certified CDFI's so designated should be one of OFN's top priorities. Brett Doney President & CEO Great Falls Montana Development Authority High Plains Financial 1-406-750-2119 GFdevelopment.org Untame Your Entrepreneurial Spirit in Great Falls Montana Sent from my iPad

Access to new SBA program

Sun, 2020-03-29 15:50
From : Communities>>Open Forum
Hi, I hope you are all doing as well as possible. One of our members has asked if any CDFIs have been turned on (perhaps via E-Tran) to be able to access the new SBA small business loan program? Does anyone know if banks have already been turned on? Our member is concerned that CDFIS have access, especially since there is a 5% underwriting fee for the loan (originator or servicer - not sure which). Thanks, feel free to message me separately as well. Melanie MELANIE AUDETTE Senior Vice President Mission [More]

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