CDFI Connect Community Discussions

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Updated: 10 min 49 sec ago

RE: Website Development Assistance

Thu, 2019-12-05 12:10
From : Communities>>Open Forum
David, CommonGoals Software does have a product that can be customized to suit what you want from your potential borrower. It doesn't require the use of our product, The Exceptional Assistant. It can be linked to your current program. I've cc'd our VP Marketing, John Meredith who can provide you with an online demo on this product if you want a closer look. He can be contacted directly at 1-866-240-6796. Paul Hodgert Sales and Training CommonGoals Software 1-800-354-5152 1-613-340-3366 Office [More]

Expressions of Interest for OFN financing

Thu, 2019-12-05 10:13
From : Communities>>Open Forum
After our conference, OFN Team Money is actively planning our lending activity for 2020. As part of our work, we would like to collect a formal expression of interest and important information about the type of financial products you, our members, would like for us to provide. We will record your CDFI's interest in different loan and investment products. We will also use the aggregated survey information to inform our decisions as OFN continues to raise lending capital for our industry. Thank you [More]

RE: looking for a CDFI compliance consultant

Thu, 2019-12-05 09:32
From : Communities>>Open Forum
Hi Veetahl - our CDFI consulting services firm has a core competence in in CDFI compliance. We're conducting a 2.5 day training on compliance for Native CDFIs in Phoenix next week. Feel free to reach out. Thanks. ------------------------------ Jason Friedman Principal Friedman Associates (319) 341-3556 ------------------------------

Investment Policy

Thu, 2019-12-05 09:24
From : Communities>>Open Forum
I wanted to reach out to ask if any organization had advice on Investment Policy. Specifically an Investment Policy that addresses the organization cash accounts/reserves Brad Blair Appalachian Growth Capital Executive Vice-President Subsidiary of Appalachian Partnership Inc. Affiliated with Appalachian Partnership for Economic Growth 35 Public Square | PO Box 456 | Nelsonville, OH 45764 C: 740-391-3518

RE: Establishing Loan Loss Reserve for Housing Loan Fund

Wed, 2019-12-04 17:06
From : Communities>>Open Forum
Hi Nathaniel. Would be happy to chat with you. I understand that you are a friend of Julia Malinowskis? Michael D. Carroll, Lending Director, Rural LISC | Local Initiatives Support Corporation C (916) 802.5990 E W Email disclaimer The information transmitted in this e-mail is intended solely for the individual or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or [More]

Insurance requirements for microloan recipients

Wed, 2019-12-04 14:01
From : Communities>>Open Forum
Hello! I'm wondering if there are any microlenders that require their borrowers to carry any specific insurance or specific standards in their insurance (coverages, exclusions, limits, deductions, etc.)?  And lastly, does your CDFI require that it be endorsed as a lender loss payee or additionally insured on a borrowers insurance policy? To give context, WEDI lends between $500 - $20,000 and requires lender loss payee or additionally insured for loans above $10,000. We're in the process of clarifying [More]

RE: Establishing Loan Loss Reserve for Housing Loan Fund

Wed, 2019-12-04 09:34
From : Communities>>Open Forum
Hi Nathaniel, I have two thoughts on this: first, I agree whole heartedly that a $3MM reserve on a $25MM housing portfolio is too high (assuming these are loans with risk characteristics consistent with housing loans made by other CDFIs in the space). I can't recall seeing a general LLR above 5% for a housing portfolio. So, if you can find data or gather it from other CDFIs to make a case that anything above 5% is awfully aggressive, I would go that route. If not, perhaps you could propose holding [More]

RE: Establishing Loan Loss Reserve for Housing Loan Fund

Wed, 2019-12-04 09:13
From : Communities>>Open Forum
Nathanial, I am the CCO at Community First Fund in Lancaster, PA. I would be glad to speak with you, East Coast time. Mike ------------------------------ Michael Carper Chief Credit Officer Community First Fund Lancaster PA (717) 869-5447 ------------------------------

looking for a CDFI compliance consultant

Wed, 2019-12-04 06:01
From : Communities>>Open Forum
Hello, I'm the co founder & CEO of a startup in the employee benefits space, providing employers with childcare benefits packages which include subsidised financial solutions for affordable childcare. I'm looking for a consultant to walk us through the CDFI compliance process. Would love connect with or get referrals to relevant service providers. Thanks! Veetahl ------------------------------ Veetahl Eilat-Raichel CEO gogo Getter (CDFI CONNECT - DO NOT DELETE) ------------------------------

Establishing Loan Loss Reserve for Housing Loan Fund

Tue, 2019-12-03 23:18
From : Communities>>Open Forum
I lead a small CDFI that is currently raising a $28 million fund for affordable housing financing in the Bay Area. We've been fortunate to secure $3 million in equity for a loan loss reserve. And we're now negotiating with the senior lender in our capital stack how that loan loss reserve will function. Given that we plan to deploy about $25 million, we are currently thinking that a $3 million loan loss reserve might be a bit too large and are interested in blending some of that equity with our borrowed [More]

FY 2018 Side by Side

Mon, 2019-12-02 14:44
From : Communities>>Open Forum
Last week, OFN released the 21st edition of our Side by Side publication, an annual reference guide for CDFI industry practitioners, investors, and others interested in assessing the opportunity finance industry's activity and performance. This year's edition uses FY 2018 Annual Member Survey data from 214 OFN member CDFIs to illustrate numerous peer group analyses split by primary financing sector and asset size. New to this year's report, several lending sectors added peer groups due to OFN's increased [More]

RE: Refinancing Balloon Payments

Thu, 2019-11-28 10:12
From : Communities>>Open Forum
To Heather's question, you might find a variety of responses. What I can offer is from what we see across our client base. It really boils down to a couple of choices based on the reason the Balloon was negotiated vs the reason it's being refinanced. As you know, these Balloons are varied in use from preset periods to allow construction for example, a period of time you are prepared to support the Borrower or an option to renegotiate terms. What we see typically is a small percentage of balance fee [More]

Refinancing Balloon Payments

Wed, 2019-11-27 14:56
From : Communities>>Open Forum
Just when we thought we were done with our policies and procedures.... we have a refinance of a balloon payment. I'd be interested to know the following: 1. Do you charge new fees to refinance a balloon payment for an existing client? 2. Do you use a standard credit memo or do you use a different format? Thank you for your input! Heather Heather Gurewitz Executive Director Economic Development & Financing Corp 208 B. South Oak St. Ukiah, CA 95482 P: (707) 234-5705 C: (707) 376-8699 http://www.e [More]

RE: SEO and Search Marketing for CDFIs - Would training or resources be helpful?

Tue, 2019-11-26 14:38
From : Communities>>Open Forum
Hi Everyone, Thank you all for completing the survey I shared. Also, special thanks to the folks I've connected with directly who have helped me get a deeper understanding of the kind of marketing and SEO challenges you all are facing. Knowing some of the common challenges, I'm going to be hosting an Intro to SEO webinar on December 12th @ 10 AM PT / 1 PM ET. I hope you all can join!  You can register here:  ​ Best, Mike ------------------------------ [More]

CDFI Connect Will Undergo Maintenance on Monday, November 25

Sat, 2019-11-23 21:31
From : Communities>>Open Forum
On Monday, November 25, between 10:00 AM EDT and 2:00 PM EDT CDFI Connect will be undergoing maintenance and you will be unable to login to your account.   We apologize for the inconvenience. ------------------------------ Seth Julyan Executive Vice President, Membership Opportunity Finance Network Philadelphia PA 215-320-4342 ------------------------------

RE: 2020 Oweesta Capital Access Convening - Call for Proposals

Fri, 2019-11-22 19:18
From : Communities>>Open Forum
@Jamie Strayer ​ ------------------------------ Crystal Martin Executive Assistant CU Strategic Planning Tacoma wA 253-200-0418 ------------------------------

Wisconsin Women in CDFIs - December Luncheon Invitation

Fri, 2019-11-22 16:17
From : Communities>>Open Forum
The Wisconsin Women in CDFIs December luncheon will take place on Monday, December 9th from 12 - 1:30 p.m. at The King and I restaurant in Milwaukee (a women-owned business and CDFI client) located at 830 N. Old World Third St. Bring in the holidays with Wisconsin Women in the CDFI industry!  Share highlights of the year Recognize accomplishments and goals met Open up for challenges and ideas for advancement Help plan for 2020, including quarterly events Lunch will be provided. Wisconsin women [More]

CDC Small Business Finance is hiring

Fri, 2019-11-22 09:52
From : Communities>>Open Forum
CDC Small Business Finance is hiring a Jr, Staff Accountant. The position is in our San Diego headquarters (yes, it's late November, sunny and 70 degrees this weekend!).  For additional information contact Natalie Moreno at Job Responsibilities: Provide accounting and clerical assistance to the accounting department. Record journal entries to the general ledger system. Accountable for collecting timekeeping information and issuing pay and pay-related information to employees. [More]

RE: Examples of CDFI Anniversary Communications

Thu, 2019-11-21 10:48
From : Communities>>Open Forum
Jason - thank YOU for posting this. Next year will be Access to Capital for Entrepreneurs' (ACE) 20th year celebration and we are just beginning to brainstorm ideas and discuss. These responses will serve as a resource for our team. We don't have a person dedicated to Marketing and Communication, so gleaning all knowledge. Best to you! Martina Edwards ------------------------------ Martina Edwards Chief of Strategic Partnerships Access to Capital for Entrepreneurs (ACE) Atlanta GA (678) 335-5600 [More]

African American Female Loan Fund (??)

Wed, 2019-11-20 19:10
From : Communities>>Open Forum
My organization - CEDS Finance - has partnered with a business incubator for female, African American entrepreneurs. As a CDFI, we'll be managing all aspects of the fund and the respective loans for this partnership. Does anyone know of other American American female specific loan funds in the country? We've found dedicated loan funds to women of color and African Americans (but none that are specific our target population).  Please do share of any loan fund that you are aware of, and we're open [More]