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Updated: 18 min 2 sec ago

RE: CDFI Funding in COVID Relief

Fri, 2021-01-08 10:22
From : Communities>>Open Forum
Hi All, Jamal here from OFN's Public Policy Team. Although this doesn't answer your question regarding how funds will be allocated, please see our blogpost that highlights all of the CDFI-related funding in the recent Omnibus and Stimulus package. We do not have specific guidance from the Fund yet but here is what I know. The $1.75 billion is available "until expended" as opposed to the $1.25 billion which must be committed by September 2021. The legislative language, which can be found on page 907 [More]

RE: CDFI Funding in COVID Relief

Fri, 2021-01-08 09:03
From : Communities>>Open Forum
Hi Gilberto, We are curious as well for more information regarding COVID 19 Rapid Recovery Resources. ------------------------------ Belinda Turner-DuBois CEED Lending Program Manager CEED Lending-Great Lakes WBC Livonia MI Great Lakes Women's Business Council ------------------------------

RE: CDFI Funding in COVID Relief

Thu, 2021-01-07 15:15
From : Communities>>Open Forum
Hi Gilberto, I have the same question. Thanks for asking. Stay Safe Belinda Turner-DuBois CEED Lending Program Manager bdubois@miceed.org 248 460-3973 Direct Oakland County and City of Detroit Loan Officer CEED Lending An Initiative of Great Lakes Women's Business Council 33109 Schoolcraft Rd. | Livonia, MI 48150 www.CEEDLending.org

Salary range - Loan Program Director for small CDFI

Thu, 2021-01-07 10:40
From : Communities>>Open Forum
Hello everyone, and Happy New Year! Growth Partners Arizona is getting ready to hire its first loan program director. We are a small ($2.5 million in assets) and relatively new CDFI in Tucson, funding approximately 6-10 new loans per year. Our goal for this year is 18 new loans. This new person will take on the responsibility of business development, underwriting, working with our documentation contractor to close loans, and monitoring the portfolio. This person will also work closely with me on [More]

Establishing a Revolving Loan Fund

Thu, 2021-01-07 02:18
From : Communities>>Open Forum
We are looking to establish a revolving loan fund for the development of our affordable home ownership projects. I am looking for a consultant to help us develop our pitch deck. Isi anyone willing to share your deck? Can you recommend a consultant? thank you Vivian Cox Fraser President & CEO Urban League of Essex County 973-624-9535

CDFI Funding in COVID Relief

Wed, 2021-01-06 15:50
From : Communities>>Open Forum
Hi Folks, Do folks have insights (besides Director Harris message) on how the $3B, specifically the $1.75b in RRP funding will be allocated in the coming months? Thanks for any help. Gilberto Opportunity Fund Gilberto Soria Mendoza Senior Policy Advocate | Accion Opportunity Fund gmendoza@opportunityfund.org | Tel. 408.538.8171 opportunityfund.org | facebook.com/opportunityfund | twitter.com/opportunityfund

RE: SBS loans and timing of funding the LLR

Wed, 2021-01-06 13:44
From : Communities>>Open Forum
Tim,  Like Trena, we are required to pre-fund the LLR prior to drawing down funds. After initial deployment and the fund is revolving, the timing for us is quarterly.  We do run a deployment summary at the first of each month, so that we know how much SBA capital is available to close loans. It includes repayments to MRF, 115% Collateral requirement, and 15% LLR requirement. This way we can project closing dates without risking falling below either requirement. ------------------------------ Philip [More]

Post-business failure pathways?

Wed, 2021-01-06 12:54
From : Communities>>Open Forum
Hello friends and colleagues, As you may know, I cover economics for Next City, an online magazine focusing on urban affairs across the country, with an emphasis on racial, social and environmental justice. With up to half of Black-owned businesses already shutting down at least temporarily if not permanently as an unfortunate side effect from this pandemic, I am looking into a potential story about what happens next for these entrepreneurs. I was wondering if any small business lenders would be [More]

CDFI Capital Needs Survey for Impact Investor Report

Tue, 2021-01-05 13:16
From : Communities>>Open Forum
Happy New Year, CDFI collegues! I hope you have all had a restful Holiday. As posted before the break, we are collecting data for a CDFI capital needs report. Thank you to all who have already responded. As the visbility of CDFIs continues to increase, CNote is working to leverage that momentum and help keep impact investors updated on the evolving capital needs of CDFIs.  If you have 5 minutes, please share your responses with us. It is crucial in helping impact investors truly understand what [More]

RE: Tip Tuesday

Tue, 2021-01-05 11:10
From : Communities>>Open Forum
Happy Holidays and New Year! Wishing everyone a happy & healthy 2021! In this week's Tip Tuesday , we will show you how to utilize the Participate drop-down bar. The drop-down allows users to start a discussion, share a file or join a community with ease! ------------------------------ Elizabeth Specht Member Engagement Associate Opportunity Finance Network Southwest DC (202) 618-6100 ------------------------------

RE: Does your loan fund offer investment opportunities for individuals?

Mon, 2021-01-04 16:41
From : Communities>>Open Forum
Yes, Capital for Change accepts investments from individuals.

RE: Technology Policy Examples

Mon, 2021-01-04 13:39
From : Communities>>Open Forum
Thank you Victoria for sharing! ------------------------------ Rebecca Lahr Data Manager Metropolitan Economic Development Association ------------------------------

RE: Member Monday

Mon, 2021-01-04 13:07
From : Communities>>Open Forum
Happy New Year! Wishing everyone a happy & healthy 2021! In this week's Member Monday , we would like to highlight the work of On The Road Lending. On the Road Lending provides affordable loans to help low-to-moderate income people over transportation barriers so they can find and retain employment, live healthier lives and avoid predatory lenders. "People with cars don't understand how hard life can be without one.I could take a better job that pays more money. Before I was a housekeeper and babysitter. [More]

RE: Technology Policy Examples

Mon, 2021-01-04 11:59
From : Communities>>Open Forum
Hi Rebecca, Thanks for sharing the operations manual thread! We were able to find a couple data policy examples and used those to put together our own policy. I have attached our policy for your reference. Hope that helps. Feel free to reach out if you have any questions! Best, Victoria ------------------------------ Victoria Baker Chief Strategy Officer South Carolina Community Loan Fund victoria@sccommunityloanfund.org ------------------------------

Files Attached Document
RE: Technology Policy Examples

RE: Does your loan fund offer investment opportunities for individuals?

Mon, 2021-01-04 11:44
From : Communities>>Open Forum
Hi Pam - Happy New Year and thanks for sharing the results. Does your project include conducting more intensive vetting of these organizations for individual investors?  Accepting individual donations/investments is fine; but the reality is that most CDFIs do not have the capacity to develop and manage an individual investor program.  And those that do, have the resources to develop a defensible forecast for increased deployment and performance. I'm preaching to the choir, I know, and look forward [More]

RE: Technology Policy Examples

Mon, 2021-01-04 11:00
From : Communities>>Open Forum
Hi Victoria -- have you seen the thread about CDFI operations manual ? There might be helpful information there. I'm gathering some background on data practices to inform some work my organization will take on soon, and interested if you have created anything worth sharing or found other examples that you modeled after. Thank you! ------------------------------ Rebecca Lahr Data Manager Metropolitan Economic Development Association ------------------------------

RE: Does your loan fund offer investment opportunities for individuals?

Mon, 2021-01-04 09:16
From : Communities>>Open Forum
This is great to know - thanks so much for sharing, Pam! Happy 2021! Mike ------------------------------ Michael Eggleston Community Development Advisor Federal Reserve Bank of St. Louis michael.c.eggleston@stls.frb.org ------------------------------

RE: Does your loan fund offer investment opportunities for individuals?

Sun, 2021-01-03 20:16
From : Communities>>Open Forum
Thank you to the 70+ Loan Funds that responded to our request for information about opportunities for individual investors.  Attached is the preliminary results of those who indicated they accept individual investments.  44 Loan Funds provided information about their individual investment programs; and another 11 were identified through public research.  We heard from 30 other loan funds that indicated they do not currently take individual investments but would consider doing so in the future. We [More]

Files Attached Document
RE: Does your loan fund offer investment opportunities for individuals?

RE: SBS loans and timing of funding the LLR

Tue, 2020-12-29 16:20
From : Communities>>Open Forum
Trina - Thanks. Do you know about the timing? Does it have to be the same day or bank statement period?  Seems to me that the hard deadline is at the end of the quarter. If there is a delinquency the lender has 30 days to rectify the LLR shortfall. ------------------------------ tim jung CFO AAFE Community Development Fund, Inc. New York NY 9082512847 ------------------------------

RE: SBS loans and timing of funding the LLR

Tue, 2020-12-29 15:45
From : Communities>>Open Forum
Tim, When we have received funding, we were required to fund our loan loss reserve at the time of our draw on the proceeds. Trena Larson ,   Chief Financial Officer CAP Services, Inc. ------------------------------ Trena Larson CFO Community Assets for People Stevens Point WI 7153437514 ------------------------------

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