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RE: PPP and EIDL Advance Reduction of Forgiveness Amount

Tue, 2020-10-20 12:03
From : Communities>>Open Forum
Hi Amber, Wow, that is really unfortunate for that borrower!  I think what happens is that the borrower just has to repay the full PPP balance to you guys based on the FAQ.   We have a call scheduled with our Congressional Rep this Friday and I will update you guys with how it goes. Thank you! ------------------------------ Melissa Johnson Director of Loan Operations Clearinghouse Community Development Financial Institution Lake Forest CA 9495254960 ------------------------------

RE: CDFI Operations Manual

Tue, 2020-10-20 09:33
From : Communities>>Open Forum
What content are you looking to add to your operations manual? I've developed an Organizational Security Program that details all of processes and procedures for how we safely handle all information that comes to us from clients, funders, and employees in a way that ensures security without sacrificing efficiency in our lending, HR, and finance activity. It also includes guidance on acceptable use of company technology for our employees.  Would that be useful to you? ------------------------------ [More]

RE: PPP and EIDL Advance Reduction of Forgiveness Amount

Tue, 2020-10-20 09:26
From : Communities>>Open Forum
We agree with you - the SBA website and the Treasury website clearly stated that EIDL advances are grants that do not have to be repaid. SBA didn't tell EIDL advance recipients that the advance would be deducted from their PPP forgiveness. Unfortunately, the CARES Act states it will be. It appears to be one of the issues that came out of the good intention to get the CARES Act passed quickly and funds into the hands of borrowers quickly - and there seems to be bipartisan support to correct this. [More]

RE: PPP and EIDL Advance Reduction of Forgiveness Amount

Tue, 2020-10-20 09:15
From : Communities>>Open Forum
Hi Melissa, Thank you for bringing up this topic. We have several small businesses that have ppp loan amounts for less than their EIDL advance (one small restaurant received a ppp for $4300 based on schedule c net profit but their EIDL Advance is for $6,000) and I'm curious how that is going to work. The SBA has not reviewed this application yet.  I am looking forward to the discussion on this issue. With the way things moved and changed so quickly during the ppp process there was a lot of uncertainty [More]

RE: CDFI Operations Manual

Tue, 2020-10-20 09:10
From : Communities>>Open Forum
I would be interested in that as well, and happy to contribute. ------------------------------ Steven Hausman Managing Director Entre Capital, LLC Dallas TX 817-312-3161 ------------------------------

Job Posting - FHLB SF seeks CDFI analyst

Mon, 2020-10-19 18:28
From : Communities>>Open Forum
Hello: I'm posting this for a friend.  Federal Home Loan Bank of SF seeks a credit analyst to underwrite CDFIs.  Feel free to message me to connect with the hiring manager. Workday Best regards, Olivia ------------------------------ Olivia Rebanal Director Capital Impact Partners Oakland CA (510) 496-2235 orebanal@capitalimpact.org ------------------------------

RE: Data on Investments in BIPOC, Women-Owned and Immigrant Small Business

Mon, 2020-10-19 16:50
From : Communities>>Open Forum
Hi Greta,   There are some national-level sources that we utilize at FUND that might help with your query, at least in providing some of the baseline info on what lending to small businesses looked like. These are mostly focused on lending provided to small business owners:   Association for Enterprise Opportunity (AEO) has a lot of great resources, including many that drill down to investment in BIPOC, women-owned, immigrant-owned small businesses. The Federal Reserve Banks jointly release [More]

RE: Business vs. Individual Credit Reporting

Mon, 2020-10-19 16:49
From : Communities>>Open Forum
Hi Inja,  I have the same question. We currently service our loans through DownHome and are expecting to get setup with CBA soon. We lend to individuals without credit or collateral, and are working through the best credit reporting policy to ensure we not do more good than harm to individuals, while still promoting satisfactory repayment. I'm following this thread to follow along with the feedback you receive. Great question and thank you for asking! Vanessa ------------------------------ Vanessa [More]

PPP and EIDL Advance Reduction of Forgiveness Amount

Mon, 2020-10-19 13:23
From : Communities>>Open Forum
Good morning all, We have started taking forgiveness applications and have run into a speed bump in regards to the EIDL advance being deducted from the PPP forgiveness amount.  While we know that this provision is included in the CARES Act, all of the SBA documentation for PPP Loans seems to directly contradict what the CARES Act says.  We have several customers who will now have to repay a good chunk of their PPP Loan because they got an EIDL Advance. The majority of our PPP loans were less than [More]

RE: Member Monday

Mon, 2020-10-19 10:25
From : Communities>>Open Forum
In this week's Member Monday, we would like to highlight the work of The Northland Foundation. The Northland Foundation supports all five Tribal Nations in northeastern Minnesota. Since 1986, the foundations Business Finance Program has made more than 670 loans totaling $69 million to regional businesses, which have leveraged over $366 million in private funds and helped create or retain 8,2000 jobs. It has frequently been selected as a partner by the State of Minnesota to administer programs that [More]

CDFI Operations Manual

Mon, 2020-10-19 09:34
From : Communities>>Open Forum
We are building out an operations manual for our CDFI, and we were wondering if anyone had a manual that we can use as a guide? Any assistance would be greatly appreciated.  ------------------------------ Tommy Cooper Lending Resource Specialist tcooper@habitat.org Higher Logics Community Contacts (CDFI CONNECT - DO NOT DELETE) Atlanta GA 6788490766 ------------------------------

Does your loan fund offer investment opportunities for individuals?

Mon, 2020-10-19 09:21
From : Communities>>Open Forum
CDFI Loan Fund friends: With Social Venture Circle , I am co-chairing a committee to highlight ways for individuals to invest in CDFIs. In addition to highlighting Credit Unions, Banks, and Venture Funds, we would like to provide a list of Loan Funds that offer investment opportunities for individuals. If you are a loan fund, please complete this very short survey by November 4, 2020. We are collecting both "Yes" and "No" answers.  The survey will take less than two minutes to complete. We will be [More]

RE: Funding ADU?

Fri, 2020-10-16 13:27
From : Communities>>Open Forum
Thanks to everyone who is replying - it's much appreciated. Have a great weekend! ------------------------------ Heidi Pickman VP, Programs and Policy CAMEO - California Association for Micro Enterprise Opportunity San Francisco, CA ------------------------------

RE: Business vs. Individual Credit Reporting

Fri, 2020-10-16 11:15
From : Communities>>Open Forum
Thank you for this question,  CTLF would definitely like to learn more about how this affects personal and business credit scores.  ------------------------------ Diana Pickernell Interim Director Chehalis Tribal Loan Fund Oakville, WA 98568 360.709.1631 dpickernell@ctlf-empowers.org dpickernell@chehalistribe.org ------------------------------

RE: Funding ADU?

Fri, 2020-10-16 10:43
From : Communities>>Open Forum
Thank you for sharing this Enterprise report on bringing ADU's to scale Cathi! Heidi, you might also consider getting in touch with the Craft3 team up in Portland, Oregon. They had been working as a prospective CDFI lender on some programs/pilot exploration with non-profits up this way, such as Hacienda CDC. Good luck! James Leyba james.leyba@gmail.com | 312.810.2840

RE: Business vs. Individual Credit Reporting

Fri, 2020-10-16 09:49
From : Communities>>Open Forum
Thanks Andy! Hello Inja - I'll connect with you in a quick email to see how we can help you think through the logistics of business-only reporting. As you get some ideas for how to set policies, we can see how best we can manage that in your reporting data. Thanks! ------------------------------ Elisabeth Johnson Chief Technical Officer Credit Builders Alliance Washington DC 202.888.7583 ------------------------------

RE: Business vs. Individual Credit Reporting

Fri, 2020-10-16 09:10
From : Communities>>Open Forum
I would reach out to CBA to get their thoughts on this! (Full disclosure: I am on their Board!) ------------------------------ Andrew Posner Founder and CEO The Capital Good Fund Providence RI 401.339.5437 ------------------------------

RE: Funding ADU?

Thu, 2020-10-15 19:22
From : Communities>>Open Forum
THANK YOU Nathanial! ------------------------------ Heidi Pickman VP, Programs and Policy CAMEO - California Association for Micro Enterprise Opportunity San Francisco, CA ------------------------------

RE: Funding ADU?

Thu, 2020-10-15 18:22
From : Communities>>Open Forum
Hi Heidi! Housing Trust Silicon Valley (HTSV) has a program dedicated to educating homeowners about ADUs and financing them: https://housingtrustsv.org/programs/homeowner-programs/accessory-dwelling-unit-program/ The right person to reach out to at HTSV is Sonya Singha at sonya@housingtrustsv.org. ------------------------------ Nathanial Owen Director, Fondo Adelante Mission Community Loan Fund LLC San Francisco CA 415.282.3334 ------------------------------

Business vs. Individual Credit Reporting

Thu, 2020-10-15 13:49
From : Communities>>Open Forum
Hello, We have been using CBA to report our borrowers' credit data on their personal credit reports and recently added business reporting as well. As I understand it, CBA submits all of our data to both the individual and business bureaus unless we remove one of those as debtors in our system (we use DownHome). We've had some clients request that their credit information only be reported on the business and not on personal credit because it drives up their debt to income ratio to include the business [More]

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