CDFI Connect Community Discussions

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Updated: 52 min 53 sec ago

Congrats to Tate Hill - New CEO at Access Plus Capital

Wed, 2020-07-22 23:28
From : Communities>>Open Forum
Dear Colleagues - I am on the mailing list for hundreds of CDFIs, including Access Plus Capital in Fresno.  I was psyched to read that Tate Hill, the previous Director of Administration, has name as the new CEO. I highly recommend you read this press announcement about the appointment. Tate embodies the next generation of CDFI leadership that puts economic justice and financial inclusiveness front and center.  Raise your coffee cup! Cheers to Tate Hill! ------------------------------ Jason Friedman [More]

Facilities Financing and Small Business Support for Child Care Providers

Wed, 2020-07-22 15:35
From : Communities>>Open Forum
Are any organizations working to support the child care sector? If so, what challenges or opportunities are being presented by the COVID-19 pandemic? Facilities-related health and safety challenges and underdeveloped business models are obstacles that have long-confronted child care and other early care and education providers. Most providers are consistently faced with making very difficult decisions about how to best allocate their limited resources to address facilities issues because they operate [More]

Happy Birthday, Dodd-Frank!

Wed, 2020-07-22 12:00
From : Communities>>Open Forum
It's now 10 years since Dodd-Frank was signed into law. Among other things, it created the Consumer Financial Protection Bureau, which I joined in 2012. Along with Sen. Warren and former Director Cordray, I'm proud to have served in the agency, which accomplished much. And, hopefully, will once again regain its important role ensuring fair financial markets and protecting consumers. https://archer-rosenthal.com/the-cfpb-is-here-to-stay-despite-attacks/ -- Clifford N. Rosenthal, Author Democratizing [More]

RE: Need CDFI lender in Puerto Rico and Texas

Wed, 2020-07-22 11:19
From : Communities>>Open Forum
Hi David! We are a CDFI established in Puerto Rico for the last 38 years.  We provide loans to small businesses from $500 up to $5 million through the SBA Microloan, SBA Community Advantage, SBA 504 and Rural IRP Lending Programs.  If your need financing for construction equipment, we are able to assist.  You can contact me at (787)756-5080 ext. 223.   Giovanna Piovanetti, Esq. Executive President Corporación para el Financiamiento Empresarial del Comercio y de las Comunidades (COFECC) A Certified [More]

RE: Nonprofit Main Street Lending Program

Wed, 2020-07-22 10:55
From : Communities>>Open Forum
Kate is right CDFIs should look at the MSLP as a financing source for their clients, not themselves. Of course, the $250,000 minimum loan size makes it useless for most borrowers CDFIs deal with. One interesting idea that I haven't heard discussed yet (and I haven't thoroughly vetted) is to form a fund that purchases loans from CDFIs and uses MSLP loans to fund those purchases. Michael J. Clain Windels Marx Lane & Mittendorf, LLP 156 West 56th Street, New York, New York 10019 Direct Dial: 212.237.1035 [More]

RE: Need CDFI lender in Puerto Rico and Texas

Wed, 2020-07-22 10:38
From : Communities>>Open Forum
I would reach out to BCL of Texas https://bcloftexas.org/ ------------------------------ William Sutherland President TransPecos Development Corporation San Antonio TX 2102284444 ------------------------------

RE: Nonprofit Main Street Lending Program

Wed, 2020-07-22 10:23
From : Communities>>Open Forum
The program wasn't ever developed as a capital source for CDFIs but rather as a source of capital for mid-sized businesses that were too big for PPP. CDFIs are considering MSP as a capital source because we're all looking everywhere. ------------------------------ Kate Barr President & CEO Propel Nonprofits Minneapolis MN (612) 278-7182 ------------------------------

RE: Nonprofit Main Street Lending Program

Wed, 2020-07-22 10:09
From : Communities>>Open Forum
Even if they met the size requirement, most CDFIs would be ineligible for the program because they are "financial businesses primarily engaged in the business of lending". Am I wrong about that? Michael J. Clain Windels Marx Lane & Mittendorf, LLP 156 West 56th Street, New York, New York 10019 Direct Dial: 212.237.1035 | General Fax: 212.262.1215 mclain@windelsmarx.com | www.windelsmarx.com This message is sent by a law firm and may contain information that is privileged or confidential. If you received [More]

RE: Need CDFI lender in Puerto Rico and Texas

Wed, 2020-07-22 09:42
From : Communities>>Open Forum
Our Puerto Rico office (Ponce) primariy focuses on small business lending, but we have done some affordable housing lending in New York. I'd be happy to talk about what you have in mind. hvantol@pathstone.org ------------------------------ Hubert Van Tol President PathStone Enterprise Center Rochester NY 585-340-3385 ------------------------------

RE: Nonprofit Main Street Lending Program

Wed, 2020-07-22 02:05
From : Communities>>Open Forum
The minimum number of employees requirement still excludes a large number of CDFIs. That being said, this isn't what excludes our CDFI and makes the capital very unattractive. It's actually these two terms: Current debt repayment capacity-ratio of cash, investments and other resources to outstanding debt and certain other liabilities-of greater than 55% Most CDFIs that are maximizing their balance sheets won't meet this requirement. LIBOR + 3% This is significantly higher than most [More]

RE: Member Monday

Tue, 2020-07-21 17:14
From : Communities>>Open Forum
Thanks for recognizing MMCDC. Jamie Marks Erickson Development Officer 218-844-7025 Sign up for our newsletter! Click on our logo below, scroll to the bottom and enter your email. CONFIDENTIAL AND PROPRIETARY This email and any files transmitted with it are confidential and privileged material intended solely for the use of the individual or entity to whom they are addressed. Any review or distribution by others is strictly prohibited. If you are not the named addressee you should not [More]

Need CDFI lender in Puerto Rico and Texas

Tue, 2020-07-21 14:14
From : Communities>>Open Forum
In Puerto Rico we have a multi-family and housing projects. Texas in Rural Area restaurant business, mainly steel buildings with indoor and outdoor seating. Construction loan to renovate building for more indoor eating area and entertainment venue. Max loan qualification is $200,000 Best regards, David Vargas CFO, Tiger Eye Capital Tigereyec-capital.com Tribal non-profit 562-964-4620

RE: Nonprofit Main Street Lending Program

Tue, 2020-07-21 12:57
From : Communities>>Open Forum
The structure and terms don't fit well for a CDFI even when we do have 10 or more employees. I can't imagine using it. ------------------------------ Kate Barr President & CEO Propel Nonprofits Minneapolis MN (612) 278-7182 ------------------------------ ------------------------------------------- Original Message: Sent: 07-17-2020 12:00 From: Michael Eggleston Subject: Nonprofit Main Street Lending Program The Fed announced today that the Main Street Lending Program for nonprofits has been modified. [More]

RE: Tip Tuesday

Tue, 2020-07-21 11:09
From : Communities>>Open Forum
In this week's Tip Tuesday , we show you how to change your email and phone number on your profile! ------------------------------ Elizabeth Specht Member Engagement Associate Opportunity Finance Network Washington (202) 618-6100 ------------------------------

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RE: Tip Tuesday

RE: Member Monday

Mon, 2020-07-20 11:44
From : Communities>>Open Forum
In this week's Member Monday , we would like to highlight Midwest Minnesota Community Development Corporation and their Emergency Small Business Loan. MMCDC is offering loans up to $50,000 with low interest rates and flexible terms for businesses affected by the pandemic. With consumer and home loan modifications available, MMDC is working to ensure communities and individuals in Minnesota achieve a better quality of life. If you would like to learn more about business, home or consumer needs, [More]

Fed CDFI Survey is LIVE

Mon, 2020-07-20 11:01
From : Communities>>Open Forum
Hi all -- The Federal Reserve COVID-19 CDFI Survey is LIVE ! CDFI leaders - please consider submitting a response on behalf of your organization. The COVID-19 pandemic and resulting economic downturn have made the work of CDFIs more important than ever, and there is an urgent need for comprehensive, up-to-date data on CDFIs. Submit your response today. The Federal Reserve Board of Governors, Federal Reserve Banks, and the CDFI Fund intend to use the survey data to inform research and future policymaking. [More]

RE: Nonprofit Main Street Lending Program

Mon, 2020-07-20 10:24
From : Communities>>Open Forum
Terms remain a bit absurd, in my opinion, but I am sure there are some tax exempt organizations on some ‘other’ Main Streets with which I am unfamiliar. Sent from my iPhone

RE: Nonprofit Main Street Lending Program

Mon, 2020-07-20 10:08
From : Communities>>Open Forum
Thank you FRB and Mike Eggleston. Rural CDFI's rarely have more than 50 staff. By lowering the minimum eligibility to >10, the Fed may now be able to help small towns and the most persistently poor places in the country. Housing Assistance Council intends to apply.

RE: Nonprofit Main Street Lending Program

Mon, 2020-07-20 09:47
From : Communities>>Open Forum
There are 70 certified Native American-serving Native CDFIs across 27 states. Only 1-2 Native CDFIs would qualify, putting the Main Street Lending program beyond reach. It would be a welcome option if we could access the program. ------------------------------ Jackson Brossy Executive Director Native Community Development Financial Institution Network Washington SD (605) 964-3687 ------------------------------

RE: Nonprofit Main Street Lending Program

Mon, 2020-07-20 09:16
From : Communities>>Open Forum
We still do not qualify with a staff of 6. ------------------------------ Carrie Zaslow Executive Director Providence Revolving Fund Providence RI 4019962944 ------------------------------

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