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Updated: 5 min 23 sec ago

Wacif is Hiring in Washington, DC! Program Manager: Minnesota Avenue Main Street

Tue, 2019-06-04 09:12
From : Communities>>Open Forum
TITLE: Program Manager, Minnesota Avenue Main Street POSITION OVERVIEW Launched in late 2017, the Minnesota Avenue Main Street ("MAMS") is one of DC Main Street programs focused on stabilizing and rejuvenating the Ward 7 business community, with specific concentration on Minnesota Avenue NE and Benning Road NE corridors. The neighborhood profile can be found at http://wdcep.com/neighborhood/minnesota-benning . The MAMS initiative is a program of the Washington Area Community Investment Fund (Wacif) [More]

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Wacif is Hiring in Washington, DC! Program Manager: Minnesota Avenue Main Street

Loan Guarantee Product

Tue, 2019-06-04 01:02
From : Communities>>Open Forum
Colleagues: Our organization serves small business owners who are primarily located in some of Alaska’s most rural, remote communities. Access to capital markets is difficult. We are exploring a Loan Guarantee concept that proposes to remove some barriers to financing for borrowers seeking capital for growth strategies. In this network of (fabulous) practitioners, I pose the following questions: •. What considerations should an entity include in its due diligence to develop the product? • Are there [More]

RE: Updated panel for Forecasting Growth for CDFIs - OFN Small Business Forum

Mon, 2019-06-03 16:47
From : Communities>>Open Forum
Would be interested in a session like this at the October conference as well! ------------------------------ Jenny Rottmann Director of Finance and Administration Genesis Fund Brunswick ME (207) 844-2035 ------------------------------

RE: Character based lending guidelines

Mon, 2019-06-03 14:44
From : Communities>>Open Forum
Hi Jason, Yes, essentially cash flow based lending. We are trying to avoid having a co-signer but the applicant will be required to participate in pre-application education as well as post loan TA. Thsnks​ ------------------------------ Kathleen Clark Alternatives Federal Credit Union Ithaca NY ------------------------------

RE: Challenges in Collecting loan covenants from small business clients

Mon, 2019-06-03 13:56
From : Communities>>Open Forum
Thank you all for the robust discussion and ideas!  @Jason Friedman please add me caprice@spruceroot.org  to your growing list of future webinar attendees on this topic!  ​​ ------------------------------ Caprice Pratt Small Business Lending Outreach / Underwriter Spruce Root, Inc., Southeast Alaska ------------------------------

RE: CDFI Loan Software and Legal Documents

Mon, 2019-06-03 10:36
From : Communities>>Open Forum
Hi Robin, 1) We have used Portfol for many years and faced many of the same problems you are describing. We did not find Portfol to be very user friendly. We recently migrated our loan servicing system to Downhome Solutions. The research, shopping, and migration process took us many months but we eventually decided to move to Downhome Solutions because we found the platform to be very intuitive & it connects to our other systems (Quickbooks, Outcome Tracker) which will help us avoid additional manual [More]

RE: Rumor has it: Is there a New England User Group?

Mon, 2019-06-03 10:02
From : Communities>>Open Forum
Hi, Lora - not aware of such a group (though we're not as active in OFN as we hope to be) but I'm sure we'd be interested in participating. Our loan fund is part of Dorchester Bay EDC, and operates under the aegis of Dorchester Bay Neighborhood Loan Fund ( www.dorchesterbayloans.org .) Keep us posted! P. -- Perry B. Newman CEO Dorchester Bay Economic Development Corporation (617) 533-9551 (direct) www.dbedc.org/ Sent with Mixmax Disclaimer This e-mail (including any attachments) is confidential [More]

RE: Rumor has it: Is there a New England User Group?

Mon, 2019-06-03 09:58
From : Communities>>Open Forum
I do not know of such a group either but I would love to participate if there was one. ------------------------------ Carrie Zaslow Executive Director Providence Revolving Fund Providence 4019962944 ------------------------------

RE: Rumor has it: Is there a New England User Group?

Mon, 2019-06-03 09:54
From : Communities>>Open Forum
Hi - Not sure of the answer to the user group status, but we'd enjoy connecting.    Cal    Calvin B. Vinal, President & CEO Capital for Change (C4C): Hartford Office NMLS# 276717 121 Tremont Street, Hartford, CT 06105 O 860.586.2028  C 203.910.0130  T 800.992-3665  F 860.920.2022  E cvinal@capitalforchange.org capitalforchange.org ------------------------------ Calvin Vinal President & CEO Capital for Change Hartford CT (860) 586-2028 ------------------------------

Measuring Personal Financial Statements in Global Cash Flow

Mon, 2019-06-03 09:50
From : Communities>>Open Forum
Hello, My organization is a relatively small CDFI located in Buffalo, NY. We are continuing to develop our underwriting processes and currently use an excel spreadsheet for the global cash flow. One of the documents we use in our global cash flow is the personal financial statement. If a client claims they pay $1,500 on things like food, gas, entertainment, etc. per month, then we add that expense line into the cash flow after corroborating with the bank statements and credit report. We've had a [More]

RE: Rumor has it: Is there a New England User Group?

Mon, 2019-06-03 09:42
From : Communities>>Open Forum
Hi, Lora - not aware of such a group (though we're not as active in OFN as we hope to be) but I'm sure we'd be interested in participating. Our loan fund is part of Dorchester Bay EDC, and operates under the aegis of Dorchester Bay Neighborhood Loan Fund (www.dorchesterbayloans.org.) Keep us posted! P. -- Perry B. Newman CEO Dorchester Bay Economic Development Corporation (617) 533-9551 (direct) www.dbedc.org/ Sent with Mixmax Disclaimer This e-mail (including any attachments) is confidential [More]

RE: Character based lending guidelines

Mon, 2019-06-03 06:26
From : Communities>>Open Forum
Hi, The most common character based model outside the US is the Grameen peer lending group model.  The first level is that you have to be invited into the client group that trusts you and the second level is that you have to regularly attend meetings and save for several weeks to prove your character before getting a loan.  Some have tried it here with mixed results.  Grameen now has a formal presence here in the US.  Might want to look at a Grameen light version? Some fintechs are looking to measure [More]

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