CDFI Connect Community Discussions

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Updated: 27 min 1 sec ago

Geeking out at the CDFI Coalition!

Thu, 2019-03-14 10:35
From : Communities>>Open Forum
------------------------------ Jason Friedman Principal Friedman Associates 319-341-3556 jasonj@friedmanassociates.net www.friedmanassociates.net ------------------------------

RE: Loan Loss Reserved and off balance sheet guarantees

Wed, 2019-03-13 16:50
From : Communities>>Open Forum
We've actually thought about this very differently, and are under the impression that as long as your Loan Loss Provision policies are legitimate and consistent, it's a reasonable factor to include in your provisioning percentage which is a management decision.   It seems like your balance sheet should reflect as accurate an image of your financial position as possible. Imagine, for example, my entire balance sheet was 1 $1,000 loan that I would typically provision 5% for and I had a contract in [More]

FHLB's new Homebuyer Dream Program

Wed, 2019-03-13 14:46
From : Communities>>Open Forum
The Federal Home Loan Banks are replacing the First Home Club matched savings program with the Homebuyer Dream Program. In our view, the new program will not benefit low resource first time home buyers as well as the First Home Club. We are strategizing how to participate in the Homebuyer Dream Program so that it benefits our lower income first time home buyers. I will note that Ithaca, NY has very high housing costs. Wondering how organizations participating in the current First Home Club are planning [More]

RE: Loan Loss Reserved and off balance sheet guarantees

Wed, 2019-03-13 10:07
From : Communities>>Open Forum
We also have this same question as we are pursuing like loan portfolio guarantee opportunities with foundations and/or government agencies.  We are looking at revising our loan loss reserve policies to recognize loan specific guarantees including SBA Community Advantage and Bureau of Indian Affairs guarantee programs.  We also wonder if portfolio guarantees can ever be represented in a balance sheet. ------------------------------ Daniel Holmquist Vice President - Finance Metropolitan Economic Development [More]

RE: Loan Loss Reserved and off balance sheet guarantees

Wed, 2019-03-13 09:53
From : Communities>>Open Forum
Hi Carla, Firstly, I would ask whether when you say "reserve" whether you are speaking in relation to your Allowance for Loan Losses  (contra asset account on the Balance Sheet) or a physical cash loan loss reserve account - because these are two very different, but related things. If speaking about your Allowance for Loan Losses, I would follow the principle of conservatism and say that one shouldn't reduce the size of the allowance due to off-balance-sheet guarantees or the like. From one side, [More]

Women in the CDFI Industry

Tue, 2019-03-12 14:27
From : Communities>>Open Forum
Hi Everyone, I was inspired by the Boston / MA Chapter Event of the CDFI Women's Network, as well as International Women's Day, to write this blog .  Would love to hear your thoughts as well.  Many thanks to Vicky, Fatiha, Gretchen and Alex for organizing an awesome event!  Looking forward to more... All the best, Lily ------------------------------ Lily Leavitt Community Development Practice Lead Craftsman Technology Group Boston MA lily@craftsmantech.com 857 289-2472 -------------------------- [More]

Job Opportunity: Finance & Operations Analyst @ Wacif

Tue, 2019-03-12 11:45
From : Communities>>Open Forum
TITLE: Finance & Operations Analyst POSITION OVERVIEW The Washington Area Community Investment Fund (Wacif) seeks to fill the full-time position of Finance & Operations Analyst, which will be responsible for assuring that Wacif has the administrative support necessary to create high impact with its clients and stakeholders. As part of the growing finance team, the Finance & Operations Analyst will be an analytical, detail-oriented, and proactive team player who will seek to execute their role at [More]

Tip Tuesday: Job Board

Tue, 2019-03-12 10:52
From : Communities>>Open Forum
Our community is full of the best and brightest people in our financial industry. To view open positions: • Navigate to the Job Board by clicking the Communities button in the upper navigation and selecting All Communities • Click the Job Board community (if you are not a member already, select Join Community) • By clicking the Discussion tab, you will have access to all currently posted positions and contact information To post a job listing: • Navigate to the Job Board community as describe above [More]

Unemployment Insurance Fund

Mon, 2019-03-11 12:54
From : Communities>>Open Forum
​Hey everyone, Wondering if anyone has been able to use unemployment insurance funds as a source of lending capital as your could provide an ROI for the fund? Or accessing any other creative/underutilized sources for lending capital? Thanks! ------------------------------ Noah Hobbs Lending Director One Roof Housing Duluth MN 218-249-0364 ------------------------------

Symposium in DC for CDFIs and Nonprofit Lenders

Fri, 2019-03-08 14:38
From : Communities>>Open Forum
Hey there CDFI Community,  My name's Alex Chaconas and I'm the Marketing and Communications Senior Specialist at Credit Builders Alliance , a nonprofit specializing in connecting nonprofit lenders,CDFIs, and financial educators with the credit bureaus to help low-to-moderate income households build credit. I am writing to you in order to inform you of an annual Symposium we are hosting on June 12 - 14 in Washington, D.C. It's  the field's premier opportunity for dialogue between nonprofit organizations [More]

Important - CDFI Fund Request for Public Comments on FA/TA Apps

Fri, 2019-03-08 12:49
From : Communities>>Open Forum
Dear Colleagues - this will most likely be the last year for the format/design of the current CDFI FA/TA application (see last paragraph below).  That's good news, especially for CDFIs that have already started their applications. Good luck!  Look out for our upcoming webinars on tips for a competitive application!  Request for Public Comment: FY 2020-2022 CDFI Program and NACA Program Applications The U.S. Department of the Treasury, as part of its continuing effort to reduce paperwork [More]

RE: TA and loans for entrepreneurs with disabilities

Fri, 2019-03-08 09:21
From : Communities>>Open Forum
There's a small loan fund in Iowa (office in Ames but works statewide) called the Iowa Able Foundation (iowaable.org). They work exclusively with people with disabilities and the aging. They do both consumer loans (for assistive technology, modified vehicles, home modifications, etc.) and some small business lending for entrepreneurs with disabilities. They were a CDFI at one time and I believe are in the process of applying to be so again. And I would strongly echo the recommendation of the Pennsylvania [More]

RE: TA and loans for entrepreneurs with disabilities

Thu, 2019-03-07 12:31
From : Communities>>Open Forum
There's an independent living focused non-profit here in the bay area that focuses on serving entrepreneurs with disabilities (primarily cerebral palsy.)  One of the largest challenges they've communicated to me revolves around risks related to benefits management, which get impacted as their clients' incomes grow.  abilitynowbayarea.org is the organization ------------------------------ Noah Brod Small Business Administration Charlotte NC ------------------------------

RE: TA and loans for entrepreneurs with disabilities

Thu, 2019-03-07 09:49
From : Communities>>Open Forum
Hi Dory, There is a group out of UIC who developed entrepreneurship training for people with disabilities, called CEED. It was funded by The Coleman Foundation. Here is there website http://www.ceedproject.org/ . I would be happy to connect you to them as I used to serve as an advisor when I was with UIC. Denise Franta Director of Access to Capital 312-853-3477 x 560 | dfranta@wbdc.org Women's Business Development Center 8 South Michigan, Suite 400 | Chicago, IL 60603 | www.WBDC.org Please consider [More]

RE: TA and loans for entrepreneurs with disabilities

Wed, 2019-03-06 10:12
From : Communities>>Open Forum
Thank you to all who responded to my question. I am pleased that so many organizations are serving the needs of entrepreneurs with disabilities. I will try to follow up with each of you over the next couple of weeks. ------------------------------ Dory Rand President Woodstock Institute Chicago IL 312-368-0310 ------------------------------

RE: TA and loans for entrepreneurs with disabilities

Tue, 2019-03-05 19:52
From : Communities>>Open Forum
Thank you, Lisa! Feel free to contact us if we can help you! We provide consumer loans to individuals with disabilities (and we offer financial education) and have a long history (20 years) of working with the disability community. NW Access, our colleagues in Washington and Oregon, also provide consumer loans -- and they have experience in employment loans, too. Susan Tachau stachau@patf.us 484-674-0506 ------------------------------ Susan Tachau CEO Pennsylvania Assistive Technology Foundation [More]

RE: Credit Reports, pulling, reporting, and pricing

Tue, 2019-03-05 17:41
From : Communities>>Open Forum
Hi Heather, Our loan servicing software can upload payment histories to any of the credit agencies, but many CDFIs use CBA due to the minimums that the credit agencies require.  If you would like those minimums (which are current as of a couple of years ago), let me know and I can post.  All reports I've heard on CBA is that they are nice bunch of folks to work with. ------------------------------ A.J. Poulin VP Sales, ABS www.themortgageoffice.com 800.833.3343 x 118 ---------------------------- [More]

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RE: Credit Reports, pulling, reporting, and pricing

Leveraging Salesforce in a World of Community Lending

Tue, 2019-03-05 12:18
From : Communities>>Open Forum
Hi Everyone, FYI here's a blog piece discussing how a community lender might leverage Salesforce to achieve their mission. In my experience commercial solutions often do not cater to CDFIs' mission-driven lending processes.  In this blog we explore how Salesforce can potentially address this issue through: Functionalities, Flexibility, and Continuous Improvement. Hope it's helpful!  Feel free to contact me if you have any questions. Lily ------------------------------ Lily Leavitt Community Development [More]

Tip Tuesday: Update Your Bio

Tue, 2019-03-05 08:57
From : Communities>>Open Forum
As you make connections, having a BIO available for reference is very helpful. It allows members to learn more about you. Not sure what to say? I would suggest sharing highlights of your career journey, what projects you are currently focused on, and even mentioning a few things you enjoy doing outside of work. I am always here to help if you want to run a few ideas by me! To update your bio: • Navigate to your profile • Go to the BIO section of your profile • Click the ADD button • Insert your [More]

RE: TA and loans for entrepreneurs with disabilities

Mon, 2019-03-04 19:15
From : Communities>>Open Forum
Hello, Dory! My husband and I started a business incubator in the Greater Pittsburgh Region in 2015.  We serve entrepreneurs that are facing some sort of challenge or barrier to entrepreneurship. In the past, we have helped minorities, low-income persons, those with disabilities, addicts in recovery, single moms or dads, those re-entering society after incarceration, those with limited social capital, entrepreneurs with poor credit, and those with limited entrepreneurial education. Happy to talk [More]

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