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Updated: 40 min 11 sec ago

Steps to starting a loan fund

Mon, 2020-03-23 08:38
From : Communities>>Open Forum
​​Currently Lake Trust Credit Union is a CDFI in Michigan.  We are exploring the possibility of also starting a loan fund.  We are at he very beginning of the exploration.  I would like some guidance on what resources we might find useful for discovering what the organization and start up might look like. Is their reading material that you can point me to as well as possible contacts to call and discuss the process? Thanks! ------------------------------ Bill Lantzy Strategic Innovation Lake Trust [More]

RE: Forbearance

Fri, 2020-03-20 18:09
From : Communities>>Open Forum
We are a small business lender in Nebraska. We are offering up to 90 days of reduced or deferred payments. We are asking borrowers to contact us to state how many months (up to 3) and requested payment (reduced or deferred). For documentation we are being super flexible and will even accept just a brief narrative of impact from the business owner for some businesses. Loans will be extended on the back end by the requisite time. If we were someplace like San Francisco, I would consider the blanket [More]

RE: Forbearance

Fri, 2020-03-20 17:42
From : Communities>>Open Forum
We are strongly considering doing a blanket 90-day forbearance for our portfolio. We are a micro- and small business lending CDFI in San Francisco, and basically all of our borrowers are at little to no operations currently. As such, we don't think it makes sense to ask our borrowers to reach out to us or submit documentation since we already know almost all of them need this. We also think it will help build trust and loyalty over the long-term by voluntarily providing this to our borrowers. ------------------------------ [More]

RE: Forbearance

Fri, 2020-03-20 13:45
From : Communities>>Open Forum
We have notified all 1200 borrowers in our mortgage loan portfolio that we are available of they are having loss of income can not make payments. We plan to follow our standard procedures for loss mitigation including forbearance agreements, repayment plans or modifications as needed. While we are not advertising it we plan to waive late fees for any borrower who enters into a payment plan or modification. Our main goal is to get borrowers to let us and their 1 st mortgage lender know if they [More]

Technology Policy Examples

Fri, 2020-03-20 10:50
From : Communities>>Open Forum
Hi All, Any CDFIs have technology policies they would be willing to share? We are in the beginning stages of working with our external IT team to put together some policies and procedures around borrower data security for all of the platforms we use (Salesforce, email, shared drive, etc.). It would be helpful to have other CDFI policies to reference as we start defining and documenting our protocols. Thanks in advance for any examples or guidance you can provide! Victoria ------------------------------ [More]

RE: Forbearance

Fri, 2020-03-20 10:43
From : Communities>>Open Forum
Shared Capital Cooperative has offered forbearance for 60 day (2 payments) for any of our borrowers who request it.  It sounds like a number of other CDFIs are using a similar approach.  We will accrue the interest and add two more months to the end of the loan to make up for it. ------------------------------ Mark Fick Director of Lending Shared Capital Cooperative St. Paul MN 6127672125 ------------------------------

New COVID-19 OFN Member-only Communiity and March 17 Webinar Highlights

Thu, 2020-03-19 22:14
From : Communities>>Open Forum
Hi everyone, We have formed a new COVID-19 OFN member-only community on CDFI Connect and moved the existing COVID-19 thread on the Open Forum into the new community. The new community provides a private space for our CDFI members to share information, resources, and documents with each other.  A recording on the March 17 webinar is also available in the new community. The March 17 webinar highlighted three specific CDFIs and how they have responded to the COVID-19 pandemic.  Below are some highlights: [More]

Does the COVID-19 virus effect this CDFI Fund round?

Thu, 2020-03-19 19:48
From : Communities>>Open Forum
Dear Colleagues - the short answer is, it doesn't.  We're fielding calls from CDFIs asking whether they should change the frame of their FA application to focus on small businesses and/or homeowners affected by the crisis. You could, but it won't help.  Why?  It's not a stimulus/economic recovery program - the FA application is about making the case for growth in deployment, performance and impact.  There have been no changes to the NOFA. The scoring guidelines haven't been changed, so no [More]

Files Attached Document
Does the COVID-19 virus effect this CDFI Fund round?

How we are doing it

Thu, 2020-03-19 19:11
From : Communities>>Open Forum
First, our logic in giving a blanket relief, was to be fast, and with the fact that 50% of our portfolio is in either accommodations or food service related businesses. And we figured the others that aren’t, although they might be able to pay in April could use the funds in other helpful ways in their business. As for the mechanics of our process, at the beginning of the Great Recession, we had similar issues within the portfolio around borrowers cash flow struggles. We helped them weather that storm [More]

RE: COVID-19 response

Thu, 2020-03-19 18:58
From : Communities>>Open Forum
Thanks for sharing this. Are you willing to share the form you're using? ------------------------------ Lesli Pintor Executive Director Growth Partners Arizona Tucson AZ (520) 382-9218 ------------------------------

RE: COVID-19 response

Thu, 2020-03-19 18:34
From : Communities>>Open Forum
Because the situation is rapidly changing, Access Plus Capital is regularly monitoring the status of the portfolio, exploring ways to support existing clients,  and our lending strategy for new borrowers. We have a significant percentage of business loans in food, retail, restaurants in a state that is requiring restricted services in those industries.   Currently, we are offering a payment deferral for April. We just sent it out to clients today and we have received about a 15-20 submitted forms [More]

RE: COVID-19 response

Thu, 2020-03-19 17:15
From : Communities>>Open Forum
The Sequoyah Fund (Native CDFI serving western North Carolina) is offering 120 day loan modifications and emergency loans of up to $25,000 for 60 months at 4%. We're also working with local tribal government on lease and levy (sales tax) relief measures. We are surrounded by three community colleges and a regional state university, all with Small Business Centers, and we're tapping into those resources, as well. We have found that people are inundated with emails about this virus and what they're [More]

RE: COVID-19 response

Thu, 2020-03-19 12:04
From : Communities>>Open Forum
This past Monday, The Progress Fund gave its whole portfolio cash-flow relief.    We notified them by the following message that we would halt required loan repayments in April.    I've heard that a few other CDFI have recently done the same, I'm wondering who, and if we could compare notes moving ahead.   David A. Kahley President & CEO The Progress Fund Trail Town Program ™ 425 West Pittsburgh Street Greensburg, PA 15601 Office: (724) 216-9160 Ext. 310 Cell: (814) 935-6378 [More]

RE: COVID-19 response

Thu, 2020-03-19 12:03
From : Communities>>Open Forum
Hello all, At the Entrepreneur Fund (northeast & central MN and northwest WI), we are working to launch a Small Business Relief Fund today with the intention of raising funds to provide grants of $5000 or less to businesses in our service area. I'm wondering if anyone else has done this and if so, would you be willing to share your process for disseminating the funds? We are looking for examples of process, applications, and review, if possible. Thank you in advance for any help you can provide! [More]

RE: Credit reporting in the midst of COVID-19

Thu, 2020-03-19 12:02
From : Communities>>Open Forum
Thank you so much for sharing this! We were having conversations last week about how we can minimize the negative impact from affecting customer's credit reports. ------------------------------ Tiffany Bernethy Commercial Loan Officer Metro Community Development, Inc. (810) 767-4622 x450 tbernethy@metroflint.org ------------------------------

Application and process for relief fund grants to businesses

Thu, 2020-03-19 10:46
From : Communities>>Open Forum
Hello all,  At the Entrepreneur Fund (northeast & central MN and northwest WI), we are working to launch a Small Business Relief Fund today with the intention of raising funds to provide grants of $5000 or less to businesses in our service area. I'm wondering if anyone else has done this and if so, would you be willing to share your process for disseminating the funds? We are looking for examples of process, applications, and review, if possible.  Thank you in advance for any help you can provide!  [More]

Forbearance

Thu, 2020-03-19 10:15
From : Communities>>Open Forum
Is anyone considering entering forbearance agreements with their borrowers for a period of time? What type of terms are you considering? Leo J. Ries Milwaukee, WI

FW: COVID-19 Payment Relief

Thu, 2020-03-19 09:53
From : Communities>>Open Forum
This past Monday, The Progress Fund gave its whole portfolio cash-flow relief. We notified them by the following message that we would halt required loan repayments in April. I've heard that a few other CDFI have recently done the same, I'm wondering who, and if we could compare notes moving ahead. David A. Kahley President & CEO The Progress Fund Trail Town Program 425 West Pittsburgh Street Greensburg, PA 15601 Office: (724) 216-9160 Ext. 310 Cell: (814) 935-6378 Progressfund.org From: [More]

Credit reporting in the midst of COVID-19

Wed, 2020-03-18 10:42
From : Communities>>Open Forum
To our colleagues, friends, and partners, we at CBA extend our heartfelt thoughts and hopes that everyone stays healthy and safe at this unprecedented time. We are committed to remaining operational and supporting our members and others with resources and information that we hope will help mitigate some of your clients' financial and credit stress. Attached are three resources on understanding credit reporting options during Natural and Declared Disasters--like COVID-19--for lenders and coaches.  [More]

Files Attached Document
Credit reporting in the midst of COVID-19

Your participation in Twitter event on Thursday: Sourcing investments needed in response to COVID-19

Tue, 2020-03-17 19:43
From : Communities>>Open Forum
Hi Seth and all - I hope this finds you and yours doing well during this difficult time for so many. Recognizing how busy you all must be, I hesitate to reach out but wanted to connect with you and those in the OFN network directly about an opportunity to participate in a virtual chat on Thursday. The purpose of the Twitter event is to bring together both our close networks of impact investors as well as a broad group of others - investees, intermediary organizations, government, et al. -- to shed [More]

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