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Updated: 55 min 34 sec ago

Increasing CDFI Visibility

Thu, 2020-04-02 12:31
From : Communities>>Open Forum
In the midst of the COVID-19 relief efforts, we are working to increase the visibility of CDFIs and the critical role they play during times like these, particularly to the Impact Investment Community. We're working with our PR team to try and place stories around how CDFIs are on the front lines of the economic response--especially as it relates to small businesses. We'd love to share any stories from the front lines and we're cataloging CDFI disaster funds and donation portals on our COVID-19 landing [More]

Loans Available for Nonprofits in the CARES Act

Wed, 2020-04-01 12:44
From : Communities>>Open Forum
Dear Colleagues - here is a link to a basic description of the SBA loans available to nonprofits.  Fixed rate 4% loans over ten years is hard to pass up. Please note that the regs are not out on this year, so the details may change.  Thanks. ------------------------------ Jason Friedman Principal Friedman Associates (319) 341-3556 jasonj@friedmanassociates.net www.friedmanassociates.net ------------------------------

Guidelines on Small Business Emergency Loan Fund

Tue, 2020-03-31 19:23
From : Communities>>Open Forum
Dear Colleagues -  the scenario is familiar; you are getting calls from banks, foundations, local governments offering to give you funding to backstop local businesses. For your existing SBA Microloan, Community Advantage and 504 clients, the CARES legislation will take care of your clients for six months. But what about new clients?  Can you afford to take the risk?  Or is it a risk you can't afford to not  to take?    We've counseled CDFis on implementing  guidelines  to insulate themselves from [More]

RE: Access to new SBA program

Tue, 2020-03-31 14:26
From : Communities>>Open Forum
Thank you for the advocacy and the information! @Lisa Mensah    @Jennifer Vasiloff ​  ​​​​ ------------------------------ Caprice Pratt Small Business Lending Outreach / Underwriter Spruce Root, Inc., Southeast Alaska ------------------------------

RE: CBA Webinar: Credit Reporting & Borrower Support in Response to COVID-19

Tue, 2020-03-31 11:40
From : Communities>>Open Forum
I neglected to include the registration link. Here it is ! And here is CBA's site of COVID credit related resources for lenders and financial coaches/counselor. Talia Kahn-Kravis Credit Builders Alliance Manager of Innovations and Business Development Pronouns: she/her/hers Office: 914-552-1749 talia@creditbuildersalliance. org If you would like to schedule a call with me, please do so here . This transmission is confidential and/or proprietary to Credit Builders Alliance. It is intended [More]

RE: Forbearance

Mon, 2020-03-30 19:22
From : Communities>>Open Forum
As most of our clients operate seasonal, tourism-related businesses in Alaska, we offered a six-month forbearance.   Hopefully this will provide some peace of mind to our seasonal small businesses to bridge the gap between March 2020 and a time when it is clear what long-term solutions will be available to address their needs. ------------------------------ Caprice Pratt Small Business Lending Outreach / Underwriter Spruce Root, Inc., Southeast Alaska ------------------------------ ------------------------------------------- [More]

CBA Webinar: Credit Reporting & Borrower Support in Response to COVID-19

Mon, 2020-03-30 13:18
From : Communities>>Open Forum
Hi All, I wanted to share information about a webinar Credit Builders Alliance is hosting on Thursday in response to questions we've been getting from our lender members. This webinar will be open to everyone. See more information below! Credit Reporting & Borrower Support in Response to COVID-19 Thursday, April 2, 2020 1 pm Eastern / 12 pm Central / 11 am Mountain / 10 am Pacific (one hour in length) As your loan fund seeks to adjust to business closures, layoffs, and economic hardships induced [More]

RE: Two Ways To Help Your Clients in The Challenging Times

Mon, 2020-03-30 12:51
From : Communities>>Open Forum
Thanks to Phoebe who caught a typo in the date of one of our webinars. Both links take you to the correct date. Improve Your Client's FICO Score is today, March 30 at 4pm pacific https://zoom.us/meeting/register/uJQucuCtrzotsOA2YAfG6SnzGjp73Ln_Og Develop a Sustainable Loan Deferment Policy is tomorrow, MARCH 31 at 4pm pacific https://zoom.us/meeting/register/tZYkceugrDssCIhw5A7MmEzF7bujJqpHFQ Stay safe and healthy everyone! -- Stay healthy and buy something from a small business, #shopsmall [More]

RE: Steps to starting a loan fund

Mon, 2020-03-30 12:25
From : Communities>>Open Forum
Hi @Bill Lantzy , I work with Kiva and ​we often partner with CDFIs to launch local microlending programs together. If that sounds like something you might be interested in, you can read a little more below, as well as email me directly at sophiaz@kiva.org. Sophia ---- Kiva provides 0% interest, crowdfunded loans between $1-10K to entrepreneurs to start or grow their businesses. Since 2011, Kiva US and its 20+ local partners, whom we call Hubs, have supported over 6,000 small business owners in [More]

Files Attached Document
RE: Steps to starting a loan fund

RE: Access to new SBA program

Mon, 2020-03-30 11:14
From : Communities>>Open Forum
Hi Brett,  OFN is actively advocating that CDFIs be eligible lenders under the Paycheck Protection Program. See our attached letter to Secretary Mnuchin.  Also attached is a useful summary of the small business provisions in the CARES Act including the Paycheck Protection Program from Senator Ben Cardin (D-MD).    ------------------------------ Jennifer Vasiloff Chief External Affairs Officer Opportunity Finance Network Washington DC (202) 573-2123 ------------------------------

Files Attached Document
RE: Access to new SBA program

RE: Access to new SBA program

Mon, 2020-03-30 10:51
From : Communities>>Open Forum
Getting certified CDFI's so designated should be one of OFN's top priorities. Brett Doney President & CEO Great Falls Montana Development Authority High Plains Financial 1-406-750-2119 GFdevelopment.org Untame Your Entrepreneurial Spirit in Great Falls Montana Sent from my iPad

Access to new SBA program

Sun, 2020-03-29 15:50
From : Communities>>Open Forum
Hi, I hope you are all doing as well as possible. One of our members has asked if any CDFIs have been turned on (perhaps via E-Tran) to be able to access the new SBA small business loan program? Does anyone know if banks have already been turned on? Our member is concerned that CDFIS have access, especially since there is a 5% underwriting fee for the loan (originator or servicer - not sure which). Thanks, feel free to message me separately as well. Melanie MELANIE AUDETTE Senior Vice President Mission [More]

CDFIs and CARES

Fri, 2020-03-27 19:25
From : Communities>>Open Forum
The soon to be approved COVID-19 stimulus legislation includes a provision extending SBA PPP loan-making authority to "additional lenders determined by the Administrator and Secretary of Treasury to have the necessary qualifications to process, close, disburse and service loans made with the guarantee of the Administrator." This means that CDFIs are not explicitly excluded under the proposed language. It will be important to understand which CDFIs are already SBA approved lenders and who are not [More]

Two Ways To Help Your Clients in The Challenging Times

Fri, 2020-03-27 16:41
From : Communities>>Open Forum
Improve your Client's FICO Score In the past two weeks, CAMEO held two webinars on the SBA Economic Disaster Loan program . While many are eligible to apply, having good credit helps businesses to qualify for the loan. Join Susan Brown, our microlending specialist, to learn about steps you can take immediately and in the long term to " Improve Your Client's FICO Score " on Monday, March 30 at 4:00pm Pacific. Develop a Sustainable Loan Deferment Policy CDFI's are receiving request after request to [More]

OFN Advocacy Update

Fri, 2020-03-27 14:56
From : Communities>>Open Forum
OFN and CDFIs across the country strenuously urged Congress and the Trump Administration to approve significant new funding ($1 billion) for the CDFI Fund grant programs in the COVID-19 emergency legislation which has now passed both Houses of Congress. OFN's own  letter  to House and Senate leadership reinforced this urgent request. Regrettably, the CARES Act does NOT include new monies for the CDFI Fund. OFN's advocacy now turns to the prospect of an additional legislative response that Speaker [More]

Insulating CDFIs from Potential Risk in Operating Emergency Loan Fund

Fri, 2020-03-27 14:22
From : Communities>>Open Forum
Dear Colleagues - We're working with small business lenders that are obtaining funding for emergency loan programs to make sure that they are insulated from potential risk, from an audit perspective. It is likely that you will need  special documented accounting and finance procedures that will need sign off from your Board of Directors. If you find yourself in this situation, please feel free to reach out to me directly.  Thanks and all the best. ------------------------------ Jason Friedman Principal [More]

CDFI Friendly America

Thu, 2020-03-26 14:09
From : Communities>>Open Forum
In January, Mark Pinsky and I launched CDFI Friendly America, a new way of bringing the value of CDFIs flexible capital and know-how to America's small cities and towns. We are excited to introduce a new strategy to make it easier for CDFIs to work in smaller communities by helping leaders in those towns and cities work effectively with CDFIs. We are on a mission to bring the CDFI industry to under-served communities in towns and small cities across the nation. Instead of starting new CDFIs, CDFI [More]

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