CDFI Connect Community Discussions

Subscribe to CDFI Connect Community Discussions feed CDFI Connect Community Discussions
View RSS Feed from Opportunity Finance Network
Updated: 18 min 21 sec ago

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]

RE: Microlending training

Tue, 2020-03-17 12:00
From : Communities>>Open Forum
Hi Jeff - When we get requests for this, the question I typically ask is - "What are your goals?"  Is it simply skill building? Or are you looking to improve the lending process across the team?  For the former, classroom-based training can be very effective. Sometimes, the challenge of classroom-based training is in transferring that knowledge to practice, especially if that staff person interacts with other staff up and down the line. So, if the goal is both skill building and strengthening the [More]

RE: COVID-19 response

Tue, 2020-03-17 11:22
From : Communities>>Open Forum
Seth, Just saw this.  Can you tell me when the webinar is happening and how to join in? Thanks! -Mark ------------------------------ Mark Fick Director of Lending Higher Logics Community Contacts (CDFI CONNECT - DO NOT DELETE) St. Paul MN 6127672125 ------------------------------

RE: COVID-19 response

Tue, 2020-03-17 09:54
From : Communities>>Open Forum
Would be great to hear from some of the CDFI "veterans" about how they weathered the storm after the 2008 economic collapse.  Specifically looking for feedback on how adjusting or modifying loan terms (for existing and new borrowers) impacted loan performance and portfolio size & volatility.  Thanks! ------------------------------ Ruben Alonso III President AltCap Kansas City, MO (816) 216-1851 ext. 1 ------------------------------

RE: Finding Opportunity in a Crisis

Tue, 2020-03-17 09:49
From : Communities>>Open Forum
Thank you for sharing this Jason.  Be well! ------------------------------ Ruben Alonso III President AltCap Kansas City, MO (816) 216-1851 ext. 1 ------------------------------

RE: COVID-19 response

Tue, 2020-03-17 07:52
From : Communities>>Open Forum
We made the decision to offer a 3 month payment moratorium (principal and interest) to our business borrowers. 0 payments for three months and pushing back the maturity date to fully complete the amortization schedule. we have a relatively small portfolio and have been funded primarily by CDFI fund grant resources, but most of our physical businesses are being forced to close in Philadelphia for an indeterminate amount of time and other businesses had trade shows cancelled and artists and makers [More]

Finding Opportunity in a Crisis

Mon, 2020-03-16 20:03
From : Communities>>Open Forum
Dear Colleagues - I spent most of today talking with clients about the steps they are taking to keep their staff safe while working in overdrive with vulnerable borrowers, literally struggling to keep the lights on. In reality, this crisis presents an opportunity for CDFIs and their role in the eventual economic recovery of the country. Sound familiar? Veterans (I refer them as 'warriors') of the industry will recall that the visibility of CDFIs shot through the roof during the Great Recession. In [More]

RE: COVID-19 response

Mon, 2020-03-16 16:07
From : Communities>>Open Forum
Ross - thanks so much for raising these questions.  I have taken your questions and added some other suggestions to create a working document - Supporting Our Borrowers and Maintaining Sound Portfolio Management found here . I welcome the members to insert their policies and procedures so we can create a rich open-source document!  Take care. ------------------------------ Jason Friedman Principal Friedman Associates (319) 341-3556 jasonj@friedmanassociates.net www.friedmanassociates.net ------- [More]

RE: COVID-19 response

Mon, 2020-03-16 10:19
From : Communities>>Open Forum
The webinar on Tuesday, March 17 is an OFN member-only webinar.  This call will provide a platform for our CDFI members to share perspectives and insights with each other and with OFN.  After the webinar, we will post notes from the call in this thread and may decide to do additional calls beyond our members.  ------------------------------ Seth Julyan EVP, Membership Opportunity Finance Network Washington DC 215-320-4342 ------------------------------

RE: COVID-19 response

Mon, 2020-03-16 09:31
From : Communities>>Open Forum
Can you share link for webinar on March 17? ------------------------------ Marianne Vermeer Principal Vermeer Consulting Group Ashland VA 8043000826 ------------------------------

RE: COVID-19 response

Sun, 2020-03-15 20:14
From : Communities>>Open Forum
Hi All, Hope everyone is staying safe out there in this strange new world.  As our CDFI begins to hear of signs of distress from borrowers (mostly small businesses vs. nonprofits, at least so far), we are trying to come up with strategies to address the economic challenges resulting from the coronavirus situation.  Some questions we are weighing with respect to lending activity are as follows: Are lenders considering forbearance, loan modifications, etc. on a case-by-case basis, or taking [More]

Pages