CDFI Connect Community Discussions

Subscribe to CDFI Connect Community Discussions feed CDFI Connect Community Discussions
View RSS Feed from Opportunity Finance Network
Updated: 39 min 8 sec ago

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]

RE: Character based lending guidelines

Fri, 2019-05-31 12:52
From : Communities>>Open Forum
I agree with Jason that a basic global cash analysis - combining household and business -- is fundamental to establish basic debt service coverage and to ensure you are not saddling a client with debt they cannot afford. But turning to character, I see it as having three parts: Certain client behavior around business development, the client's ways of relating to your staff and your staff's proactive steps to engage in relationship-building. Business development: Does your client participate in business [More]

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

Fri, 2019-05-31 10:25
From : Communities>>Open Forum
Hi!  Rumor has it, that there was a New England OFN User Group and that it may still be active!  Can anyone let me know about this?  Unfortunately, I am unable to attend both the annual conference, as well as the NH conference, due to timing issues.  Is there another local group of OFN members from New England that would be interested in some networking, as well as discussion of area issues and opportunities, that are specific to our section of the country?  This could be either online, in person, [More]

Maximizing Your CRM (Constituent Relationship Manager)

Thu, 2019-05-30 12:26
From : Communities>>Open Forum
Hi Everyone, Feel free to check out this post written by my colleague, BJ Cortis, on how to maximize use of your CRM (Constituent Relationship Manager).  The post describes how to go beyond the tip of the CRM iceberg, which traditionally involves tracking your constituents - applicants, clients, partners, funders, etc.  Specifically learn how CRM has the potential to bring your entire organization together: to connect your constituents and their engagement across programs and revenue generating activities [More]

RE: Character based lending guidelines

Thu, 2019-05-30 10:30
From : Communities>>Open Forum
Kathleen - Ultimately, this is cash flow based lending, right? GDSC, etc. Are you requiring a co-signer? Post loan TA action plan? Love Ithaca, NY! Jason Friedman, Principal Friedman Associates 319-341-3556 (o) 319-321-5884 (c)

RE: Character based lending guidelines

Thu, 2019-05-30 10:18
From : Communities>>Open Forum
This sounds very interesting. Here at Common Capital we have been bouncing the same idea, I too would like to be kept in the loop if any one has information and willing to share. thanks. ------------------------------ Sam Ortiz, SVP Common Capital Springfield, MA Sam ------------------------------

FINANCIAL ANALYSIS SOFTWARE (TAC versus FISCAL)

Thu, 2019-05-30 08:41
From : Communities>>Open Forum
Hello: I am inquiring to see if anyone has experiences using Tyler Analytics Corporation (TAC) for financial analysis and statement spreading? ------------------------------ Jason Zalewski Invest Detroit Detroit MI ------------------------------

RE: Gauging Interest for Research Collaborative

Wed, 2019-05-29 17:10
From : Communities>>Open Forum
Thank you Jamie and all who have replied to this thread and/or completed the survey .  If you are interested in this group, please complete our survey  by Friday 6/7 so we can include you in future correspondence. ------------------------------ Lance Loethen Vice President, Research Opportunity Finance Network Philadelphia PA (215) 320-4343 ------------------------------

Character based lending guidelines

Wed, 2019-05-29 15:40
From : Communities>>Open Forum
Hello, We are working to establish a character based micro lending program for low income start up entrepreneurs. The candidates often have low or no credit, no collateral or savings. We will not be pulling credit reports. I'm wondering if anyone has a similar program and if you would be willing to share your decisioning process and underwriting guidelines. Thanks Kathleen Clark Business Development Manager t: (607) 216-3423 e: kclark@alternatives.org alternatives.org 125 N. Fulton [More]

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

Wed, 2019-05-29 15:37
From : Communities>>Open Forum
!.Dear Colleagues - the final group of panelists for this session have been updated ------------------------------ Jason Friedman Principal Friedman Associates 319-341-3556 jasonj@friedmanassociates.net www.friedmanassociates.net ------------------------------

Shelterforce Article(s) on Resilience + further sessions

Wed, 2019-05-29 13:23
From : Communities>>Open Forum
Hi everyone, sharing our Resilience 101 article, linking the broader community development and resilience finance worlds - I hope you will read, post and give us feedback:  Resilience 101: Resilient Cities are a Growing Movement - Shelterforce Shelterforce remove preview Resilience 101: Resilient Cities are a Growing Movement - Shelterforce Wildfires. Earthquakes. Floods. Hurricanes. Terrorist attacks. At 100 Resilient Cities (100RC)-an initiative created by The Rockefeller Foundation-we [More]

Appraisal Management Companies

Wed, 2019-05-29 12:26
From : Communities>>Open Forum
We are starting to use real estate appraisals for our larger loans, but are too small/have to low a volume to merit ordering and reviewing completed appraisals ourselves. So, we are looking to engage an appraisal management company. Does anyone use these services? We operated throughout the Midwest, so coverage in many locations will be required. Thank you. ------------------------------ Anthony Fernandez Managing Director, Credit and Policy IFF Chicago IL 3124208694 ---------------------------- [More]

ACH

Wed, 2019-05-29 09:14
From : Communities>>Open Forum
Can anyone recommend a reasonable vendor to use for automatic loan payments.  As a CDFI we do get NSF's each month so the cost on that needs to be low.  We currently use Forte, looked into quickbooks but the NSF fee was too high. ------------------------------ Michael Vaugh Chief Credit Officer TruFund Financial Services, Inc. New York NY 215.499.9529 ------------------------------

Cloud Based Data Systems Manager

Tue, 2019-05-28 15:34
From : Communities>>Open Forum
Hello All, NJCC currently uses an outside firm to host and manage our cloud based information technology solution. We may have outgrown this firm and are looking for other options. If anyone else is using a cloud based IT system vs. local servers, would you please share the name of your service provider and how often you experience issues with access to your systems? We first need to decide if the grass is really greener elsewhere. Thanks in advance to all who can help. Today is a good day [More]

Pages