CDFI Connect Community Discussions

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Updated: 36 min 56 sec ago

Standard or Boiler Plate Legal Documents for Loan Closings

Mon, 2020-01-06 12:00
From : Communities>>Open Forum
Hello,  I wondered if other CDFI's would be willing to share their standard loan documents for loan closings or direct me on where to find generic loan documents to alter for loan closings such as a note, loan agreement, security agreement, etc.     I am running a small and emerging CDFI and I am trying to streamline the process for closing our loans.   Our attorney is excellent, but at this time, is charging the client in excess of $2,000 or $3,000 to close loans that are around $60,000.    I want [More]

NCIFund - Open Position - Senior Staff Accountant

Mon, 2020-01-06 11:53
From : Communities>>Open Forum
The Natural Capital Investment Fund (NCIFund), an affiliate of The Conservation Fund, is seeking an accountant to provide crucial support necessary to the Finance area. This position reports to the Director of Finance and is located in Charles Town, WV. The essential functions of this position include but are not limited to: Budget Assist with completion of annual budget Track expenditures on a project by project basis to ensure compliance to grants Track overhead rate and related expenses General [More]

CDFI Promotional Video

Mon, 2020-01-06 11:48
From : Communities>>Open Forum
At the OFN Conference this past October, we debuted a short  video  highlighting the impactful work  CDFI s are doing in communities around the nation. Inspired by the Conference theme "Lending Where it Counts," the  video  aims to provide a high level introduction to  CDFI s for audiences who may be unfamiliar with our industry. Over the course of this new year (and beyond!), we encourage you to use the  video  in whatever way you find useful for educating, inspiring, and expanding your reach [More]

RE: Express Loan Product

Mon, 2020-01-06 11:21
From : Communities>>Open Forum
Dafina, I'm glad to see OFN's engagement here.  Not too long ago, the CDFI Fund conducted a pair of Innovation Challenges.  This would be a great vehicle to support innovation in the industry like what the others on this thread have highlighted.  It would be good to see OFN advocate for renewed appropriations for the Innovation Challenges. Happy New Year! James ------------------------------ James Yagley Founder and CEO Fafnir Detroit MI ------------------------------

RE: Express Loan Product

Fri, 2020-01-03 12:48
From : Communities>>Open Forum
I am glad to see a variety of CDFIs in this space.  I would love to participate on the call and/or webinar. ------------------------------ Marilyn Selena Davis Sr. Vice President/Chief Compliance Officer Pacific Coast Regional Corporation Small Business Development Los Angeles CA 2137392999 ------------------------------

RE: Revenue recognition of FA awards from CDFI

Fri, 2020-01-03 11:22
From : Communities>>Open Forum
thanks look forward to call/webinar Ken Gruber CFO - Vital Healthcare Capital (V-Cap) kgruber@vitalcap.org 85 Broad Street 28th Floor New York, NY 10004 Office: (212) 586-2821 x7 www.vitalcap.org

RE: Revenue recognition of FA awards from CDFI

Fri, 2020-01-03 11:00
From : Communities>>Open Forum
There has been a lot of discussion on this issue among CDFIs and auditors in the industry, and there is no resolution/agreement within the industry yet on how the CDFI Fund awards should be recognized.  At the OFN conference this year, there was a session on the new accounting rules related to this topic.  I have uploaded the powerpoint.  As a follow-up to that session, we are working on correspondence to the CDFI Fund where we seek to clarify some issues related to this topic.  We plan to host  [More]

Files Attached Document
RE: Revenue recognition of FA awards from CDFI

Early bird ends Friday for MicroLending Essentials, Jan 22-23 in San Francisco

Thu, 2020-01-02 22:20
From : Communities>>Open Forum
Hi Everyone, Happy New Year! Friday, January 3, is the last day to register for the MicroLending Essentials class - on how to underwrite a microloan.  If you are thinking about it, but need another business day to decide, we will honor the early bird on Monday if you email hpickman@CAMEOnetwork.org your intention tomorrow. Loads more information and registration here: Microlending Essentials: San Francisco 2020 Cheers Heidi ------------------------------ Heidi Pickman VP, Programs and Policy CAMEO [More]

RE: Express Loan Product

Thu, 2020-01-02 16:06
From : Communities>>Open Forum
Robert, My team would be interested to join the call.   Blessy Thomas Senior Loan Officer The Enterprise Center - Philadelphia E: bthomas@theenterprisecenter.com ------------------------------ Blessy Thomas Loan Officer The Enterprise Center Capital Corporation Philadelphia PA (215) 895-4000 ------------------------------

RE: Revenue recognition of FA awards from CDFI

Thu, 2020-01-02 14:02
From : Communities>>Open Forum
Thanks very much. i appreciate the link. The rules were revised in ASU 2018-08 and i don't believe the linked document reflects the current accounting standards which are effective for years beginning after 12/15/2018 Ken Gruber CFO - Vital Healthcare Capital (V-Cap) kgruber@vitalcap.org 85 Broad Street 28th Floor New York, NY 10004 Office: (212) 586-2821 x7 www.vitalcap.org

RE: Revenue recognition of FA awards from CDFI

Thu, 2020-01-02 12:49
From : Communities>>Open Forum
There is helpful discussion of this topic in the OFN report "Presentation and Classification of Grants and Net Assets on CDFI Financial Statements". It is available here.  https://www.cdfifund.gov/Documents/(29)%20Presentation%20of%20Classification%20of%20Grants%20and%20Net%20Assets%20on%20CDFI%20Financial%20Statements%20.pdf ------------------------------ Brian Depew Executive Director Center for Rural Affairs Lyons NE ------------------------------

Revenue recognition of FA awards from CDFI

Thu, 2020-01-02 12:35
From : Communities>>Open Forum
HI, we have received the first FA award and am determining how to reflect the grant in our financial statements. In particular, i was curious if the performance goals in the grant were being considered as "barriers" ie creating a conditional grant or were they considered restrictions My view is that they are conditions but am interested in the conclusions others have reached. Thanks ------------------------------ Ken Gruber CFO Vital Healthcare Capital New York NY (212) 586-2821 x7 ------------ [More]

RE: Express Loan Product

Thu, 2020-01-02 10:53
From : Communities>>Open Forum
Great topic!  I will join the call.  We created a 'Fast Track Loan' product for microloans back in 2014.  We use an SBSS FICO score along with a few other internal ratios to decision the loan.  Our product is for non real estate transactions and the total project cost cannot be more than $50k (including other leveraged debt).  An analysis of our Fast Track loans showed that we close them on average 52 days faster than our traditionally underwritten business loans.  The payment performance has been [More]

RE: Express Loan Product

Thu, 2020-01-02 09:15
From : Communities>>Open Forum
Robert - thanks for setting this up and the info.  I too will be joining in on the call.​ ------------------------------ Rick Schloemer Community Outreach Coordinator IH Mississippi Valley Credit Union Moline IL (309) 793-6200 ------------------------------

RE: Express Loan Product

Thu, 2020-01-02 08:25
From : Communities>>Open Forum
Thanks, Robert, for putting this call together.  I look forward to it. ------------------------------ Amy Williams Project Specialist Mountain Association for Community Economic Development, Inc. Berea KY (859) 986-2373 ------------------------------

RE: Express Loan Product

Tue, 2019-12-31 17:19
From : Communities>>Open Forum
I would also be interested. ------------------------------ Amy Schaftlein Executive Director United Housing, Inc. Memphis, TN 38118 901-728-6921 ------------------------------

Line of Credit Product

Tue, 2019-12-31 11:41
From : Communities>>Open Forum
Happy New Year OFN Connectors!  We are researching nonbank CDFIs that offer a 'true' line of credit prodransactionsuct, not just multiple draws on a regular loan. Most shops are not set up to handle these transactions, and the costs end up being prohibitive. Any intel would be appreciated and shared with the group.  Thanks. ------------------------------ Jason Friedman Principal Friedman Associates (319) 341-3556 jasonj@friedmanassociates.net www.friedmanassociates.net -------------------------- [More]

RE: Express Loan Product

Tue, 2019-12-31 10:09
From : Communities>>Open Forum
Thank you. I am new to this CDFI world, but a long time commercial finance guy. There are amazing technology applications to support this initiative as well. Would love to participate. Thank you. ------------------------------ Steven Hausman Managing Director Entre Capital, LLC Dallas TX 817-312-3161 ------------------------------

RE: Express Loan Product

Mon, 2019-12-30 12:10
From : Communities>>Open Forum
Hi Robert, I would be interested in joining this call as well. Thank you for organizing this, it will be very informative. ------------------------------ Crystal Martin Executive Assistant CU Strategic Planning Tacoma WA 253-200-0418 ------------------------------

RE: Express Loan Product

Mon, 2019-12-30 11:39
From : Communities>>Open Forum
I would like to join this call as well. We are interested in creating a small express loan product. Thanks! ------------------------------ Brian Ranck Senior Loan Officer Entrepreneur Works Philadelphia PA (215) 545-3100 ------------------------------

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