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Updated: 36 min 36 sec ago

RE: Nonprofit Main Street Lending Program

Mon, 2020-07-20 10:08
From : Communities>>Open Forum
Thank you FRB and Mike Eggleston. Rural CDFI's rarely have more than 50 staff. By lowering the minimum eligibility to >10, the Fed may now be able to help small towns and the most persistently poor places in the country. Housing Assistance Council intends to apply.

RE: Nonprofit Main Street Lending Program

Mon, 2020-07-20 09:47
From : Communities>>Open Forum
There are 70 certified Native American-serving Native CDFIs across 27 states. Only 1-2 Native CDFIs would qualify, putting the Main Street Lending program beyond reach. It would be a welcome option if we could access the program. ------------------------------ Jackson Brossy Executive Director Native Community Development Financial Institution Network Washington SD (605) 964-3687 ------------------------------

RE: Nonprofit Main Street Lending Program

Mon, 2020-07-20 09:16
From : Communities>>Open Forum
We still do not qualify with a staff of 6. ------------------------------ Carrie Zaslow Executive Director Providence Revolving Fund Providence RI 4019962944 ------------------------------

RE: Nonprofit Main Street Lending Program

Mon, 2020-07-20 09:10
From : Communities>>Open Forum
Iowa Community Capital (ICC) is a CDFI that has 173 small business entrepreneur loans that are 100% to black and brown borrowers and we only have 4 employees. So since the program is absolutely of no value to our CDFI, the question is why is there any minimum on the CDFI employees??? Dr. Mark A. Edelman, ICC Board Chair

Nonprofit Main Street Lending Program

Fri, 2020-07-17 12:00
From : Communities>>Open Forum
The Fed announced today that the Main Street Lending Program for nonprofits has been modified. For example, the minimum number of employees has been reduced to 10 (from 50). I'd be interested in hearing whether this type of capital is attractive to CDFIs. If you are a CDFI, do you intend on using this to support your organization's operations? Do you anticipate utilizing this capital to relend to your clients? ------------------------------ Michael Eggleston Community Development Advisor Federal [More]

California Creditors Rights Attorneys

Thu, 2020-07-16 10:29
From : Communities>>Open Forum
Hi Everyone, We're on the hunt for new attorney in California to help us with our bankrupt members.  Does anyone have someone they recommend? Thanks, Lewis ------------------------------ Lewis Dancy Vice President Self-Help Durham NC 9199564477 ------------------------------

The 2020 OFN Conference is Going Virtual!

Wed, 2020-07-15 16:32
From : Communities>>Open Forum
Get ready! We're taking the 2020 OFN Conference virtual! After deep consideration, we are moving forward with an adapted Conference format that prioritizes the health and safety of our participants and staff amid the ever-evolving COVID-19 pandemic. Although we regret missing the opportunity to gather with you in Los Angeles, we're excited to go virtual and we hope you'll mark your calendars and plan to join us from your laptop on November 9–12. Now in our 36th year, the annual OFN Conference is [More]

RE: Technical Assistance / Business Services

Wed, 2020-07-15 11:50
From : Communities>>Open Forum
Hey Les! As we speak with lenders around the country, we're seeing a need for custom technical assistance that is regionally relevant with the ebb and flow of COVID related openings, closings, and restrictions. In times of relative stability, there are typically a few basic starting points that work with any client. Lenders are now having to create educational workflows around "re-opening" and "leveraging e-commerce." Assistance with major business pivots seems to be more relevant at this point in [More]

Powering Us Forward, Together with Renewable Energy (GMJ - July 20)

Wed, 2020-07-15 08:55
From : Communities>>Open Forum
For OFN members - The new "Renewable Energy: Powering Us Forward, Together" issue from  GreenMoney  is now online. The July 2020 articles include: • The Outlook for Renewable Energy by Lydia Miller of Dana Investments;  • Catalytic Capital for Renewable Energy by Leah Thibault of CEI;  • Renewable Energy in Real Estate: Data Centers Lead the Way by Sam Adams, VERT Asset Mgmt;  and  • Bending the Temperature Change Curve by Dr. Pooja Kholsa of Entelligent. Also • Suzanne Fallender of Intel talks about [More]

RE: CDFI Client Credit Exposures - Allowance for Loan and Lease Losses

Tue, 2020-07-14 17:03
From : Communities>>Open Forum
What you are saying is sensible. Basically treat all credit risk assessments in the same manner as what a commercial bank would do. appreciate your input and stay safe. Regards, Tim Mobile (908) 251-2847 tim_jung@aafe.org https://www.aafe.org/

2020 Small Business Finance Forum – Event Website Now Available!

Tue, 2020-07-14 15:33
From : Communities>>Open Forum
Our 2020 Small Business Finance Forum  event website  is now available! On June 16 and 17, OFN held its ninth annual-but first-ever virtual-Small Business Finance Forum for more than 800 mission-driven lenders, partners, and other advocates. Our largest Forum to date, this year's event focused on ensuring a shared recovery for financially under-served small businesses across America impacted by the COVID-19 pandemic, economic decline, and persistent racial inequality. If you missed the Forum or there's [More]

RE: Long Term Remote Work

Tue, 2020-07-14 13:28
From : Communities>>Open Forum
We had a formal work remote (WR) policy in place almost two years prior to COVID.  Our WR policy was the result of our Good Jobs Good Business  work.  We wanted to walk the talk we were having with SBOs.  PCV already had the components of a "Good Job" in place but we wondered what else we might be able to do.  In the Bay area, commuting is brutal so we looked at ways to address this.   In the last two years prior to COVID, every staff member had 5 days/month they could schedule as a WR day(s).  In [More]

RE: Long Term Remote Work

Tue, 2020-07-14 12:41
From : Communities>>Open Forum
Ours was fairly seamless as well. We are thinking about expanding staff at some point. Curious to hear about work stations, we offered a 100 reimbursement for a second screen, but didn't provide docking stations etc.. How are you handling that going forward? Cydney Cydney Dodge, Chief Administrative Officer New Hampshire Community Loan Fund 7 Wall Street, Concord, NH 03301 Direct: (603) 224-6669 ext. 703 | Toll-free: (800) 432-4110 Fax: (603) 415-6598 www.communityloanfund.org Follow [More]

RE: Tip Tuesday

Tue, 2020-07-14 10:55
From : Communities>>Open Forum
In this week's Tip Tuesday , we will show you how to best utilize the search function! ------------------------------ Elizabeth Specht Member Engagement Associate Opportunity Finance Network Washington (202) 618-6100 ------------------------------

Files Attached Document
RE: Tip Tuesday

RE: CDFI Client Credit Exposures - Allowance for Loan and Lease Losses

Tue, 2020-07-14 10:41
From : Communities>>Open Forum
I think in these times I am sure you have you present loan loss calculation using some components of Cecil So looking at the formula is a good start  % works based on collateral so revising or changing the % would increase your loan loss amount  Examples:   Commercial Real-estate look like is dropping so increasing a % would add to your loan loss.                     Unsecured same increase the % etc.  Looking at a five year average of losses could be reduced to 3 year average on historical Review [More]

Technical Assistance / Business Services

Tue, 2020-07-14 10:24
From : Communities>>Open Forum
Hi all, I work at the Mountain Association for Community Economic Development , a CDFI which serves small businesses & nonprofits in Appalachian Kentucky. We have four main programs: energy, community development, small business/nonprofit lending & business support/technical assistance.   Over the last several years, we have seen an increase in demand for technical assistance from loan clients & non-loan clients, and we want to be strategic as we develop the program. We thought it would be [More]

RE: CDFI Client Credit Exposures - Allowance for Loan and Lease Losses

Tue, 2020-07-14 09:35
From : Communities>>Open Forum
Tim- initially what we were seeing was CDFIs making sure risk ratings on the commercial and CRE portfolios were accurate based upon either direct knowledge or inferred impact depending on the industry and geographic location.  Second, almost every CDFIs provided payment relief for 60 to 90 days.  We are reaching the end of that horizon where blanket relief was provided.  No CDFI we partner with has a loss history anywhere close to what is needed for an ALLL to be based solely model outputs.   I am [More]

RE: Member Monday

Mon, 2020-07-13 12:13
From : Communities>>Open Forum
In this week's Member Monday , we would like to highlight Grameen America and their Economic Relief & Recovery Fund.   Grameen America's was founded in Queens, NY, in 2008 to help entrepreneurial women, who live in poverty build businesses to enable financial mobility. Their goal is to raise $72 million for their clients who have been deeply affected by the health crisis. The loans will be interest-free, zero digital repayment cost with loan extensions up to six months. If you would like to [More]

RE: CDFI Client Credit Exposures - Allowance for Loan and Lease Losses

Mon, 2020-07-13 10:49
From : Communities>>Open Forum
Hi Tim, In my mind, taking a certain arbitrary percentage of the loan portfolio (5% for example; or assigning arbitrary percentages to each risk rating) to evaluate potential credit loss wouldn't be meaningful given the level of uncertainty. It would be necessary to take a look at the data in the loan portfolio and use what we extract from the data in calculating ALLL and provisions for loan losses, etc. through rigorous statistical analysis and simulations quarterly or annually. What and how you [More]

RE: Long Term Remote Work

Mon, 2020-07-13 10:32
From : Communities>>Open Forum
Our transition to remote work was fairly seamless, as our staff already had laptops and we offer a monthly cell phone stipend.  We have VoIP office phones (internet phones) so calls can be answered on laptops.  We were already using Skype for virtual meetings, but added Teams to the mix.  Some of our staff is still working 100% remote and a small percentage is coming in on assigned days (M/W or T/TH).  We did not need to purchase any additional office equipment/technology for staff.  We do reimburse [More]

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