CDFI Connect Community Discussions

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Updated: 18 min 35 sec ago

RE: Living Wage

Tue, 2018-12-04 09:52
From : Communities>>Open Forum
Kimberly, Alternatives Federal Credit Union began calculating our local living wage in 1994. We used the services of an intern from the School of Industrial and Labor Relations at Cornell University to calculate the wage. The intern first worked with our member services manager to determine the categories to use to calculate the wage. The intern then did the research that resulted in a living wage figure. We update the wage every two years and continue to use the (free) services of interns from the [More]

Salesforce as a CRM and Lending Pipeline tool

Tue, 2018-12-04 09:33
From : Communities>>Open Forum
​We are currently using Salesforce for our CRM and lending management tool.  In addition, we are subscribed to Salesforce Premier Success for support, however, I find there is still a need for a dedicated admin that can provide code and development.  Is anyone else experiencing this and can offer suggestions?  Thanks. ------------------------------ Jennie Sapsara Director of Operations Bridgeway Capital Pittsburgh PA (412) 201-2450 ------------------------------

RE: Living Wage

Tue, 2018-12-04 09:33
From : Communities>>Open Forum
Hi Kimberly We also utilize a few different salary surveys for the nonprofit sector to benchmark wages against. The best one for our area is Third Sector New England. It is conducted for NY, CT, MA, RI and sponsored by all of the local trade associations and community foundations Nonprofit Compensation Survey Data . We use a cost of living calculator for national or other regional surveys to ensure CT is comparable to lets say CA. They examine benefits as well and break data down by revenue/employee [More]

Email Digest Updates

Mon, 2018-12-03 15:32
From : Communities>>Open Forum
Good Afternoon CDFI Connect Members! I wanted to make you aware that there have been some recent updates to the digest that you receive each day from the CDFI Connect community. You may notice that the titles of the buttons of have changed. The buttons still function the same way, but the titles were updated to provide more clarity on their use. Here are a few highlighted updates:  Reply to Group is now Reply to Thread This will allow you to respond to the discussion thread via your email.  You [More]

RE: Financial statement spreading software

Mon, 2018-12-03 14:19
From : Communities>>Open Forum
Hi Ross, we checked these guys out, we have not moved forward with them at this time, but they might fit your needs. Thanks BJS Lukas Lovett Account Executive | FISCAL Credit Suite 843-571-5700  local 704-497-7324  mobile lukel@fiscalcs.com ------------------------------ Brian Sample Asset Management Vice President Mercy Loan Fund CO 303-830-3339 ------------------------------

RE: Financial statement spreading software

Mon, 2018-12-03 13:01
From : Communities>>Open Forum
Hi Ross, Ventures Lending Technologies has a platform that allows users to track business loans from the Application, Underwriting and Servicing stages.  The financial statement used within the platform allows users to perform calculations within the cells and you can overwrite pre-existing labels.  You can also report against various fields within the database and financial statements.  Our platform offers a lot of other features of which I'd like to chat to you about.  My contact information is [More]

Living Wage

Mon, 2018-12-03 09:27
From : Communities>>Open Forum
We are in the process of examining our job classifications and salary ranges to make sure they are in line with a living wage, not just minimum wage.  I'm aware that MIT has tools online to assist with this process, and we've used an outside consultant for this type of work previously. .  But I'm wondering if there are resources other CDFIs are using as they approach the issue of Living Wage? ------------------------------ Kimberly Forde Director, Operations & Org Development Capital for Change Hartford [More]

RE: Financial statement spreading software

Mon, 2018-12-03 09:24
From : Communities>>Open Forum
​Check out FISCAL Credit Suite.  We had a demonstration on this a month or so ago.  Not sure how it works for housing developers, but may be worth a look.  Lukas Lovett was our contact  lukel@fiscalcs.com   We haven't decided which route to go yet, but this is one option.  Open to other ideas also as we review our options. ------------------------------ Lori Finnesand Executive Director GROW South Dakota Sisseton SD 605-698-7654 ------------------------------

Financial statement spreading software

Fri, 2018-11-30 16:00
From : Communities>>Open Forum
Hi All, As much as we love our old Excel spreadsheets, NCCLF is growing to the point where we think we could benefit from a software program to spread financial statements, and we would appreciate suggestions from our peers.  We lend primarily to nonprofit affordable housing developers and a very wide range of human service providers, though we also have a growing portfolio of food-related small business loans.  Ideally the software would create a database from the borrower data, so that we could [More]

Phishing Scam Alert

Fri, 2018-11-30 12:54
From : Communities>>Open Forum
Hi Everyone, We had a situation where one of our clients email account was hacked.  We received a disbursement request on their line of credit to pay a vendor.  We caught it quickly but we are going to review our internal controls to ensure tighter oversight.   This is the first time we have had this happen with a client.  We have had several attempts where people pose as me (the ED) and reach out to my Accounting staff.  We have also instituted stronger internal controls around invoicing and access [More]

RE: Just published! Democratizing Finance: Origins of the Community Develoment financial Institutions Movement

Thu, 2018-11-29 13:42
From : Communities>>Open Forum
I had the pleasure of interviewing Cliff for High Impact's podcast, the Impact Lenders Podcast, and we just released the episode. It was a great conversation about the book, CDFI history, and Cliff's insights into what's coming up next.  You can find it on iTunes or at Impact Lenders Podcast . ------------------------------ Peter Schaeffing High Impact Financial Analysis Albany NY 518-599-0482 ------------------------------

RE: Current Interest Rate

Thu, 2018-11-29 10:22
From : Communities>>Open Forum
We are a CDFI and an SBA 7a lender. Our non-SBA products are at a fixed 7.25% for terms up to 60 months, with an exception for discounts to businesses located on priority corridors. The SBA guaranteed loans are generally lower due to longer terms. ------------------------------ Bee Vang Loan Officer & Business Advisor Neighborhood Development Center Saint Paul MN (651) 291-2480 ------------------------------

Large Loan Fund

Thu, 2018-11-29 10:21
From : Communities>>Open Forum
I am brand new to the OFN and CDFI. Where can I find some good information about the Large Loan Fund? Greg Lambert CFO 501 East 1700 South Salt Lake City, UT 84105 T: 801-994-7222 X108 F: 801-994-7220 W: www.cdcutah.org This message, and any attachment, is intended only for the use of the addressee and may contain information that is privileged and confidential or otherwise exempt from disclosure under applicable law. If the reader of this e-mail [More]

RE: Interest Rate Benchmark Question

Thu, 2018-11-29 10:07
From : Communities>>Open Forum
While most of our colleagues in town are charging around 8% or higher, we are still at a fixed 7.25%. Our sources are a mix of recourse and non-recourse funds. And our average spread is 5%. What helps with operating costs is when we ask and receive additional designated grant dollars for loss reserves and administration of the loan capital. ------------------------------ Bee Vang Loan Officer & Business Advisor Neighborhood Development Center Saint Paul MN (651) 291-2480 ------------------------ [More]

RE: Interest Rate Benchmark Question

Thu, 2018-11-29 09:31
From : Communities>>Open Forum
I apologize if I am being over simplistic here, but you want to look at your dollar weighted cost of funds vs. the dollar weighted interest rate of your loans receivable. The rate you pay to your lenders are only half of the equation. What you may want to think about is your gross margin (the rate you charge the rate you pay). In this rising interest rate market your lenders are sure to increase their rates to you if they haven't already done so. In order to continue to remain a viable [More]

Employee evaluation

Thu, 2018-11-29 07:02
From : Communities>>Open Forum
Hi Hoping that you may be willing to share your employee valuation form and process. We need to update ours and looking for input so as not to recreate the wheel. Please either post or email me directly. Thank you Karen ------------------------------ Karen Maciorowski Vice President and CFO Community Economic Development Fund Foundation, Inc. Meriden CT (203) 235-2333 x2080 kmaciorowski@cedf.com ------------------------------

Interest Rate Benchmark Question

Wed, 2018-11-28 14:12
From : Communities>>Open Forum
Community Capital of Vermont is undergoing a review of our interest rates, and we would like to know what benchmarks other CDFIs use to set their interest rates (other than the prescribed ranges set forth by funders such as SBA or USDA). Any guidance is useful and appreciated! -Rich Grogan Rich Grogan Executive Director Community Capital of Vermont 105 North Main Street, 3 rd Floor Mailing Address: P.O. Box 342 Barre, VT 05641 C: 603.757.3640 rgrogan@communitycapitalvt.org www.communitycapitalvt.org [More]

RE: Current Interest Rate

Mon, 2018-11-26 16:59
From : Communities>>Open Forum
​Thank you for all of the info and insight!  Very  helpful and great resources! ------------------------------ Syd Hair Shoshone Bannock Tribes ------------------------------

RE: Loan Service Software Recommendations

Mon, 2018-11-26 12:56
From : Communities>>Open Forum
Wow  @Jill May  ! That is inspiring!  Great work! Although we are just now moving our files to the new software, we have searched long and hard (over a year) to make a determination on the best loan servicing software to fit our multi-source funding and loan needs (as well as budget) and have decided to go with   DownHome Loan Manager While we do not have operational experience, they certainly come highly recommended from a variety of sources in the CDFI community, proudly display their pricing directly [More]

RE: Creative Industries loan program or product

Mon, 2018-11-26 11:44
From : Communities>>Open Forum
Give me a call on creative products and funders request, we have done several that are a little outside of the box.    Patrick Pariseau   at 651 334 9260 is my cell ------------------------------ Patrick Pariseau Director, Business Consulting and Lending Metropolitan Economic Development Association Minneapolis MN 612 259-6564 ------------------------------

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