CDFI Connect Community Discussions

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Membership Associate Position Open at OFN!

Mon, 2021-12-06 09:11
From : Communities>>Open Forum
Engaging and charismatic? Want to connect with people? Opportunity Finance Network (OFN) is looking for a talented team member to build and maintain strong relationships with our membership. This is a great opportunity to not only engage with members across the country, but also work collaboratively across departments within the organization to share information, recruit new members, and identify opportunities to provide additional value to members. Core Responsibilities: Serve as the main [More]

RE: Remote Work Policies and Virtual Workplaces

Thu, 2021-12-02 14:56
From : Communities>>Open Forum
This would be a great topic for an open forum on zoom. Louise Cohen, MPH Chief Executive Officer She/her/hers - What's This? Primary Care Development Corporation 45 Broadway, Suite 530 New York, NY 10006 Office: (212) 437-3917 Mobile: (718) 772-1490 Email: lcohen@pcdc.org Twitter: @PrimaryCareDev @LouiseCohen The Primary Care Development Corporation (PCDC) is a nationally recognized nonprofit organization and a U.S. Treasury-certified community development financial institution (CDFI) [More]

RE: SECA / FA Award Announcement?

Thu, 2021-12-02 09:18
From : Communities>>Open Forum
At the CDFI Fund Advisory Board meeting on November 30, Jodie Harris said the awards would be announced "soon" and before the end of the year. Good luck to all applicants! Jennifer A. Vasiloff Chief External Affairs Officer Opportunity Finance Network Tel. 202.618.6096 Mobile 202.573.2123 jvasiloff@ofn.org | www.ofn.org Register for the OFN Virtual Conference! October 1921, 2021 #OFNConf #FinanceJustice #FinanceChange

A Discussion of CRA and Race

Thu, 2021-12-02 08:20
From : Communities>>Open Forum
CRA And Race December 15 , 1:30 Pm EST 2:30 Pm EST How can the Community Reinvestment Act be updated to directly examine race and better combat redlining? The Community Reinvestment Act (CRA) was enacted to ensure much-needed investment and capital makes it to LMI communities. But NCRC's research has shown that the majority of communities that were redlined in the 20th Century are still lower-income and also predominantly communities of color. NCRC and the civil rights law firm Relman Colfax PLLC [More]

RE: Remote Work Policies and Virtual Workplaces

Wed, 2021-12-01 16:33
From : Communities>>Open Forum
Hello Eden and everyone,  I would appreciate insight on this topic as well. We are preparing to implement remote policies as well.  Thanks! Dawn E. LeBeau  Program Officer Akiptan Inc.  www.akiptan.org ------------------------------ Dawn E LeBeau Program Officer Akiptan ------------------------------

SECA / FA Award Announcement?

Wed, 2021-12-01 12:32
From : Communities>>Open Forum
Does anyone have an updated estimate of when the CDFI Fund will be announcing FA / SECA awards? The last I heard we were anticipating sometime before December 31st. ------------------------------ John York Principal John York Jackson MS 6012918287 ------------------------------

RE: Value of access to capital as solution path for underserved populations

Mon, 2021-11-29 10:10
From : Communities>>Open Forum
Hi Brian, California FarmLink provides business start up loans, operating loans, equipment loans, and land purchase loans to small farmers and ranchers in California. We would be happy to connect to share about our experience and work! Please feel free to reach out to noah@cafarmlink.org. Thanks ------------------------------ Noah Strouse Investor Relations California FarmLink Aptos CA 831.425.0303 ------------------------------

RE: Board Compensation

Wed, 2021-11-24 11:04
From : Communities>>Open Forum
Thank you all for these different perspectives and the integration of them (esp. Kate's framing of traditionalists vs. change advocates), and the CDFI Fund's angle. Sheree, thanks for sharing your experience. It sounds like is was (still is?) a very challenging situation, and I appreciate learning from your experience. All of this will help me frame guide our discussion. If anyone does still provide monetary compensation (beyond reimbursing out of pocket expenses, childcare, etc.), especially in [More]

RE: Value of access to capital as solution path for underserved populations

Tue, 2021-11-23 12:58
From : Communities>>Open Forum
In case anyone else is interested in Lisa's work, she has made finding it relatively easy. Go to https://www.lisaservon.com/. ------------------------------ Brian Coppom Colorado Agricultural Future Loan Program Manager Colorado Department of Agriculture Broomfield, CO 720.347.8095 ------------------------------

RE: Value of access to capital as solution path for underserved populations

Tue, 2021-11-23 12:44
From : Communities>>Open Forum
Thanks, Brett. I agree the access to capital is a still critical component (can't get the car on the road if there's no fuel in the tank). One of the slice of borrowers we are aiming to serve is beginning farmers and ranchers, so we'll have a good portion of start-ups but, to your point, there's a difference between someone new to business and someone with business experience who is starting a new venture. I'm hoping insight into some of these nuances can help us with application design and directing [More]

RE: Value of access to capital as solution path for underserved populations

Tue, 2021-11-23 12:37
From : Communities>>Open Forum
Hi, Marcella. Thank you for sharing this study. I'm encouraged by the possibility of having some tools to help understand and support different borrowers. We're very focused on the long(ish)-term impacts and non-financial support seems key to creating those. Best, Brian ------------------------------ Brian Coppom Colorado Agricultural Future Loan Program Manager Colorado Department of Agriculture Broomfield, CO 720.347.8095 ------------------------------

RE: Value of access to capital as solution path for underserved populations

Tue, 2021-11-23 10:21
From : Communities>>Open Forum
Hi Brian, Though this longitudinal study is not specifically focused on the barriers to success for small business creation, in it's assessment of the impact of small and micro loans on business, it demonstrates that access to capital is indeed critical, and what I found most interesting is how they create profiles to show that "entrepreneurs are diverse in terms of how they define success, their business acumen, and the support they need to be successful. Analysis of the study's longitudinal data [More]

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Value of access to capital as solution path for underserved populations Attachments

RE: Value of access to capital as solution path for underserved populations

Tue, 2021-11-23 10:03
From : Communities>>Open Forum
Hi Brian,  Lisa Servon, one of the study's authors, is actually on the board of directors of Ascendus, a US CDFI microlender based in NYC. She has written a lot on the topic and offered a lot of feedback on how to tailor programs appropriately. I think the results in that particular study are asking a more narrow question about the role of capital in the initial entrance into self-employment given the sample looked at. Very few microlenders work with a high volume of pure start-ups (applicants applying [More]

RE: Board Compensation

Tue, 2021-11-23 09:27
From : Communities>>Open Forum
Thank you all for the robust discussion of an important question. This is relevant for us at propel Nonprofits both for our own board discussion as well as in our consulting and training programs for nonprofits and their board development. I posted a similar question a while ago on the forum for Board Source that resulted in a lovely discussion that feel into two camps, what I would call the traditionalists who were mortified at the idea of tinkering with the 'best practice" of voluntary boards. [More]

Value of access to capital as solution path for underserved populations

Mon, 2021-11-22 18:52
From : Communities>>Open Forum
Hi, We are developing a new program for agricultural lending and I ran across the linked study of whether access to capital is the primary driver of entrepreneurial success for underserved populations. Per the authors, "...our analysis yields no evidence that financial capital constraints are a significant barrier to small-firm creation." Is anyone familiar with this 2011 study or have any thoughts on how the conclusion differs from your experience? We are attempting to identify what additional [More]

RE: Member Monday

Mon, 2021-11-22 09:47
From : Communities>>Open Forum
In this week's Member Monday, we will take a look at the work of Cincinnati Development Fund. Serving the Greater Cincinnati area, CDF's vision is to be at the forefront of redevelopment plans to help low-income communities preserve their historic buildings and create vibrant, inclusive neighborhoods. To date, CDF has lent $457.3 million, deployed $328.4 million in new market tax credits, created/retained 16,470 jobs and created over 3,600 affordable housing units. CDF's Storefront Activation program [More]

RE: Board Compensation

Fri, 2021-11-19 13:51
From : Communities>>Open Forum
Thanks, Sheree! I want to dovetail back to a brilliant post by Oliva Rebenal and make one amendment. This discussion has been focused on the question of board compensation for decidedly affluent, high-level professionals - in other words, people of wealth and status. What does that mean for low to middle income professionals who have important perspectives and experiences, and have influence in their community that can be extremely valuable to the organization? Some of these folks may be hourly wage [More]

RE: Board Compensation

Fri, 2021-11-19 13:06
From : Communities>>Open Forum
Hello Everyone, I am the Executive Director of Second Chance Community Outreach , Inc. We are also a new start up CDFI. Recently, the majority of my board resigned due to this potential conflict of interest involving board compensation. They each were given an opportunity to continue serving on the board without getting paid or be considered as a potential third party (compensated) affiliate. The majority chose to ultimately provide services which generated revenue. However, none are still involved. [More]

House Passes Build Back Better Act!

Fri, 2021-11-19 10:12
From : Communities>>Open Forum
After months of negotiation, the House of Representatives has passed their Build Back Better infrastructure bill today! The House approved the bill essentially along party lines with 220 votes in favor and 213 in opposition. This bill includes several CDFI priorities and has the potential to bring billions of dollars of new capital to CDFIs. The bill provides additional funding for housing, community facilities, small business, green lending, and creates new tax incentives. The Senate is expected [More]

CNHED launches new "Guide to Small Business Financing: Navigating Lending Options"

Fri, 2021-11-19 09:52
From : Communities>>Open Forum
Greetings everyone, I would like to share a new resource recently launched by the Coalition for Nonprofit Housing & Economic Development (CNHED) - a Guide to Small Business Financing: Navigating Lending Options for Your Business. You can download the full report or the three parts separately at this link https://cnhed.org/news/guide-to-small-business-financing/ The Guide aims to help small business owners prepare for and navigate the various local lenders in Washington, D.C. (i.e., financial institutions [More]

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