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Updated: 58 min 27 sec ago

RE: NMTC QALICB requirement

Tue, 2020-08-11 10:54
From : Communities>>Open Forum
Hi Teri, Thanks for the reply. I have from others that from a tax perspective it had to be 5%.  They didn't specify it had to be cash but they did say 5%.  I will have to follow up with tax counsel.  Thank you. ------------------------------ Christopher Kanstrup Consultant Individual Los Angeles CA 9176830647 ------------------------------

RE: NMTC QALICB requirement

Mon, 2020-08-10 13:03
From : Communities>>Open Forum
Based on requirements from 45 d the answer would be no -  there are not IRS requirements within the structure.  However most deals rely, at least in part on a percentage of owner skin in the game as a requirement to close ------------------------------ Terri Preston Principal Baker Tilly Virchow Krause Madison WI 608 240-2546 ------------------------------

RE: NMTC QALICB requirement

Mon, 2020-08-10 11:43
From : Communities>>Open Forum
Sorry Sent from my iPhone > On Aug 10, 2020, at 11:38 AM, David Scheck wrote: > > Hi. From past experience I have always erred on the side of ‘why take unnecessary risk with the IRS?’ That said, efforts were made to ensure that legal counsel that was writing an opinion understood that equity need not be cash. > > Sent from my iPhone

RE: Member Monday

Mon, 2020-08-10 11:08
From : Communities>>Open Forum
In this week's Member Monday , we would like to highlight the work of LHOME. As of September 2019, LHOME has made over 55 loans totaling $549,508 to small business owners and homeowners in Louisville, KY. LHOME is committed to providing accessible, affordable loan products and financial coaching services to it's clients, most of whom are African American and African Refugees. 90% of their funds have been deployed to low-moderate income communities. Thank you to LHOME for their continued work [More]

NMTC QALICB requirement

Sun, 2020-08-09 15:45
From : Communities>>Open Forum
Hi All, Looking for a an answer on a NMTC requirement.  Can someone tell me if there is a minimum equity requirement by the QALICB into their project?  There may be a preferred from a lending perspective but does a project have to be made up of a certain equity percentage put in by the owner from a NMTC or IRS perspective?  E.g. does a project have to have say 20% equity contributed by other sources/owner with the remaining coming sources coming from NMTC and additional leverage?  Any help would [More]

RE: Seeking Interim Credit Analyst Support

Thu, 2020-08-06 10:32
From : Communities>>Open Forum
Josh,  I'd like to offer an endorsement for Amy Collins and the Olea Group. I'm the Development Director with the Center for Rural Affairs. We've worked with her to completely overhaul underwriting for our micro-business and small-business loans and currently are in the process of working on policies for home lending. I have found her work to be fast, reliable, and of great quality. I highly recommend the Olea Group.  Nick Bergin | Development Director  Center for Rural Affairs PO Box 136 | [More]

RE: Seeking Interim Credit Analyst Support

Wed, 2020-08-05 10:15
From : Communities>>Open Forum
Hi Josh, The Olea Group provides flexi ble contract-based underwriting for CDFIs. Although we work with a range of lenders across the US who offer a variety of loan products, our core competency is in facilitating credit decisions for small business loans up to $250,000. We underwrite over $50MM in loan applications per year with an average historical turnaround rate of two business days per file. Please feel free to reach out to me if I can be of help to your CDFI. Warm regards, Amy Collins Founder [More]

RE: Tip Tuesday

Wed, 2020-08-05 09:55
From : Communities>>Open Forum
Thank you! I needed that tip. :) Yanki Tshering, Executive Director Business Center for New Americans 120 Broadway, Suite 230 NY, NY 10271 212 898-4112 phone 646 723-1399 fax www.nybcna.org www.nybcna.org business loans, homeownership, & savings

Establishing Customer Profiles for Marketing

Tue, 2020-08-04 15:33
From : Communities>>Open Forum
Has anyone had any experience with establishing data driven customer profiles with an aim to improve their marketing efforts? If so, I'd love to pick your brain. ------------------------------ Sabrina Tran Digital Marketing Manager Clearinghouse Community Development Financial Institution ------------------------------

RE: Tip Tuesday

Tue, 2020-08-04 13:32
From : Communities>>Open Forum
In this week's  Tip Tuesday , we show you how to view and add upcoming events! ------------------------------ Elizabeth Specht Member Engagement Associate Opportunity Finance Network Washington (202) 618-6100 ------------------------------

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RE: Tip Tuesday

School building for sale in Cincinnati, OH

Tue, 2020-08-04 11:46
From : Communities>>Open Forum
We have a wonderful school building for sale in Cincinnati, OH. It is fully renovated and ready to move in, please see below for more information ------------------------------ Bek Amankulov Business Manager New Plan Learning 1300 Basswood Rd, Suite 200H Schaumburg, IL 60173 bek@newplanlearning.org (847) 376-8404 ext (206) ------------------------------

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School building for sale in Cincinnati, OH

Seeking Interim Credit Analyst Support

Tue, 2020-08-04 10:29
From : Communities>>Open Forum
Hello CDFI Community, The New Hampshire Community Loan Fund is seeking to bolster its credit analyst capacity for our business, housing, child care and nonprofit facilities lending programs and, to that end, is looking to connect with anyone with experience either delivering or procuring high-quality credit analyst supports on an interim and, given the current environment, virtual basis.   Please message me directly (jsattely@communityloanfund.org) or reply to this thread. Cheers, Josh ------------------------------ [More]

RE: Member Monday

Mon, 2020-08-03 08:41
From : Communities>>Open Forum
In this week's Member Monday , we would like to highlight Wisconsin Women's Business Imitative Corporation and their Fast Track Loan Program. Lines of credit will be offered between $5,000-$10,000, 12-month terms with a 9.25% interest rate. No collateral will be needed to qualify. As for loans, WWBIC is offering $5,000-$15,000 loans with a term of 60 months and interest rates that vary between 4.50%-5%. WWBIC has helped 5,288 entrepreneurs create or retain 12,156 jobs and have coached 219 individuals [More]

RE: Best Advice/First Steps on a New CDFI

Fri, 2020-07-31 16:51
From : Communities>>Open Forum
Hi Rod.  CAMEO, an association of small and microbusiness development and financing organizations, has a suite of CDFI-building programs for technology, training, program design and capital.  Please contact me for more information (sbrown@CAMEOnetwork.org) and go to our website: https://cameonetwork.org/.  While we are California based, we serve organizations throughout the US. Cheers, Susan Brown VP of Capacity Building and Training ------------------------------ Susan Brown CAMEO Microlending Specialist [More]

Staying Connected-CDFI Accounting Issues for the Crisis

Fri, 2020-07-31 15:00
From : Communities>>Open Forum
We are happy to share the OFN Staying Connected Webinar-CDFI Accounting Issues for the Crisis ------------------------------ Elizabeth Specht Member Engagement Associate Opportunity Finance Network Washington (202) 618-6100 ------------------------------

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Staying Connected-CDFI Accounting Issues for the Crisis

Affordable Training on Lending Regulations

Thu, 2020-07-30 16:28
From : Communities>>Open Forum
As we bring on new staff to support the lending team, I'm looking for training courses/materials/webinars/online education i.e. Reg B (ECOA) and others.   Has anyone found what they consider to be both good materials for their CDFI? ------------------------------ Bob Porter Managing Director Pacific Community Ventures Oakland, CA 415-442-4319 ------------------------------

RE: Equity Crowdfunding

Thu, 2020-07-30 15:14
From : Communities>>Open Forum
Thank you Topiltzin, I shared with my investor/funder friend Teri, she will reach out directly to you. Have a great rest of your week. Mary Fran Mary Fran Riley| Senior Vice President, External Affairs| Accion 135 N. Kedzie, Chicago, IL 60612 (312) 924-2150 | mfriley@accionchicago.org | us.accion.org/chicago Visit our emergency capital webpage for the most up to date information on small business grant and loan opportunities.

RE: Equity Crowdfunding

Thu, 2020-07-30 13:38
From : Communities>>Open Forum
Hey Mary Fran! Hope all is well. Equity crowdfunding (and investment crowdfunding more broadly) is a really exciting development in capital formation. As you noted, the platforms you're mentioning are more focused in the tech space. Other investment crowdfunding platforms such as my company Honeycomb Credit , are more focused on supporting Main Street small businesses, particularly in the food space. I'm happy to share my experience and answer any questions you may have! Best, Topiltzin ------------------------------ [More]

RE: Best Advice/First Steps on a New CDFI

Thu, 2020-07-30 12:29
From : Communities>>Open Forum
Hi Rod - if you are interested in a brief "101' on CDFI, the process of establishing a CDFI, and obtaining certification, I suggest you check out this webinar recently attended by over 200 organizations. Certified 'fresh' by Rotten Tomatoes!  Thanks,. ------------------------------ Jason Friedman CEO Friedman Associates (319) 341-3556 jasonj@friedmanassociates.net www.friedmanassociates.net ------------------------------

cyber security insurance

Wed, 2020-07-29 17:08
From : Communities>>Open Forum
I am looking for guidance/advice any peers may be willing to share on investing in cyber insurance, particularly for a small organization. Does anyone carry this type of insurance? Who is the carrier? Pros? Cons? ------------------------------ Denise Galatas Southern Mutual Financial Services, Inc. New Iberia LA (337) 367-3277 ------------------------------

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