CDFI Connect Community Discussions

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Updated: 6 min 47 sec ago

RE: CDFI microloan interest rate comparison

Wed, 2019-12-18 18:54
From : Communities>>Open Forum
Hi Ruben, Great question. OFN's Side by Side report shows interest rates for member CDFI loan funds whose primary lending sectors include small business and microenterprise. However, we have not found consistent data sources for interest rates charged by online lenders (Fintech), credit cards, and payday lenders. The Center for Financial Services Innovation (now Financial Health Network) published  Oportun: The True Cost of a Loan , which compares Oportun's loan costs with those of alternative loan [More]

RE: Loan Service Software Recommendations

Wed, 2019-12-18 16:31
From : Communities>>Open Forum
Hello CDFI Connect! I have been gathering a list of software used by CDFI's. This list is a culmination of input provided by different CDFI's. I wanted to publish the list to see if there are any CDFI's out there who are using a software that has not been captured in the attached excel document. Thanks in advance. BJS ------------------------------ Brian Sample Asset Management Vice President Mercy Loan Fund Denver CO (303) 830-3300 ------------------------------

Files Attached Document
RE: Loan Service Software Recommendations

RE: Express Loan Product

Wed, 2019-12-18 14:11
From : Communities>>Open Forum
Thank you again to everybody who has expressed interest in taking part in this conference call, I am going to go ahead and post the information here, as there has been more engagement from CDFI's than I anticipated. I wanted to make it easier for people to access and not let anyone interested fall through the cracks, Conference Call Information Jan 9th 1:00 p.m. PST/4:00 p.m. EST In Maine Call: (207) 504-5928 Out-of-State/Toll Free Call: (844) 886-2855 Enter Pin and follow prompt: 365489 ------------------------------ [More]

RE: CDFI Research Working Group Feedback: Assessing methods of CDFI impact measurement -

Wed, 2019-12-18 12:48
From : Communities>>Open Forum
Hello everyone! I wanted to give an update on this. The good news is we have had a great deal of interest - beyond CDFI Connect, about 10 people have emailed me. The challenge will be coordinating everything, as we want to make sure this kind of work is well-designed, robust, and has both practitioner and research utility.  If you work for an organization that would like to help with this, please remember to fill out the volunteer interest form. I think there is opportunity for two levels of participation: [More]

RE: Secured Contract Financing

Wed, 2019-12-18 09:57
From : Communities>>Open Forum
Hi Joshua- At Detroit Development Fund we often finance contracts & PO's. We secure ourselves by attempting to control the receivables. Our preferred method is to have the party our customer has a contract with remit to a controlled bank account. This requires our borrower to provide instructions to the contracting party to wire funds to the controlled account and to have those instructions incorporated into the contract. When payments are received we pay down principal and forward the remainder, [More]

RE: Express Loan Product

Wed, 2019-12-18 09:45
From : Communities>>Open Forum
Thanks Robert I would be interested in participating. ------------------------------ Jimmy Rios Next Level Business Concepts Group LLC mesa AZ 4803412901 ------------------------------

RE: Express Loan Product

Wed, 2019-12-18 09:43
From : Communities>>Open Forum
I would be interested in participating on the call. We are currently exploring a similar product. ------------------------------ Kelli Smith Director of Lending Grand Rapids Opportunities for Women Grand Rapids MI (616) 458-3404 ------------------------------ ------------------------------------------- Original Message: Sent: 12-16-2019 12:55 From: Robert Gernert Subject: Express Loan Product I think it would be great to organize a call to compare experiences and share successes and challenges. There [More]

RE: Express Loan Product

Wed, 2019-12-18 09:24
From : Communities>>Open Forum
Hi Robert,  I would also be interested in joining the call to hear what CDFIs are doing in this space and to see if there is a way for OFN to provide any support. Thanks for organizing! ------------------------------ Dafina Williams VP, Public Policy Opportunity Finance Network Washington DC 202.868.6922 ------------------------------

RE: Express Loan Product

Wed, 2019-12-18 09:12
From : Communities>>Open Forum
I would be interested in joining the call.  I am late to the conversation, but Common Capital Inc. has had an express loan product since 2016 that has been successful. ------------------------------ Callie Niezgoda Vice President Business Lending Common Capital, Inc. Holyoke MA (413) 420-0183 ------------------------------

Strategies for Expanding Black Business Growth

Wed, 2019-12-18 08:01
From : Communities>>Open Forum
Dear fellow practitioners, The Expanding Black Business Credit is an initiative to lead a transformation in small business lending in African American communities to address the racial wealth gap that limits them. The initiative was founded by a steering committee of seven CEOs of Community Development Financial Institutions (CDFIs) and several other industry leaders that intends to demonstrate the opportunity to dramatically increase lending to Black-owned small businesses and Black-led nonprofits. [More]

Files Attached Document
Strategies for Expanding Black Business Growth Attachments

RE: Express Loan Product

Tue, 2019-12-17 17:11
From : Communities>>Open Forum
I would be interested in the call as well. We currently use a scoring matrix for loans under $5,000.00 but I am interested in what everyone else is doing out there. ------------------------------ Paul W Schmitt Credit Manager CommunityWorks Greenville, SC 864-235-6331 ------------------------------

Secured Contract Financing

Tue, 2019-12-17 15:14
From : Communities>>Open Forum
I wanted to reach out to the forum to see if any other CDFI's have experience lending to businesses while securing contracts as collateral for the loan? We would feel more comfortable lending to these types of businesses if we are able to secure the contract(s) before we lend. If your CDFI does this type of financing, how would you go about this? Is it truly a secured loan if the contract gets paid out to the borrower before the loan goes delinquent and is paid off? Any guidance or support on this [More]

RE: Express Loan Product

Tue, 2019-12-17 14:13
From : Communities>>Open Forum
I would also be interested in participating on a call to learn. We are exploring a fast loan product right now as well. ------------------------------ Nathanial Owen Director of Fondo Adelante Mission Community Loan Fund LLC San Francisco CA (415) 282-3334 ------------------------------

RE: Express Loan Product

Tue, 2019-12-17 14:09
From : Communities>>Open Forum
For those interested in participating in a conference call discussion, I and a couple others have scheduled a call for Jan 9th  1:00 p.m. PST/4:00 p.m. EST. All interested in the discussion are encouraged to join. I will send direct email invites to those who would like them as soon as we have it set up, thank you all for the responses and support of each others growth, it's encouraging to see a group come together and collaborate. ------------------------------ Robert Gernert Lending Relation Manager [More]

MACED Job Opportunity - Lending Director

Tue, 2019-12-17 13:50
From : Communities>>Open Forum
MACED is looking for a highly motivated and experienced professional to join its staff as Lending Director. MACED's enterprise development program includes a robust commercial lending portfolio, a technical assistance program featuring both one-on-one and classroom based training, and comprehensive community-based development strategies. This position's location is flexible between MACED's offices in Berea, Paintsville, and Hazard, Kentucky. Please find the listing here: https://maced.org/jobs/lending-director/ [More]

RE: Investment Policy

Tue, 2019-12-17 12:10
From : Communities>>Open Forum
Thanks, Brad! We really appreciate you forwarding me the information so quickly. Happy Holidays & Best Regards, Barbara Anne Barbara Anne Gardenhire-Mills, M.S.E.L. Director of Compliance & Engagement/Technical Assistance Officer (She/Her/Hers) Cooperative Business Assistance Corporation (CBAC) 328 Market Street Camden, NJ 08102 Office: 856-966-8181 x105 Cell: 609-980-5319 Direct: 856-479-9583 Email: BarbaraAnne@cbaclenders.com Check out our new website! www.cbaclenders.com Please like [More]

RE: Investment Policy

Tue, 2019-12-17 12:03
From : Communities>>Open Forum
Barbara, Will send you information I received form my post... Any questions let me know. Brad Blair Appalachian Growth Capital COO/EVP Subsidiary of Appalachian Partnership Inc . Affiliated with Appalachian Partnership for Economic Growth Appalachian Partnership for EcoGrowth 35 Public Square | PO Box 456 | Nelsonville, OH 45764 C: 740-391-3518 bblair@apppart.org www.appcap.org

RE: Investment Policy

Tue, 2019-12-17 11:55
From : Communities>>Open Forum
We are looking for the same type of information. if anyone responded directly to Mr. Blair, if you would kindly forward any information you shared with him to me, we would be greatly appreciative.  Thanks,  Barbara Anne ------------------------------ Barbara Anne Gardenhire-Mills, M.S.E.L. Director of Compliance & Engagement Cooperative Business Assistance Corporation (CBAC) Camden, New Jersey 856-479-9583 BarbaraAnne@CBACLenders.com ------------------------------

RE: Express Loan Product

Tue, 2019-12-17 11:52
From : Communities>>Open Forum
​I would also be very interested in participating.  We are also in the middle of developing an express loan product. ------------------------------ GregBradley Credit Officer Craft3 Seattle, WA ------------------------------

CDFI microloan interest rate comparison

Tue, 2019-12-17 11:27
From : Communities>>Open Forum
Has anyone done an industry-wide comparison of CDFI (preferably loan fund) interest rates for small business microloan vs. payday lenders' interest rates vs. credit card vs. on-line lender?  Looking for a summary or visual showing the comparative cost/fees of these various options. Thanks! ------------------------------ Ruben Alonso III President AltCap Kansas City, MO (816) 216-1851 ------------------------------

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