CDFI Connect Community Discussions

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Updated: 13 min 22 sec ago

RE: Lending to DACA Borrowers

Thu, 2020-09-03 16:04
From : Communities>>Open Forum
Hi - thanks for your reply - we would be offering a larger loan for real estate acquisition - the good news is we would have collateral - the bad news is the term of our loan would likely go beyond the time the person is legally able to stay in the US unless Congress allows DACA folks to stay permanently in the US - we could look at having someone with permanent status guaranty the loan and then I wasn't sure what happens in a liquidation scenario - Anna ------------------------------ Anna Tefft [More]

Launching the YWCA CDFI Map!

Wed, 2020-09-02 15:41
From : Communities>>Open Forum
YWCA USA is excited to announce the launch of the YWCA CDFI Map in collaboration with OFN! To learn more about the map, check-out our blog . The map is an interactive tool that YWCAs, CDFIs, and economic development stakeholders can leverage to learn about where and what types of services YWCAs and CDFIs currently deploy. We envision partnerships resulting in the deployment of capital through CDFIs serving as financial vehicles and YWCAs serving on the ground as community partners.  The map showcases [More]

RE: Lending to DACA Borrowers

Wed, 2020-09-02 11:54
From : Communities>>Open Forum
We lend to borrowers with a variety of immigration statuses (as many CDFIs do). We do not presently consider their status in how the loan is structured. We have sometimes required a co-signer with permanent resident or citizen status. These are mostly small business loans of modest dollars. We do assume some additional risk within the portfolio associated with borrower immigration status. We have had some charge-offs associated with borrowers who had to leave the country. It has not been at a level [More]

Leadership Transition at CEI Capital Management

Wed, 2020-09-02 11:23
From : Communities>>Open Forum
All, Charles J. Spies, III will step down as CEO of CEI Capital Management LLC (CCML) on October 1, 2020 after 14 years of leading one of the nation's premier New Markets Tax Credit (NMTC) investment firms. He is succeeded by Traci R. Vaine, who has served as CCML's Chief Compliance Officer for the past eight years. CCML is a wholly owned subsidiary of Maine-based Community Development Financial Institution, Coastal Enterprises, Inc. (CEI). Click here for more details of Charlie's contributions [More]

RE: Lending to DACA Borrowers

Wed, 2020-09-02 10:08
From : Communities>>Open Forum
We've done plenty of loans to DACA recipients. What's the loan purpose? I don't see why you would need to structure it in any particular way. What's the concern you have that you are looking to address? Is it around when the DACA might expire? ------------------------------ Andrew Posner Founder and CEO The Capital Good Fund Providence RI 401.339.5437 ------------------------------

Lending to DACA Borrowers

Tue, 2020-09-01 15:52
From : Communities>>Open Forum
Hi - We have received an application for a loan from a DACA recipient. Has anyone lent to DACA borrowers and do you have any advice on the best way to structure the loan?  thanks! ------------------------------ Anna Tefft SVP and Director of Lending Natural Capital Investment Fund, Inc. Shepherdstown WV (304) 876-2815 ------------------------------

RE: Tip Tuesday

Tue, 2020-09-01 13:48
From : Communities>>Open Forum
In this week's Tip Tuesday, we will show you how to change your password. Happy September everyone! ------------------------------ Elizabeth Specht Member Engagement Associate Opportunity Finance Network Washington (202) 618-6100 ------------------------------

Files Attached Document
RE: Tip Tuesday

RE: Member Monday

Tue, 2020-09-01 12:03
From : Communities>>Open Forum
Thank you for this great recognition! We are  all in this together. ------------------------------ Kot Hordynski Director of Marketing & Impact ICA Oakland CA 650.867.2497 ------------------------------

RE: Member Monday

Mon, 2020-08-31 12:22
From : Communities>>Open Forum
In this week's Member Monday , we would like to highlight the work of ICA In the midst of an unprecedented economic disruption caused by the coronavirus, companies needed cash. On March 20, 2020, ICA launched the Rapid Response Liquidity Fund, providing 0%-interest loans with near-immediate working capital to our network of small businesses. ICA's loans helped businesses stabilize their operations, preserve local jobs, make investments to adapt and pivot their businesses, and position themselves [More]

RE: COVID small business loans & CDFI certification

Wed, 2020-08-26 11:27
From : Communities>>Open Forum
Good Day Jennifer and community, We have assisted existing and new clients create emergency and COVID related loan applications. Of the many uses of data collection from the applications, one has been to track their current market and document emerging markets. The hope is follow-up will demonstrate greater outcomes and impacts related to the lending services.  Our team would be glad to help in anyway! ------------------------------ Michael Brydge Sweet Grass Consulting Fort Collins CO 540-448-1826 [More]

RE: Document Storage Solutions - Cloud-based

Wed, 2020-08-26 09:45
From : Communities>>Open Forum
jeff, I would be interested in knowing what solutions you are looking at and what you finalize on.  Is this for Commercial Lending? ------------------------------ Cydney Dodge Chief Administrative Officer New Hampshire Community Loan Fund, Inc. Concord NH (603) 224-6669 Chief Administrative OfficerChief Administrative Officer ------------------------------

RE: COVID small business loans & CDFI certification

Wed, 2020-08-26 09:41
From : Communities>>Open Forum
Kim - the proposed revised certification application and regulations are still out for public comment. They won't go into effect until late 2021. -- Jason Friedman Chief Executive Officer , Friedman Associates, LLC 319-341-3556 | 319-321-5884 | jasonj@friedmanassociates.net www.friedmanassociates.net The information transmitted in this email is intended solely for the individual or entity to which it is addressed and may contain confidential and/or privileged material.Any review, retransmission, [More]

RE: Document Storage Solutions - Cloud-based

Tue, 2020-08-25 17:22
From : Communities>>Open Forum
Thanks Jeff & David ------------------------------ Fran Lutz Managing Partner True Path Advisory Group (610) 551-2141 fran@truepathadvisorygroup.com ------------------------------

RE: Tip Tuesday

Tue, 2020-08-25 13:47
From : Communities>>Open Forum
In this week's Tip Tuesday , we will show you how to edit previous posts! ------------------------------ Elizabeth Specht Member Engagement Associate Opportunity Finance Network Washington (202) 618-6100 ------------------------------

Files Attached Document
RE: Tip Tuesday

RE: COVID small business loans & CDFI certification

Tue, 2020-08-25 11:42
From : Communities>>Open Forum
Isn't the CDFI Fund in the process to transitioning everyone to a geographic designated of "national" --and if so why don't we ask for an exemption for organizations in this position until this new change goes into effect.   Kim LaFranchi Sustainable Communities Fund ------------------------------ Kimberly LaFranchi Chief Operations Officer Sustainable Communities Fund Los Angeles CA (310) 914-5333 , ext-205 ------------------------------

COVID small business loans & CDFI certification

Mon, 2020-08-24 11:31
From : Communities>>Open Forum
Opportunity Finance Network along with other CDFI membership associations is urging the CDFI Fund to create a a temporary COVID small business loan target market. Some CDFIs that stepped up to offer Paycheck Protection Program loans and other emergency products to COVID impacted small businesses outside their existing target market risk losing their CDFI certification without a policy change by the Fund. See attached letter which was supported by: Association for Enterprise Opportunity, Community [More]

Files Attached Document
COVID small business loans & CDFI certification

RE: Payroll Vendors

Mon, 2020-08-24 09:22
From : Communities>>Open Forum
I've been very happy with ON Pay for payroll... no missed filings, easy to use, synchs to financial package, and great service. https://onpay.com/?utm_expid=.rWfu0XvAReGETnGeuHF-GQ.0&utm_referrer Ken Gruber CFO - Vital Healthcare Capital (V-Cap) kgruber@vitalcap.org 85 Broad Street 28th Floor New York, NY 10004 Office: (212) 586-2821 x7 www.vitalcap.org

RE: Payroll Vendors

Mon, 2020-08-24 09:13
From : Communities>>Open Forum
Hey Julie, We use Justworks. Customer service is top notch, and they take care of a lot of the paperwork. They partner with Slavik for 401k, and it's a simple process to offer HDHP alongside more traditional healthcare plans. Everything is in there... retirement, health, dental, vision etc. very straight forward to setup. Again, great customer service! ------------------------------ David Taliaferro Co-Founder / CEO l Lenderfit 502.640.2365 l www.lenderfit.io ------------------------------

RE: Member Monday

Mon, 2020-08-24 08:58
From : Communities>>Open Forum
In this week's Member Monday , we would like to highlight the work of Maryland Capital Enterprise.   MCE empowers businesses to grow, create jobs and generate wealth on Maryland's Eastern Shore. Since their creation in 1998, loans have grown from $500 to providing microloans up to $50,000 and small business loans up to $150,000. Today MCE has expanded to Baltimore City and established a Women's Business Center in Salisbury and Baltimore.   Thank you MCE for over 20 years of service! To learn [More]

RE: Payroll Vendors

Fri, 2020-08-21 10:10
From : Communities>>Open Forum
We also use Paychex for our payroll, flexible spending plan, 401K, and time tracking. Overall we are satisfied but I would echo the comments of Peter and Karen regarding the downsides, particularly the way the different departments don't speak to each other. Any service is provided through a call center type set up, and so the plus side is you can always get immediate service, but the downside is there is no personal/dedicated support that understands your specific business needs. (We do have an [More]

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