CDFI Connect Community Discussions

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Updated: 11 min 29 sec ago

Clarification on the PPP for non-SBA certififed CDFIs

Thu, 2020-04-23 15:31
From : Communities>>Open Forum
Dear Colleagues - we've been fielding calls from non-SBA certified CDFIs about the specifics of the PPP and how they can access the funding.  To be clear, the $30 billion available to "Community Financial Institutions" of which CDFIs are a tiny fraction, is for 100% guarantees on the loans they will make with t heir own  capital.  No new funding has been allocated to CDFIs or any other eligible financial institution.  Essentially, the PPP is a modified version of the SBA 7 (a) program, which provides [More]

Notarizing during quarantine

Thu, 2020-04-23 14:18
From : Communities>>Open Forum
Hi all, Sorry if this has been asked before, but what is everyone doing as far as notarizing loan documents during quarantine? We're in NY and we were notified that the state is allowing notarizations via webcam as long as the notary can watch the client sign the document and then scan it over to us. However, with our clients we know that a good portion of them don't have access to a webcam, much less a scanner. Does anyone have advice for ways around this? Thank you, ------------------------------ [More]

RE: Newbie question - CDFI attorney's?

Thu, 2020-04-23 10:03
From : Communities>>Open Forum
Thank you attorney Sutherland. I will be emailing you within 24 hours. Thank you again. Kindest regards, Dave Gatz Sent from Dave's iPhone 14 

RE: Newbie question - CDFI attorney's?

Thu, 2020-04-23 09:53
From : Communities>>Open Forum
I am an attorney and work with many CDFIs and other lenders and non profit, community based organizations.  Happy to help if I can! Kim  Kimberly L. Martin-Epstein, Esq. Hackett Feinberg P.C. 155 Federal Street, 9th Floor Boston, MA 02110 Tel: 617-422-0200 ext. 240 Fax: 617-422-0383 www.bostonbusinesslaw.com www.linkedin.com/in/kimberlyepstein/ ------------------------------ Kimberly L. Martin-Epstein, Esq. Hackett Feinberg P.C. Boston, MA 617-422-0200 ext. 240 ------------------------------

Register Your CDFI to Extend Your Reach to Businesses Essential to COVID-19 Response

Thu, 2020-04-23 09:50
From : Communities>>Open Forum
One of our board members is a tech entrepreneur who, with some of her colleagues, has built a site/app to help connect organizations, governments, and businesses to speed and enhance the response to COVID-19. Sequoyah Fund registered last night (quick, easy, and free), and we are now reaching out to some of our clients to add them to the app. This effort seeks to connect organizations with resources to those with needs. I've attached two documents, one for nonprofits and governments, and the other [More]

Files Attached Document
Register Your CDFI to Extend Your Reach to Businesses Essential to COVID-19 Response

RE: Newbie question - CDFI attorney's?

Thu, 2020-04-23 09:42
From : Communities>>Open Forum
Hi Dave, I am a CDFI and financial institution attorney. Please let me know if there is something I can help you with. dsutherland@kslawllp.com Truly, Dub ------------------------------ William Sutherland President TransPecos Development Corporation San Antonio TX 2102284444 ------------------------------

Newbie question - CDFI attorney’s?

Wed, 2020-04-22 16:05
From : Communities>>Open Forum
Hello, Are there any CDFI attorney’s in this group? Please let me know if so. Thank you. Kindest regards, Dave Gatz Sent from Dave's iPhone 14 

NCRC Blog: Based on a review of CRA comments, NCRC concludes the agencies must go back to the drawing board

Wed, 2020-04-22 16:02
From : Communities>>Open Forum
Dear Colleagues: No surprise that NCRC thinks the agencies should go back to the drawing board...but read what the bank trade associations have to say! https://ncrc.org/comments-on-proposed-cra-rule-pause-and-go-back-to-drawing-board/ Best, Josh Silver Senior Advisor Josh Silver Senior Advisor National Community Reinvestment Coalition 202.464.2733 202.628.9800 (fax) jsilver@ncrc.org Pronouns: He/Him/His 740 15th Street NW, Suite 400, Washington DC 20005

Women and Community Impact Investing

Wed, 2020-04-22 12:05
From : Communities>>Open Forum
For OFN members:   Sallie Krawcheck  of Ellevate and Betsy Moszeter  of Green Alpha Advisors headline GreenMoney's new  "Women and Community Impact Investing"  issue. Also in the April 15th issue you'll find  Kate Finn  of FPW on Recalibrating Risk & Wellbeing for Women; The 100  Leading Women in Finance , and a Podcast discussion with Indigenous Women trying to protect their communities , all at-  https://GreenMoney.com   ====  ------------------------------ Cliff Feigenbaum Founder & Managing [More]

Community-centered COVID-19 Recovery Program Webinar

Wed, 2020-04-22 10:23
From : Communities>>Open Forum
Hi CDFI friends and colleagues, On Friday we will be hosting a webinar to discuss a concept for a national Community-centered COVID-19 Recovery Program. As we're all working hard to get SBA PPP money and other emergency capital out to small businesses and nonprofits, we have been having lots of discussions with CDFI peers and partners about what comes next. We hope you'll join us for this webinar to present and discuss a potential strategy for medium term recovery lending. TIME:  Fri, Apr 24, 2020 [More]

Tip Tuesday

Tue, 2020-04-21 11:47
From : Communities>>Open Forum
CDFI Connect is excited to reintroduce Tip Tuesday, aimed at providing information and actionable tips to improve usability within your communities! Topics will include posting an event, creating a community, changing account information, etc. We encourage you to email suggestions if you would like clarity on any topics! ------------------------------ Elizabeth Specht Member Engagement Associate Opportunity Finance Network Washington (202) 618-6100 ------------------------------

Files Attached Document
Tip Tuesday

RE: Florida CDFI's

Mon, 2020-04-20 15:38
From : Communities>>Open Forum
Hi Gilberto, not that I'm aware of. In fact, most CDFI's down here in SOUTH Florida are in constant communication and I haven't heard anything of the sort. I can ask specifically (Self-Help Credit Union, ACCION, OLCDC, PSE, Miami Bayside Foundation, BBIF). Best. Manu ------------------------------ Manuel Costa Executive Staff Higher Logics Community Contacts (CDFI CONNECT - DO NOT DELETE) Miami FL 9194507088 ------------------------------

Commercial loan portfolio management procedures...

Mon, 2020-04-20 09:17
From : Communities>>Open Forum
Looking for examples of commercial loan portfolio management procedures, and particularly default management. Time to refresh ours. Thanks. Cal Be safe. Stay well. ___________________________________________________________________________________ In an effort to maintain the safety of our staff and customers during the current pandemic, we have implemented remote-working capabilities for some of our employees. During this time-period, you may experience longer than usual response times [More]

Florida CDFI's

Fri, 2020-04-17 18:38
From : Communities>>Open Forum
How are Florida CDFI's communicating with Senator Marco Rubio? Has his office been in touch? They expressed that they had talked to some CDFI's in the state. any insight may be helpful in our national advocacy. Thanks! Gilberto ------------------------------ Gilberto Soria Mendoza Senior Policy Advocate Opportunity Fund San Francisco CA 4085388171 ------------------------------

Checklist of Required Policies and Procedures

Fri, 2020-04-17 08:09
From : Communities>>Open Forum
Good morning - At the end of this month, we are shutting down for two days to have "Spring Cleaning."  During this time, we will clean our shared drive, go through our policies and procedures, and clean up our Outlook.   If we don't do this every two years, too much stuff gets in the way of efficiency and productivity.  As a former banker examiner, we provided guidance to the banks on what policies and procedures they were required to have and then recommendations.  For the nonprofit CDFI sector, [More]

The Badger State Comes Through for CDFIs

Thu, 2020-04-16 19:40
From : Communities>>Open Forum
Dear Colleagues - once in a while, the state of Wisconsin does something to remind us that they used to be known for its progressive traditions and liberal activism. In response to the pandemic, the state created the  The Small Business 20/20 Program which provides grant funds to approved CDFIs. Essentially, it's a pass through program.  Approved CDFIs or collaborations of CDFIs will award grants of up to  $20,000 to their existing loan clients to assist with cash-flow challenges resulting from COVID-19.  [More]

RE: Introducing Connect2Capital: A CDFI Small Business Lending Marketplace

Thu, 2020-04-16 13:07
From : Communities>>Open Forum
Hey Patrick - I would love to discuss any case studies of this platform being implemented in conjunction with local lender cohorts. Let me know some times + dates that work best for a call at imrnmmtz@gmail.com. Talk soon.​ ------------------------------ Imran Mumtaz Program + Loan Fund Manager Michigan Women Forward Detroit MI 3137713522 ------------------------------

RE: Paycheck Protection Program

Wed, 2020-04-15 17:19
From : Communities>>Open Forum
Our state district SBA office replied that we would be ineligible because we are primarily engaged in lending. Another response from the federal agency staff encouraged us to apply and thought an organization's eligibility would depend on the NAICS code used by the PPP lender.  Not the clarity we had hoped for. Since the borrower is self-certifying eligibility and accuracy of the application, we want to be certain we are eligible before accepting a loan under the program.  --- The updated interim [More]

RE: Paycheck Protection Program

Wed, 2020-04-15 11:50
From : Communities>>Open Forum
Has anyone received an actual, written response to whether nonprofit CDFIs are eligible? All was initially going well with our application. and then it was put on hold due to lack of clarity regarding nonprofit CDFI eligibility. It appears from a few recent posts in this chain that some have gotten their applications approved and funded. It would be really helpful if anyone who got funded could share the name of the lender publicly or privately. Absent an official answer from the SBA, I'm hoping [More]

Model Agreements and Application Template for Micro Equity Transactions

Wed, 2020-04-15 10:02
From : Communities>>Open Forum
Hello from Alaska:  Our Fund is piloting a micro equity small business product ($1,000 - $10,000).  This product is intended to be an introductory product to allow businesses to seek future, recurring capital investments as the business matures or expands in its marketplace. The product is paired with business advising, and the applicant must provide a business plan.  (We provide the option to use Live Plan — a cloud based business planning technology with practitioner access.)  My request [More]

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