CDFI Connect Community Discussions

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Updated: 9 min 11 sec ago

RE: 2018 OFN Conference Session Materials Available

Fri, 2018-11-16 14:29
From : Communities>>Open Forum
Thanks @Seth Julyan for this post.  There was so much information that I am sure I did not absorb everything at the conference.  These links will not only be valuable for me as a refresh / reference, but they also allow me to easily share with the rest of our team!   Knowledge is power! ------------------------------ Caprice Pratt Commercial Loan Officer / Underwriter Spruce Root, Inc., Southeast Alaska ------------------------------

Investor terms and interest rates

Fri, 2018-11-16 10:24
From : Communities>>Open Forum
We are in the process of launching a formal capital campaign to raise low-interest, long-term loans from social impact investors (in addition to our CRA asks from banks). We'd appreciate advice on how you marry loan term with interest rates. Right now, all our investors are earning 2% for terms of 2 to 10 years, but this money was all raised during a time when banks were paying just above 0% on cash. Do you have different loan terms, e.g. 2 years/5/7/10? Do they pay different interest rates? Thanks, [More]

RE: Calculating avg interest rate

Fri, 2018-11-16 09:45
From : Communities>>Open Forum
The most accurate way to calculate this would be to look at the weighted average lending rate based on each loan and their respective interest rates on the books at any given point time. By looking at interest revenue/gross portfolio it is essentially comparing apples (revenue over a period of time) to oranges (portfolio at a given point in time). To tight this up you could do an average portfolio figure with start and end dates covering the same period as you're pulling the interest figure and then [More]

Calculating avg interest rate

Thu, 2018-11-15 15:32
From : Communities>>Open Forum
Hello all, We're trying to make some graphs to represent our avg interest rate and how it has changed over time. Our database won't do this the way we want to, so we're trying to do it manually.  What's the most accurate way to do this? We've identified some trends by taking Interest Revenue (annual figure) / Loans Receivable (measured at the end of the year), but since the Loans Receivable number changes throughout the year, this isn't the most precise way to do this. We could get the monthly figures [More]

RE: Lending to Artists and Creatives ...

Thu, 2018-11-15 09:05
From : Communities>>Open Forum
Thank you, Amy. Very helpful and useful models.  P. ------------------------------ Perry Newman Chief Executive Officer Dorchester Bay Neighborhood Loan Fund Dorchester MA (617) 825-4200 ------------------------------

RE: Audit Presentation Question - Net Interest Income/Margin calculation or not?

Wed, 2018-11-14 10:54
From : Communities>>Open Forum
Hi Chris, When I came to Genesis a couple years ago we decided to make this change from reporting all income and all expense separately to using the "Net Financing Income" presentation that nets out interest expense and loan loss expense from interest revenue in the income section of our P&L. We do this in our annual budget, monthly internal financials and annual report. Our auditor does not present the income statement this way in our audit. We also could not find a good way of setting up the chart [More]

RE: Lending to Artists and Creatives ...

Wed, 2018-11-14 10:00
From : Communities>>Open Forum
Interesting perspectives and good information. ------------------------------ Earl Randall Manager, Program Administration Capital for Change Hartford CT ------------------------------

RE: Recommendations for Good Insurance Brokers or Underwriters

Tue, 2018-11-13 20:52
From : Communities>>Open Forum
Hi everyone, This is a great discussion and I'm glad to see CDFIs interested in exploring different ways to lower insurance premiums.  In 2019, OFN will be researching if a Property and Casualty insurance program could be designed for OFN Members.  The purpose of an insurance program for OFN members would be to help reduce the cost of insurance and provide better insurance coverage.   This discussion thread has sped up our timeline slightly and below is a link to a survey for OFN members to complete [More]

RE: Recommendations for Good Insurance Brokers or Underwriters

Tue, 2018-11-13 18:13
From : Communities>>Open Forum
Good Afternoon, NOAH (Network for Oregon Affordable Housing) is a CDFI and would be interested in joining a group exploring insurance options to see if there is a way we can work together on this matter. Best, CB     ------------------------------ Cyndi Barber, CPA Director of Finance & Administration Network for Oregon Affordable Housing cyndib@noah-housing.org 503 501 5542 office 503 730 7486 cell ------------------------------

CDFI Partnerships: New Research & Webinar

Tue, 2018-11-13 15:11
From : Communities>>Open Forum
​Hi all -- The Richmond Fed has published new research entitled " Strength in Numbers: The Growth and Evolution of CDFI Partnerships ," in partnership with the Atlanta, St. Louis and Minneapolis Fed Banks. This publication features eight case studies highlighting CDFI partnerships across the country. Please check it out and a huge thank you to the Reserve Bank and CDFI partners who made this research possible! There will also be a Connecting Communities webinar on November 29th at 3PM that will feature [More]

RE: Lending to Artists and Creatives ...

Tue, 2018-11-13 14:15
From : Communities>>Open Forum
We support the Berea Arts Accelerator participants with a signature loan up to $2500 at 5% interest.  This program is a partnership between the City of Berea and Berea Tourism; participants also get a monthly stipend from the city, workshop and gallery space, and we provide FastTrac business training in a cohort setting as well as AIR Institute training: AIR Shift and AIR Evlove. We also offer microloans to Creatives (dance studios, visual artists, etc.) ------------------------------ Amy Williams [More]

RE: Lending to Artists and Creatives ...

Tue, 2018-11-13 11:27
From : Communities>>Open Forum
Great question and GREAT responses!  Southeast Alaska is a very "artsy" community  (probably due to the need to keep busy during a long, dark, rainy winter...lol).  I am sharing this discussion with the rest of our team....maybe we can help our artists get that extra help they need. Thanks to you all! ------------------------------ Caprice Pratt Commercial Loan Officer / Underwriter Spruce Root, Inc., Southeast Alaska ------------------------------

RE: Just published! Democratizing Finance: Origins of the Community Develoment financial Institutions Movement

Tue, 2018-11-13 10:05
From : Communities>>Open Forum
Congratulations Cliff. I know you have devoted a lot of effort to this. Thanks for your leadership in the field. ------------------------------ David Scheck Principal Juniper Creek Partners, LLC ------------------------------

RE: Lending to Artists and Creatives ...

Tue, 2018-11-13 09:14
From : Communities>>Open Forum
Hi All, First time posting to CDFI Connect. I mistakenly sent an email to Perry individually, but wanted to share my response with the group. Bridgeway Capital created the Craft Business Accelerator and Monmade ( Home - MONMADE ) initiatives in 2016 to channel our economic development capabilities into Pittsburgh's creative economy. Providing access to capital is one dimension of it. I attached a one pager with our cumulative impact. Thanks, ------------------------------ Adam Kenney Bridgeway Capital [More]

Files Attached Document
RE: Lending to Artists and Creatives ...

RE: Recommendations for Good Insurance Brokers or Underwriters

Tue, 2018-11-13 08:31
From : Communities>>Open Forum
As a CDFI with about $20MM in assets and $15MM in loans receivable,  our D&O is about $4200.   I am interested in what CDFI are experiencing with Professional Liability insurance that includes loan servicing.   Currently our loans are serviced by a partnering bank under a loan servicing agreement.   We are looking at bringing our loan servicing in-house and have been told that Professional Liability that includes loan servicing could be as much as $35,000.   We also provide extensive business development [More]

RE: Recommendations for Good Insurance Brokers or Underwriters

Tue, 2018-11-13 03:16
From : Communities>>Open Forum
I wonder if this could be an extension for the Housing Partnership Network's insurance company? I was just introduced to them recently - they are in the CDFI world - mostly housing of course - and they formed their own insurance exchange for housing developers.  Providing insurance to CDFIs might be possible??  Or they might at least have some ideas on what to do - whom to approach...   https://housingpartnership.net/hpiex ------------------------------ Christopher Linder CEO MaineStream Finance [More]

Just published! Democratizing Finance: Origins of the Community Develoment financial Institutions Movement

Mon, 2018-11-12 16:55
From : Communities>>Open Forum
After three years of archival research and more than 200 interviews with CDFI practitioners, funders and investors, Clinton Administration officials, and others who helped shape the movement, my book is now available (Amazon, B&N, and other on-line booksellers). The first public event will be at the San Francisco Federal Reserve Bank, November 29. For further information: www.archer-rosenthal.com . -- Clifford N. Rosenthal 577 Sixth Street Brooklyn, NY 11215 917.903.1927 | Cliffcdcu1@gmail.com [More]

Marking New Hampshire Community Loan Fund's 35th!

Mon, 2018-11-12 11:58
From : Communities>>Open Forum
Did you know New Hampshire Community Loan Fund has turned 35? Last week they hosted an anniversary celebration in Concord, NH. I enjoyed congratulating Community Loan Fund staff Debby Miller, Steve Varnum, and of courrse, Julie Eades. Read more about their big night on OFN's blog: NEW HAMPSHIRE COMMUNITY LOAN FUND CELEBRATES 35 YEARS Ofn remove preview NEW HAMPSHIRE COMMUNITY LOAN FUND CELEBRATES 35 YEARS To mark their 35 th anniversary New Hampshire Community Loan Fund hosted [More]

Files Attached Document
Good visit with New Hampshire Community Loan Fund to mark their 35th!

RE: Recommendations for Good Insurance Brokers or Underwriters

Mon, 2018-11-12 11:13
From : Communities>>Open Forum
ECDI would be interested in pooling as well. Steven H.O. Fireman President & General Counsel 1655 Old Leonard Avenue Columbus, OH 43219 Main Office: 614-559-0115 "Investing in people to create measurable and enduring social and economic change" Click the infographic to see ECDI's Impact in 2017!

RE: Lending to Artists and Creatives ...

Mon, 2018-11-12 10:57
From : Communities>>Open Forum
Hi Perry: We created ARTcap two years ago and its is one of our most successful microloan funds.  It required a very intentional approach and specific TA.  Check out our webpage and give me a call to discuss; happy to share details on how we set it up. ------------------------------ Ruben Alonso III President AltCap Kansas City MO 816.216.1851 ------------------------------

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