CDFI Connect Community Discussions

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RE: Lending to Artists and Creatives ...

Mon, 2018-11-12 10:49
From : Communities>>Open Forum
Hi Perry! Have you seen this initiative? Locally-based in Chicago, but could be replicated for a different city perhaps...  https://www.macfound.org/info-grantseekers/grantmaking-guidelines/arts-and-culture-loan-fund/ ------------------------------ Oscar Abello Editor Next City New York NY ------------------------------

RE: Recommendations for Good Insurance Brokers or Underwriters

Fri, 2018-11-09 13:42
From : Communities>>Open Forum
Sarah, Our insurance has always been around $6k. We did just make a change this year to Amerind Risk and they were very helpful and created a policy that works for us. I don't remember exactly what we pay but I know it is less than $11k. If you give them a shout let them know that you are an organization somewhat like the Northwest Native Development Fund. At least they would have a model/template for you to start from. ------------------------------ Ted Piccolo Execituve Director Northwest Native [More]

RE: Recommendations for Good Insurance Brokers or Underwriters

Fri, 2018-11-09 12:18
From : Communities>>Open Forum
Hi All, We are also standing up a CDFI and ran into exactly the same problem here in Ohio.  Ultimately the only insurance carriers we could find that would consider covering our lending, investments we receive for our loan programs and D&O were firms that specialize in commercial banks.  Their interest rates were very high and clearly not in keeping with the level of risk involved.   We would welcome and be willing to help with any efforts by CDFIs to seek pooled coverage, so please keep us in the [More]

RE: Recommendations for Good Insurance Brokers or Underwriters

Fri, 2018-11-09 09:58
From : Communities>>Open Forum
Hi Steve, Thanks for that information. I'm a big believer in creating purchasing power where possible. Please keep us in the loop on future conversations! Best, Sarah ------------------------------ Sarah Chenven Deputy Director Credit Builders Alliance Washington DC (202) 730-9390 ------------------------------

RE: Recommendations for Good Insurance Brokers or Underwriters

Fri, 2018-11-09 09:42
From : Communities>>Open Forum
Steve, That is great news and We here at the Northside Community Development Fund would be interested in learning more about an insurance pool.  Kevin, I also agree that it would be a very valuable service for OFN to provide its members.  We have an historic default rate of less than 2%, we've been around for almost 20 years.  While we have been growing, we were very surprised in 2013 when our insurance costs increased by 237%.  While those rates have gradually come back down, they are still 92% [More]

Lending to Artists and Creatives ...

Fri, 2018-11-09 09:39
From : Communities>>Open Forum
We are a CDFI and SBA microlender in an area of Boston that is undergoing rapid change. A number of initiatives and efforts are underway to support artists and creative economy types in the area. We are interested in exploring ways in which we can make capital available to potential borrowers in the arts, etc. many of whom may not have business collateral, significant personal assets or income to support our traditional loan offerings. Is anyone aware of lending products or strategies to provide [More]

RE: Recommendations for Good Insurance Brokers or Underwriters

Fri, 2018-11-09 09:15
From : Communities>>Open Forum
Hi Steve, What you have described is completely needed and I would be happy to join a group to explore these options. In a perfect world (at least in my humble opinion), these pooling type of services are the types of things that OFN as an industry aggregator should be offering to provide value to the industry and its members. Do you know if anyone at OFN has been brought into this conversation? Once again, I would be happy to explore this with whomever is leading the charge. Best, ------------------------------ [More]

RE: Recommendations for Good Insurance Brokers or Underwriters

Thu, 2018-11-08 10:05
From : Communities>>Open Forum
Hi Sarah, For a couple of years now a number of operations folks at CDFIs have shared an analysis that CDFIs are generally not priced correctly as an industry when seeking the coverages CBA is looking at.  Andrew Koh, the Director of Operations at Blue Hub, has been one of the developers of this analysis.  One of the thoughts he and others have batted around is the idea of getting a group of CDFIs together to purchase these coverages as a group.  With a certain size insurance account, they believe [More]

Recommendations for Good Insurance Brokers or Underwriters

Wed, 2018-11-07 13:42
From : Communities>>Open Forum
Dear all, Credit Builders Alliance is the sole member of a newly created separate entity that is a nonprofit emerging CDFI loan fund (CBA Fund).  Our current insurance brokers have worked with three different companies to secure D&O and EPL insurance quotes, all of which have come back at over $11K combined and all have stated that we cannot just add a rider to CBA's own insurance policies, which a number of other nonprofits out there have said they are able to do.   I am wondering if we need to [More]

Getting in Shape for the FY '19 CDFI Fund Program Round

Wed, 2018-11-07 11:50
From : Communities>>Open Forum
Dear Colleagues - we're having discussions with CDFIs across the country that are reflecting on their experience with funding from the CDFI Fund, specifically for FA awards. Many are taking a step back and asking themselves tough questions around financial sustainability, building enduring capacity, and mission Impact.   Many confide to us that the critical exercise of developing projections for growth and impact should not be the by-product of an FA application. The proverbial 'tail wagging the [More]

RE: Pacific NW/ Alaska/ West Coast CDFI Experienced CPA Auditors/ Firms

Tue, 2018-11-06 15:57
From : Communities>>Open Forum
Thank you @Calvin Vinal , @Tom Jacobi ,  @Bob Ibanez , @A.J. Poulin , @Kala Biittner , ​​​ @Jim Ferris and @Nancy Ng ​​​​​ for taking the time to share your ideas, thoughts and contacts.  I knew this was the right place to start! @Jim Ferris I agree with you that it is important to seek a firm that has specific CDFI experience - especially considering that our accounting firm does not.  There is much to be learned from those with experience. All the best and thank you all so very much!​ ------------------------------ [More]

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

Mon, 2018-11-05 20:59
From : Communities>>Open Forum
All,  I am relatively new to our CDFI, and we are at the end of our fiscal year. It may be too late to change things for this year's audit.  But for the future to think about, how have you decided to present your financial performance in your audits, annual reports, and internal reporting (and why)?   I am mainly asking in terms of the income statement and around our lending related income and expenses being broken out more - and even put on top for a quasi-'gross' margin like banks do with net interest [More]

2018 OFN Conference Session Materials Available

Mon, 2018-11-05 13:47
From : Communities>>Open Forum
Hi Everyone, Session materials from the 2018 OFN Conference have been uploaded on CDFI Connect.  You can view all session materials and plenary videos in the OFN Resource Library .  A few of the more popular sessions and plenary videos are: OFN's President and CEO, Lisa Mensah, Keynote Address Ned Gramlich Lifetime Achievement Award for Responsible Finance Speech by Nancy Andrews Implementing New CDFI Certification Criteria What CDFIS can Learn from Long-Term Holistic Evaluation In addition [More]

New Opportunity at Aeris

Fri, 2018-11-02 17:43
From : Communities>>Open Forum
I j ust wanted to let everyone know about a new job posting we have made to the OFN Job Bank ! It is always great to see so many industry jobs that are posted . Jon Schwartz, Senior Manager, Operations and Ratings Aeris | Guiding Capital to Good(r) jschwartz@aerisinsight.com TEL 267.233.5154

RE: CDFI for school rehab/childcare development

Fri, 2018-11-02 10:47
From : Communities>>Open Forum
​Hi Stewart!  Thank you for sharing this opportunity.  We at City First Bank of DC, a CDFI bank that does community development real estate financing, including daycare centers.  Feel free to email me at cnewell@cityfirstbank.com and I can connect the project with our lending team. www.cityfirstbank.com ------------------------------ Cynthia Newell City First Bank of DC Washington DC ------------------------------

RE: CDFI for school rehab/childcare development

Thu, 2018-11-01 10:01
From : Communities>>Open Forum
Christopher - thanks for the call-out on Abi Suarez and Capital Impact! I'm pleased to announce Abi gave birth to a baby boy - Xavier, her first - on Monday. We would welcome the opportunity to learn more about the project. In Abi's absence, please connect with Ian Wiesner, who manages the business development team, and Katherine Murtha, one of Abi's colleagues in Capital Impact's Arlington, VA office. Ian Wiesner: iwiesner@capitalimpact.org 313 230 1116 Katherine Murtha: kmurtha@capitalimpact.org [More]

RE: Race to Lead: Confronting the Nonprofit Racial Leadership Gap

Wed, 2018-10-31 12:37
From : Communities>>Open Forum
This is an important examination. There's no doubt executive recruiters are influenced by certain biases while search committees are only as committed to diverse recruitment as is the loudest voice in the room. In addition, lack of high net worth networks can reinforce biases and decision-making processes. Hopefully the report is widely distributed and the recommendations are taken to heart. ------------------------------ Armando de la Libertad Costa Mesa CA ------------------------------

Attorney Firms Experienced with CDFI's & EQ2 Investments

Wed, 2018-10-31 12:17
From : Communities>>Open Forum
​​Looking for firms in the Northeast with real experience documenting EQ2 investments to CDFI's. ------------------------------ Mary Lynn Bradley Vice President M & T Bank Albany NY (518) 464-6158 ------------------------------

Are you interested in a the Master's in Community Development Policy and Practice

Wed, 2018-10-31 11:37
From : Communities>>Open Forum
CDFI Connect Community,  Did you know The Carsey School at the University of New Hampshire offers a Master in Community Development Policy and Practice (MCD) degree? This low-residency program is designed for adult practitioners and allows students to continue working while earning a master's degree in 14 months.   The courses, taught primarily by practitioners, focus on building skills in finance, management and project design, implementation, management and evaluation.  A variety of elective courses [More]

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