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Updated: 11 min 33 sec ago

RE: Time allocation

Thu, 2019-05-09 11:41
From : Communities>>Open Forum
We too have the same issue, manual (via excel) is not the greatest approach to cost allocation of time across programs. In addition, we would love to use a time reporting system to also collect time study reporting 4 weeks a year to inform our FTE allocation method calculation for our Cost Allocation Plan and Indirect Rate renewal. For those of you researching or trying systems, please provide updates back to this discussion to help eliminate or confirm a selection for us individually to consider. [More]

SEFA calculations for CDFI awards

Wed, 2019-05-08 19:55
From : Communities>>Open Forum
How do you calculate total expenditures for the Schedule of Expenditures of Federal Awards for your CDFI Fund FA grants? I'm particularly interested in how you incorporate loan disbursements or loan receivable balances into the calculation. Similarly, how do you calculate your restricted net asset balance if you consider your CDFI grant to be restricted, particularly regarding loans receivable? ------------------------------ Pam MacRae Finance Manager Northwest Access Fund Seattle WA ----------- [More]

RE: OMB Uniform Guidance - Procurement Standard & Waiver

Wed, 2019-05-08 16:52
From : Communities>>Open Forum
We were told by CDFIHelp@cdfi.treas.gov that procurement regulations do not apply to purchases made on behalf of borrowers.  For background, we make consumer loans, and when we make them, we make purchases directly with the vendor that the borrower chose for the equipment they chose. ------------------------------ Pam MacRae Finance Manager Northwest Access Fund Seattle WA ------------------------------

RE: Challenges in Collecting loan covenants from small business clients

Wed, 2019-05-08 16:22
From : Communities>>Open Forum
Glen, I would like to add that language to our loan approval letter but for expediency, would you share the language you use? Craig -- _ Become a Member! Together we can be stronger and make a difference! Craig Anderson - Executive Director First American Capital Corporation - Business Loans for WI Indian Country (16 yrs) American Indian Chamber of Commerce of Wisconsin - Delivering Business Development Resources to you and your community for 26 years. American Indian Construction & Trades [More]

RE: Challenges in Collecting loan covenants from small business clients

Wed, 2019-05-08 15:13
From : Communities>>Open Forum
Of course! Melissa Johnson | Director of Portfolio Management, nCino Administrator melissaj@ccdfi.com | www.clearinghousecdfi.com o: 949.525.4960 | m: 714.310.9163 **Be aware! Online banking fraud is on the rise. If you receive an email containing WIRE TRANSFER INSTRUCTIONS call the loan servicing department at 949-334-2810 immediately to verify the information prior to sending funds.** Clearinghouse CDFI made the following annotations Electronic Privacy Notice . This e-mail, [More]

RE: Challenges in Collecting loan covenants from small business clients

Wed, 2019-05-08 15:10
From : Communities>>Open Forum
Hi Melissa, I would also be interested in this - may I contact you as well? Thanks so much, ------------------------------ Amy Schaftlein Executive Director United Housing, Inc. Memphis, TN 38118 901-728-6921 ------------------------------

RE: Challenges in Collecting loan covenants from small business clients

Wed, 2019-05-08 13:23
From : Communities>>Open Forum
Well, honestly, the folks that don't respond are mostly the Real Estate investor types, not the non-profit borrowers that are more mission based.  We make sure to exhaust all avenues of technical assistance and education prior to employing this tactic. These are people that simply just do not respond to any communication at all so educating them isn't an option. ------------------------------ Melissa Johnson Clearinghouse CDFI ------------------------------

RE: Challenges in Collecting loan covenants from small business clients

Wed, 2019-05-08 12:40
From : Communities>>Open Forum
Have you done an analysis of the characteristics of the 2%? Is there a common denominator? With a big shop like yours, 2% might be the entire portfolio of some of the organizations participating in this Forum.   We all appreciate the need to comply with our funder's requirements for data, but compliance is a function of mission. A customer-centric approach will build in opportunities throughout the engagement for educating borrowers on how reporting their success to you (call it their investment [More]

Billing Cycle Question

Wed, 2019-05-08 12:34
From : Communities>>Open Forum
Hello, It was recently suggested that we begin moving our new loans to a single billing cycle rather than continue the 1 st and 15 th cycles we've had in place for awhile. The idea is to create efficiency with less time spent on billing and bounced payments. Is the main reason lenders do the two cycles for customer convenience? Is there any reason why we would not want to do this? Thanks, Inja Coates Manager The Enterprise Center - Capital Corporation 4548 Market Street | Philadelphia, PA 19139 [More]

RE: Challenges in Collecting loan covenants from small business clients

Wed, 2019-05-08 12:15
From : Communities>>Open Forum
We do the same thing, and have a 2% default rate. We ONLY ever employ this tactic when we have a borrower that is just completely unresponsive to emails and phone calls. At a certain point they have to be held accountable to their loan agreement. We have reporting requirements to the FHLB and other funding sources and have to take a haircut if we do not get these items - so we had to do something. It really only comes into play on a very small percentage of our borrowers after all other avenues have [More]

RE: Challenges in Collecting loan covenants from small business clients

Wed, 2019-05-08 11:31
From : Communities>>Open Forum
Leaving aside whether its effective or not, I don't believe that punitive measures should be the basis for a relationship with a borrower unless all other measures are exhausted. Sounds like this would be a good subject for a webinar on various pre and post loan practices and how they can support impact tracking. Would anyone like to share their approach in a webinar we can host? ------------------------------ Jason Friedman Principal Friedman Associates 319-341-3556 jasonj@friedmanassociates.net [More]

RE: Challenges in Collecting loan covenants from small business clients

Tue, 2019-05-07 13:53
From : Communities>>Open Forum
Thank you Glen for your response! Karen Maciorowski, Vice President and CFO CEDF is Connecticut's #1 SBA Microlender for the 6 th consecutive year. The Community Economic Development Fund 965 East Main Street, Meriden, CT 06450 Phone 203-235-2333 x 2080 Fax 203-235-2913 kmaciorowski@cedf.com www.cedf.com

RE: Challenges in Collecting loan covenants from small business clients

Tue, 2019-05-07 13:47
From : Communities>>Open Forum
As part of our standard notes we have language setting a default interest rate 5 points higher than the note rate and failure to provide documents listed in the covenants is a technical default. We have found sending a letter informing clients that the default interest rate will start the following month if documents are not submitted to be very effective. We also use our Technical Assistance Staff to work with individuals that seem to be struggling to keep the records needed for submission and as [More]

RE: Challenges in Collecting loan covenants from small business clients

Tue, 2019-05-07 12:08
From : Communities>>Open Forum
Hey Karen, I am happy to share. You can email me at melissaj@ccdfi.com or call me at 949-525-4960. ------------------------------ Melissa Johnson Clearinghouse CDFI ------------------------------

RE: Living Wage Press Conference and Panel Discussion

Mon, 2019-05-06 16:48
From : Communities>>Open Forum
Thanks, Karl! Looking forward to the session! Cathi Kim Director, Inclusiv Capital | Inclusiv E: ckim@inclusiv.org T: 212.809.1850 x271 Direct: 646.367.3185 39 Broadway, Suite 2140, New York, NY 10006 https://www.inclusiv.org/investing | Facebook | LinkedIn | Twitter Inclusiv is the new name of the National Federation of Community Development Credit Unions

RE: Loan Documents

Mon, 2019-05-06 13:14
From : Communities>>Open Forum
While I know Heather asked this question over a year ago, it's a topic that always finds new interest with new members and new CDFIs joining our community. We also use Finastra's LaserPro primarily for the legal peace of mind since we are not large enough to have our own attorney nor are there any in our area with specific CDFI knowledge.  Finastra constantly monitors current law, so we have the confidence that our documents are always as up-to-date as possible. We were a team of just five when I [More]

RE: Time allocation

Mon, 2019-05-06 12:54
From : Communities>>Open Forum
Our team recently changed to Harvest (see more at https://www.getharvest.com/ ).  So far, so good.....It has delivered what it promised and is user friendly. ------------------------------ Caprice Pratt Small Business Lending Outreach / Underwriter Spruce Root, Inc., Southeast Alaska ------------------------------

RE: Time allocation

Mon, 2019-05-06 09:52
From : Communities>>Open Forum
​We are actually looking for the same thing. We will be having a demo with Timeclock Plus today. ------------------------------ [Larry] [Bell] [MBA] [Executive Vice President and CFO] [The Enterprise Center] [Philadelphia] [PA] (215-895-4000] ------------------------------

RE: Loan Documents

Mon, 2019-05-06 09:46
From : Communities>>Open Forum
Loan docs vary by state.  We've always done in-house with our own attorney.  Our cost is fairly low at about $300 for a simple transaction.  We had the attorney draft some basics sets of documents (depending on the source of our loan capital).  The attorney makes changes to the docs to adjust for different loan terms, interest rate, collateral, etc.  We get them back to review and loan officer closes the loan.  It is pretty simple, it only costs us about $300 per transaction, and that is a cost that [More]

RE: Time allocation

Mon, 2019-05-06 09:43
From : Communities>>Open Forum
We use Replicon at the moment. Its a decent online service with what I would consider the best help desk/call center I've ever worked with. Super helpful, super responsive if you ever have questions. ADP has wanted to get our business for Time and Attendance but their platform doesn't provide the type of reporting we need without giving them more of our business. Replicon prices per user per month - somewhere in the range of $7/user/mo. ------------------------------ Kevin Fryatt Director of Finance [More]

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