CDFI Connect Community Discussions

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Updated: 31 min 30 sec ago

RE: Predictive Analytics for Emergency Loan Funds for Small Businesses

Tue, 2020-04-07 14:41
From : Communities>>Open Forum
I can vouch for Sung Ju. He's great. ------------------------------ Leila Faucette Chief Operating Officer LHOME CDFI Louisville KY 5025528091 ------------------------------

RE: Lenderfit - anyone using this CRM software to help facilitate doc collection

Tue, 2020-04-07 14:39
From : Communities>>Open Forum
Hi Bob, and others Yesterday we officially launched two new loans responding to COVID-19. At the same time we have moved to 100% virtual application to closing using Lenderfit for them.  Currently, we have over 300 applications in Lenderfit without any technical glitches. FYI, we are a tiny, under 3 yo nonprofit loan fund, under 100 loans in portfolio, pre COVID.  David at Lenderfit is great to work with! Leila ------------------------------ Leila Faucette Chief Operating Officer LHOME CDFI Louisville [More]

Make Your Voice Heard: CFPB Civil Penalty Fund Should Release Money to Non-profits

Tue, 2020-04-07 13:57
From : Communities>>Open Forum
Dear Colleagues, Members, and Friends: CBA is mounting a sign on letter campaign to encourage the CFPB to utilize funds available through its  Civil Penalty Fund to enable non-profits to deliver outstanding financial counseling, coaching and education to individuals and families struggling through the COVID-19 crisis.   As of September 30 th, 2019, the CFPB's Civil Penalty Fund held a balance of $1,220,702,694. There are only two purposes for this fund: to compensate victims of financial fraud and [More]

RE: CDFI Ignored in Coronavirus Stimulus Plan

Tue, 2020-04-07 13:35
From : Communities>>Open Forum
We have not heard that, and I have staff following these programs closely. We applied with support through one of our banks and know of others willing to have worked with us. 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 [More]

RE: Paycheck Protection Program

Tue, 2020-04-07 13:27
From : Communities>>Open Forum
From the interim final rule... "Businesses that are not eligible for PPP loans are identified in 13 CFR 120.110 and described further in SBA's Standard Operating Procedure (SOP) 50 10, Subpart B, Chapter 2, except that nonprofit organizations authorized under the Act are eligible."   "The program requirements of the PPP identified in this rule temporarily supersede any conflicting Loan Program Requirement (as defined in 13 CFR 120.10)." Under normal 7(a) program, for-profit businesses engaged [More]

RE: Lenderfit - anyone using this CRM software to help facilitate doc collection

Tue, 2020-04-07 11:44
From : Communities>>Open Forum
Hi Bob, What types of loans are you originating over there, and do your needs include producing loan disclosures, pulling credit, and using e-signatures? If so, you may want to take a look at our Loan Origination Module, which works in conjunction with our Loan Servicing System:   https://themortgageoffice.com/loan-origination-software.aspx   I can have a rep reach out to you if you'd like to explore it. ------------------------------ A.J. Poulin Applied Business Software www.themortgageoffice.com [More]

RE: Documents from Applicants

Tue, 2020-04-07 10:07
From : Communities>>Open Forum
Hello Miranda, FINANTA is offering an Emergency Loan Product. I'm linking the flyer we put together here , which provides some detail on what documents we are looking for. This loan is specifically designed for entrepreneur/small business clients. Thanks. Stay safe as well, ------------------------------ Peder Wiegner VP, Strategic Expansion FINANTA Philadelphia PA 267-236-7007 ------------------------------

Lenderfit - anyone using this CRM software to help facilitate doc collection

Mon, 2020-04-06 16:53
From : Communities>>Open Forum
Hello everyone, We're looking for a software solution which is also mobile friendly that will help us with application follow-up and doc  collection.  We've found that it takes a signification amount of follow-up via email and phone for us to collect the various items needed to complete a loan file.  We're looking at solutions that will auto-email and auto-text reminders at intervals while at the same time updating the applicant on what they still have outstanding. Anyone have experience with Lenderfit [More]

Women & Investing: Changing Communities One Investment at a Time

Mon, 2020-04-06 14:20
From : Communities>>Open Forum
GreenMoney's new April 1st issue on "Women & Investing: Changing Communities One Investment at a Time" is now online featuring Tami Kesselman of partner at LOHAS Advisors and founder of Aligned Investing Global: and Julie Gorte, SVP at Impax Asset Management and with Pax World Funds. Also articles on ImpactAssets' IA 50 Impact Manager Showcase and the Investing to Advance Women Guide as well as a video with Mindy Lubber of CERES on aligning Impact Investors with Sustainability Goals, all at- https://GreenMoney.com [More]

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Women & Investing: Changing Communities One Investment at a Time

Documents from Applicants

Mon, 2020-04-06 13:23
From : Communities>>Open Forum
Hello everyone, I hope this post finds you in good spirits! I am curious as to what documents CDFI's are requesting from applicants to apply for a emergency loan? Tiwa Lending Services is currently working on an emergency loan for our Isleta Tribal Members, but we wanted to see what others are requesting. Any information you can provide is appreciated and helpful!  Have a great week and stay safe! ------------------------------ Miranda Lente Loan Assistant/HOC Tiwa Lending Services Miranda@tiwalending.org [More]

RE: Paycheck Protection Program

Mon, 2020-04-06 12:58
From : Communities>>Open Forum
Thanks all for your responses.  The bank that originally told my client that they weren't eligible is now accepting applications. ------------------------------ Kathy Rock Consultant Portland, OR Kathyrock726@gmail.com 202-821-7190 ------------------------------

Predictive Analytics for Emergency Loan Funds for Small Businesses

Mon, 2020-04-06 12:46
From : Communities>>Open Forum
Good afternoon, If your CDFI is in need of some predictive analytics (expected loan losses, default rates, etc.) as you are launching an emergency loan fund for small businesses or would like to incorporate statistical simulations in your year-end cash flow projections (including loan loss reserve estimate) given the current uncertainty around COVID-19, please feel free to contact me at criticalanalyticsllc@gmail.com.  Thank you. Sung Ju ------------------------------ Sung Ju Park Managing Director [More]

RE: Paycheck Protection Program

Mon, 2020-04-06 12:37
From : Communities>>Open Forum
My understanding is that nonprofit  CDFIs are first and foremost nonprofit organizations and therefore eligible to apply for assistance through the PPP and/or the EIDL. I have not seen, read, or heard anything differently. If anyone else has, please let us know. Thanks. ------------------------------ Barbara Anne Gardenhire-Mills, M.S.E.L. Director of Compliance & Engagement Cooperative Business Assistance Corporation (CBAC) Camden, New Jersey 856-479-9583 BarbaraAnne@CBACLenders.com (She, Her, Hers) [More]

RE: Paycheck Protection Program

Mon, 2020-04-06 11:15
From : Communities>>Open Forum
I had not heard that either.  I submitted by application on Friday and it was filed on Sat. afternoon. ------------------------------ Carrie Zaslow Executive Director Providence Revolving Fund Providence RI 4019962944 ------------------------------

RE: Paycheck Protection Program

Mon, 2020-04-06 09:55
From : Communities>>Open Forum
I have not heard this. In fact, we are submitting our application today. I haven't seen that in any of the guidelines or regs or FAQs either. Has anyone else heard this? ------------------------------ Andrew Posner Founder & CEO Capital Good Fund Providence RI (401) 339-5437 ------------------------------

RE: CDFI Ignored in Coronavirus Stimulus Plan

Mon, 2020-04-06 09:23
From : Communities>>Open Forum
Thanks, Jason. CU Strategic Planning informed the article. We are working hard for the not-for-profit, cooperative credit union movement and CDFIs to carry OFN's message of funding in the next relief bill. ------------------------------ Jamie (Chase) Strayer Founder CU Strategic Planning jamie@creditunionstrategicplanning.com (253) 200-0418 ------------------------------

CDFI Ignored in Coronavirus Stimulus Plan

Sat, 2020-04-04 15:20
From : Communities>>Open Forum
Props to the CU Times, CUNA, and the credit union movement for breaking the silence and providing leadership on this, and exposing why CDFIs were ignored in the last COVID-19 stimulus plan. If you can't pull up the full article, signing up for their newsletter is free.    https://www.cutimes.com/2020/04/03/cdfi-ignored-in-coronavirus-stimulus-plan/ ------------------------------ Jason Friedman Principal Friedman Associates (319) 341-3556 jasonj@friedmanassociates.net www.friedmanassociates.net - [More]

RE: Access to new SBA program

Fri, 2020-04-03 19:27
From : Communities>>Open Forum
Jennifer, thanks for your work.  Have you been able to get guidance on if non-profit CDFI's can still access PPP, even if for-profit CDFIs fall under the finance company exclusion from eligibility?  Thanks. ------------------------------ Joel Smith CCO Higher Logics Community Contacts (CDFI CONNECT - DO NOT DELETE) Denver CO 7209635523 ------------------------------

Paycheck Protection Program

Fri, 2020-04-03 17:04
From : Communities>>Open Forum
I have heard that CDFIs aren't eligible for Paycheck Protection Program loans, because lenders are excluded.  What are others hearing? ------------------------------ Kathy Rock Kathy Rock San Francisco CA ------------------------------

Key Resource on Paycheck Protection Program

Fri, 2020-04-03 14:49
From : Communities>>Open Forum
Dear Colleagues - The National Association of Government Guaranteed Lenders (NAGGL) - is the primary resource for SBA-certified lenders and has updates to the Paycheck Protection Program.  Also, they have moved quickly to move their annual conference in May to an online platform. https://www.naggl.org/   ------------------------------ Jason Friedman Principal Friedman Associates (319) 341-3556 jasonj@friedmanassociates.net www.friedmanassociates.net ------------------------------

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