CDFI Connect Community Discussions
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RE: Help OFN Member, Native 360 Loan Fund, Win $125,000!
From : Communities>>Open Forum
Just voted! Thanks Seth for sharing! ------------------------------ Rachel Smith Policy and Advocacy Specialist Rural Community Assistance Corporation West Sacramento CA (916) 447-9832; 1018 ------------------------------
Just voted! Thanks Seth for sharing! ------------------------------ Rachel Smith Policy and Advocacy Specialist Rural Community Assistance Corporation West Sacramento CA (916) 447-9832; 1018 ------------------------------
RE: Facilities Financing and Small Business Support for Child Care Providers
From : Communities>>Open Forum
Children's Investment Fund (CIF) has been providing training, technical assistance, and financing to the early education and out-of-school time fields in Massachusetts since 1990. We've invested $73M in 572 capital projects over the years and were instrumental in the creation of a state capital bond program for the early education sector that has funded 38 large-scale projects since 2013. CIF organized an emergency technical assistance response to the COVID-19 crisis, focused particularly on the [More]
Children's Investment Fund (CIF) has been providing training, technical assistance, and financing to the early education and out-of-school time fields in Massachusetts since 1990. We've invested $73M in 572 capital projects over the years and were instrumental in the creation of a state capital bond program for the early education sector that has funded 38 large-scale projects since 2013. CIF organized an emergency technical assistance response to the COVID-19 crisis, focused particularly on the [More]
RE: Nonprofit Main Street Lending Program
From : Communities>>Open Forum
Excluding CDFIs that are 501c4 is also a limitation. ------------------------------ Ruben Alonso III President AltCap Kansas City, MO (816) 216-1851 ext. 1 ------------------------------
Excluding CDFIs that are 501c4 is also a limitation. ------------------------------ Ruben Alonso III President AltCap Kansas City, MO (816) 216-1851 ext. 1 ------------------------------
RE: Nonprofit Main Street Lending Program
From : Communities>>Open Forum
The interest rate for MSLP is decent for a direct borrower but too high for intermediary capital. ------------------------------ Kate Barr President & CEO Propel Nonprofits Minneapolis MN (612) 278-7182 ------------------------------
The interest rate for MSLP is decent for a direct borrower but too high for intermediary capital. ------------------------------ Kate Barr President & CEO Propel Nonprofits Minneapolis MN (612) 278-7182 ------------------------------
RE: Facilities Financing and Small Business Support for Child Care Providers
From : Communities>>Open Forum
Thus far, BOC Capital has focused on deploying PPP loans to licensed home-based daycares in NYC along with hands-on TA that extends to health and safety and access to additional resources. This is a sector and a group of microentrepreneurs that we have a longtime commitment to. Our affiliate, BOC Network has an existing client base of childcare businesses through its Child Care Business Development Project operating for fifteen+ years. BOC build's business management capacity for start-up and existing [More]
Thus far, BOC Capital has focused on deploying PPP loans to licensed home-based daycares in NYC along with hands-on TA that extends to health and safety and access to additional resources. This is a sector and a group of microentrepreneurs that we have a longtime commitment to. Our affiliate, BOC Network has an existing client base of childcare businesses through its Child Care Business Development Project operating for fifteen+ years. BOC build's business management capacity for start-up and existing [More]
Help OFN Member, Native 360 Loan Fund, Win $125,000!
From : Communities>>Open Forum
Hi all, Native 360 Loan Fund is a Native CDFI located in Grand Island, Nebraska. Native 360 Loan fund recently was one of five Nebrasksa non-profits to recieve a 175,000 grant from the Google.org Impact Challenge Nebraska. Native 360 won for providing "Native American Entrepreneurs with on-going technical assistance, not a "one and done approach" but a customized on-going technical assistance plan, combined with industry specific consultants and coachesand now have an opportunity". Native [More]
Hi all, Native 360 Loan Fund is a Native CDFI located in Grand Island, Nebraska. Native 360 Loan fund recently was one of five Nebrasksa non-profits to recieve a 175,000 grant from the Google.org Impact Challenge Nebraska. Native 360 won for providing "Native American Entrepreneurs with on-going technical assistance, not a "one and done approach" but a customized on-going technical assistance plan, combined with industry specific consultants and coachesand now have an opportunity". Native [More]
RE: Facilities Financing and Small Business Support for Child Care Providers
From : Communities>>Open Forum
CEI is working in the child care center, both as a lender and advisor. We received OCS funding for our Child Care Labs (started pre-covid) - an intensive cohort-based initiative to help new child care providers start up and existing providers grow. Cynthia Murphy runs the program at CEI - cynthia.murphy@ceimaine.org. ------------------------------ [Laura] [Buxbaum] [SVP, Public Policy and Resource Development] [CEI] [Brunswick] [ME] [(207)509-5873] ------------------------------
CEI is working in the child care center, both as a lender and advisor. We received OCS funding for our Child Care Labs (started pre-covid) - an intensive cohort-based initiative to help new child care providers start up and existing providers grow. Cynthia Murphy runs the program at CEI - cynthia.murphy@ceimaine.org. ------------------------------ [Laura] [Buxbaum] [SVP, Public Policy and Resource Development] [CEI] [Brunswick] [ME] [(207)509-5873] ------------------------------
Congrats to Tate Hill - New CEO at Access Plus Capital
From : Communities>>Open Forum
Dear Colleagues - I am on the mailing list for hundreds of CDFIs, including Access Plus Capital in Fresno. I was psyched to read that Tate Hill, the previous Director of Administration, has name as the new CEO. I highly recommend you read this press announcement about the appointment. Tate embodies the next generation of CDFI leadership that puts economic justice and financial inclusiveness front and center. Raise your coffee cup! Cheers to Tate Hill! ------------------------------ Jason Friedman [More]
Dear Colleagues - I am on the mailing list for hundreds of CDFIs, including Access Plus Capital in Fresno. I was psyched to read that Tate Hill, the previous Director of Administration, has name as the new CEO. I highly recommend you read this press announcement about the appointment. Tate embodies the next generation of CDFI leadership that puts economic justice and financial inclusiveness front and center. Raise your coffee cup! Cheers to Tate Hill! ------------------------------ Jason Friedman [More]
Facilities Financing and Small Business Support for Child Care Providers
From : Communities>>Open Forum
Are any organizations working to support the child care sector? If so, what challenges or opportunities are being presented by the COVID-19 pandemic? Facilities-related health and safety challenges and underdeveloped business models are obstacles that have long-confronted child care and other early care and education providers. Most providers are consistently faced with making very difficult decisions about how to best allocate their limited resources to address facilities issues because they operate [More]
Are any organizations working to support the child care sector? If so, what challenges or opportunities are being presented by the COVID-19 pandemic? Facilities-related health and safety challenges and underdeveloped business models are obstacles that have long-confronted child care and other early care and education providers. Most providers are consistently faced with making very difficult decisions about how to best allocate their limited resources to address facilities issues because they operate [More]
Happy Birthday, Dodd-Frank!
From : Communities>>Open Forum
It's now 10 years since Dodd-Frank was signed into law. Among other things, it created the Consumer Financial Protection Bureau, which I joined in 2012. Along with Sen. Warren and former Director Cordray, I'm proud to have served in the agency, which accomplished much. And, hopefully, will once again regain its important role ensuring fair financial markets and protecting consumers. https://archer-rosenthal.com/the-cfpb-is-here-to-stay-despite-attacks/ -- Clifford N. Rosenthal, Author Democratizing [More]
It's now 10 years since Dodd-Frank was signed into law. Among other things, it created the Consumer Financial Protection Bureau, which I joined in 2012. Along with Sen. Warren and former Director Cordray, I'm proud to have served in the agency, which accomplished much. And, hopefully, will once again regain its important role ensuring fair financial markets and protecting consumers. https://archer-rosenthal.com/the-cfpb-is-here-to-stay-despite-attacks/ -- Clifford N. Rosenthal, Author Democratizing [More]
RE: Need CDFI lender in Puerto Rico and Texas
From : Communities>>Open Forum
Hi David! We are a CDFI established in Puerto Rico for the last 38 years. We provide loans to small businesses from $500 up to $5 million through the SBA Microloan, SBA Community Advantage, SBA 504 and Rural IRP Lending Programs. If your need financing for construction equipment, we are able to assist. You can contact me at (787)756-5080 ext. 223. Giovanna Piovanetti, Esq. Executive President Corporación para el Financiamiento Empresarial del Comercio y de las Comunidades (COFECC) A Certified [More]
Hi David! We are a CDFI established in Puerto Rico for the last 38 years. We provide loans to small businesses from $500 up to $5 million through the SBA Microloan, SBA Community Advantage, SBA 504 and Rural IRP Lending Programs. If your need financing for construction equipment, we are able to assist. You can contact me at (787)756-5080 ext. 223. Giovanna Piovanetti, Esq. Executive President Corporación para el Financiamiento Empresarial del Comercio y de las Comunidades (COFECC) A Certified [More]
RE: Nonprofit Main Street Lending Program
From : Communities>>Open Forum
Kate is right CDFIs should look at the MSLP as a financing source for their clients, not themselves. Of course, the $250,000 minimum loan size makes it useless for most borrowers CDFIs deal with. One interesting idea that I haven't heard discussed yet (and I haven't thoroughly vetted) is to form a fund that purchases loans from CDFIs and uses MSLP loans to fund those purchases. Michael J. Clain Windels Marx Lane & Mittendorf, LLP 156 West 56th Street, New York, New York 10019 Direct Dial: 212.237.1035 [More]
Kate is right CDFIs should look at the MSLP as a financing source for their clients, not themselves. Of course, the $250,000 minimum loan size makes it useless for most borrowers CDFIs deal with. One interesting idea that I haven't heard discussed yet (and I haven't thoroughly vetted) is to form a fund that purchases loans from CDFIs and uses MSLP loans to fund those purchases. Michael J. Clain Windels Marx Lane & Mittendorf, LLP 156 West 56th Street, New York, New York 10019 Direct Dial: 212.237.1035 [More]
RE: Need CDFI lender in Puerto Rico and Texas
From : Communities>>Open Forum
I would reach out to BCL of Texas https://bcloftexas.org/ ------------------------------ William Sutherland President TransPecos Development Corporation San Antonio TX 2102284444 ------------------------------
I would reach out to BCL of Texas https://bcloftexas.org/ ------------------------------ William Sutherland President TransPecos Development Corporation San Antonio TX 2102284444 ------------------------------
RE: Nonprofit Main Street Lending Program
From : Communities>>Open Forum
The program wasn't ever developed as a capital source for CDFIs but rather as a source of capital for mid-sized businesses that were too big for PPP. CDFIs are considering MSP as a capital source because we're all looking everywhere. ------------------------------ Kate Barr President & CEO Propel Nonprofits Minneapolis MN (612) 278-7182 ------------------------------
The program wasn't ever developed as a capital source for CDFIs but rather as a source of capital for mid-sized businesses that were too big for PPP. CDFIs are considering MSP as a capital source because we're all looking everywhere. ------------------------------ Kate Barr President & CEO Propel Nonprofits Minneapolis MN (612) 278-7182 ------------------------------
RE: Nonprofit Main Street Lending Program
From : Communities>>Open Forum
Even if they met the size requirement, most CDFIs would be ineligible for the program because they are "financial businesses primarily engaged in the business of lending". Am I wrong about that? Michael J. Clain Windels Marx Lane & Mittendorf, LLP 156 West 56th Street, New York, New York 10019 Direct Dial: 212.237.1035 | General Fax: 212.262.1215 mclain@windelsmarx.com | www.windelsmarx.com This message is sent by a law firm and may contain information that is privileged or confidential. If you received [More]
Even if they met the size requirement, most CDFIs would be ineligible for the program because they are "financial businesses primarily engaged in the business of lending". Am I wrong about that? Michael J. Clain Windels Marx Lane & Mittendorf, LLP 156 West 56th Street, New York, New York 10019 Direct Dial: 212.237.1035 | General Fax: 212.262.1215 mclain@windelsmarx.com | www.windelsmarx.com This message is sent by a law firm and may contain information that is privileged or confidential. If you received [More]
RE: Need CDFI lender in Puerto Rico and Texas
From : Communities>>Open Forum
Our Puerto Rico office (Ponce) primariy focuses on small business lending, but we have done some affordable housing lending in New York. I'd be happy to talk about what you have in mind. hvantol@pathstone.org ------------------------------ Hubert Van Tol President PathStone Enterprise Center Rochester NY 585-340-3385 ------------------------------
Our Puerto Rico office (Ponce) primariy focuses on small business lending, but we have done some affordable housing lending in New York. I'd be happy to talk about what you have in mind. hvantol@pathstone.org ------------------------------ Hubert Van Tol President PathStone Enterprise Center Rochester NY 585-340-3385 ------------------------------
RE: Nonprofit Main Street Lending Program
From : Communities>>Open Forum
The minimum number of employees requirement still excludes a large number of CDFIs. That being said, this isn't what excludes our CDFI and makes the capital very unattractive. It's actually these two terms: Current debt repayment capacity-ratio of cash, investments and other resources to outstanding debt and certain other liabilities-of greater than 55% Most CDFIs that are maximizing their balance sheets won't meet this requirement. LIBOR + 3% This is significantly higher than most [More]
The minimum number of employees requirement still excludes a large number of CDFIs. That being said, this isn't what excludes our CDFI and makes the capital very unattractive. It's actually these two terms: Current debt repayment capacity-ratio of cash, investments and other resources to outstanding debt and certain other liabilities-of greater than 55% Most CDFIs that are maximizing their balance sheets won't meet this requirement. LIBOR + 3% This is significantly higher than most [More]
RE: Member Monday
From : Communities>>Open Forum
Thanks for recognizing MMCDC. Jamie Marks Erickson Development Officer 218-844-7025 Sign up for our newsletter! Click on our logo below, scroll to the bottom and enter your email. CONFIDENTIAL AND PROPRIETARY This email and any files transmitted with it are confidential and privileged material intended solely for the use of the individual or entity to whom they are addressed. Any review or distribution by others is strictly prohibited. If you are not the named addressee you should not [More]
Thanks for recognizing MMCDC. Jamie Marks Erickson Development Officer 218-844-7025 Sign up for our newsletter! Click on our logo below, scroll to the bottom and enter your email. CONFIDENTIAL AND PROPRIETARY This email and any files transmitted with it are confidential and privileged material intended solely for the use of the individual or entity to whom they are addressed. Any review or distribution by others is strictly prohibited. If you are not the named addressee you should not [More]
Need CDFI lender in Puerto Rico and Texas
From : Communities>>Open Forum
In Puerto Rico we have a multi-family and housing projects. Texas in Rural Area restaurant business, mainly steel buildings with indoor and outdoor seating. Construction loan to renovate building for more indoor eating area and entertainment venue. Max loan qualification is $200,000 Best regards, David Vargas CFO, Tiger Eye Capital Tigereyec-capital.com Tribal non-profit 562-964-4620
In Puerto Rico we have a multi-family and housing projects. Texas in Rural Area restaurant business, mainly steel buildings with indoor and outdoor seating. Construction loan to renovate building for more indoor eating area and entertainment venue. Max loan qualification is $200,000 Best regards, David Vargas CFO, Tiger Eye Capital Tigereyec-capital.com Tribal non-profit 562-964-4620
RE: Nonprofit Main Street Lending Program
From : Communities>>Open Forum
The structure and terms don't fit well for a CDFI even when we do have 10 or more employees. I can't imagine using it. ------------------------------ Kate Barr President & CEO Propel Nonprofits Minneapolis MN (612) 278-7182 ------------------------------ ------------------------------------------- Original Message: Sent: 07-17-2020 12:00 From: Michael Eggleston Subject: Nonprofit Main Street Lending Program The Fed announced today that the Main Street Lending Program for nonprofits has been modified. [More]
The structure and terms don't fit well for a CDFI even when we do have 10 or more employees. I can't imagine using it. ------------------------------ Kate Barr President & CEO Propel Nonprofits Minneapolis MN (612) 278-7182 ------------------------------ ------------------------------------------- Original Message: Sent: 07-17-2020 12:00 From: Michael Eggleston Subject: Nonprofit Main Street Lending Program The Fed announced today that the Main Street Lending Program for nonprofits has been modified. [More]