CDFI Connect Community Discussions

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Updated: 43 min 56 sec ago

RE: Small Biz Lending Process Re-engineering and Technology Consultants

Wed, 2020-11-18 12:30
From : Communities>>Open Forum
Hi Kevin, I am a new member of OFN and I serve as the SVP of Lending for AmPac Tri-Stae CDC as of October 19. As I observe their manual processes I find myself with the need to update their process management as well. Has anyone answered you since September with a solution you are satisfied with? I have spoken to Finastra and a company out of NYC called LendingFront so far. Still looking, please advise. Thanks ------------------------------ Richard Pallay Senior VP - Community Lending AmPac Business [More]

Capitalization/fundraising campaign consultants

Wed, 2020-11-18 12:04
From : Communities>>Open Forum
Hello All: I'm reaching out on behalf of a regional non-profit economic development organization and its affiliated CDFI (an OFN member) that are planning for a major fundraising campaign to attract both grants and loans to fuel expansion. They would like to compile a list of experienced firms/teams with diverse staffing and a track record within community economic development industry. Work with high-wealth individuals in addition to institutional givers is a very big plus. An RFI would be forthcoming.  [More]

RE: Do you have good/bad experience with the Bridges Out of Poverty Getting Ahead program?

Wed, 2020-11-18 10:27
From : Communities>>Open Forum
Yes, great experience. I have put all of my staff through the program in Schenectady, NY. ------------------------------ Linda MacFarlane Executive Director Community Loan Fund of the Capital Region, Inc. Albany NY 518.436.8586 ------------------------------

Increasing Efficiency through Sustainability and Mergers

Wed, 2020-11-18 09:09
From : Communities>>Open Forum
Did anyone notice that the "Increasing Efficiency through Sustainability and Mergers" link is incorrect in the OFN post-conference recordings? Any help? Patrick Derrickson, CFRE Grants & Fund Procurement Specialist Community First Fund 1301 N 2nd St Philadelphia, PA 19122 267-273-4315 (cell) pderrickson@communityfirstfund.org www.communityfirstfund.org

RE: Do you have good/bad experience with the Bridges Out of Poverty Getting Ahead program?

Tue, 2020-11-17 14:51
From : Communities>>Open Forum
Yes please, Chris. Thank you! ------------------------------ Jamie (Chase) Strayer Founder CU Strategic Planning jamie@creditunionstrategicplanning.com (253) 200-0418 ------------------------------

RE: Tip Tuesday

Tue, 2020-11-17 14:24
From : Communities>>Open Forum
In this week's Tip Tuesday, we show you how to explore our various communities! ------------------------------ Elizabeth Specht Member Engagement Associate Opportunity Finance Network Southwest DC (202) 618-6100 ------------------------------

Files Attached Document
RE: Tip Tuesday

RE: Do you have good/bad experience with the Bridges Out of Poverty Getting Ahead program?

Tue, 2020-11-17 10:32
From : Communities>>Open Forum
We have a BOP collection action group in our area, Southern Chester County Opportunity Network.  www.sccnetwork.org I can put you in contact with our head, if you want. Fran ------------------------------ Francis Lutz Managing Partner True Path Advisory Group 615.551.2141 fran@truepathadvisorygroup.com ------------------------------

RE: CDFI Operations Manual

Tue, 2020-11-17 08:59
From : Communities>>Open Forum
Thank you so much Kathryn. I will review it and take what I need from their handbook.  ------------------------------ Tommy Cooper Lending Resource Specialist Habitat for Humanity International Atlanta GA 6788490766 ------------------------------

Invitation to join online discussion on impact management for racial equity

Mon, 2020-11-16 21:09
From : Communities>>Open Forum
Dear all,  Following the session on impact ratings and racial equity at the conference last week, I wanted to share an invitation to an online discussion that superstar panelist Erika Seth Davies is leading on the same topic. I know CDFIs are doing great work in this area and we'd love to get some ideas and examples from CDFIs into the mix! I have provided some details below about how to register for a free account on Managing Impact, which you will need in order to post. Please don't hesitate to [More]

RE: CDFI Operations Manual

Mon, 2020-11-16 17:19
From : Communities>>Open Forum
Hey Tommy, this won't be as relevant but today I ran across GitLab's open to the public employee handbook and they seem to not mind if anyone just lifts text straight out of it. It's really extensive. Maybe has some good material in there for structure, or general HR, marketing, information security, etc information. https://about.gitlab.com/handbook/  Kathryn ------------------------------ Kathryn Dickerson Research and Technology TruFund Financial Services, Inc. New York NY (228) 282-0150 ---- [More]

RE: Do you have good/bad experience with the Bridges Out of Poverty Getting Ahead program?

Mon, 2020-11-16 04:58
From : Communities>>Open Forum
Hi Jamie,  We are part of a Community Action Agency that is just in the beginning stages of it/exploring really in our region in Maine.  I can put you in touch with the lead person if it would help. Chris Linder ------------------------------ Chris Linder CEO MaineStream Finance Bangor ME (207) 973-3500 ------------------------------

Do you have good/bad experience with the Bridges Out of Poverty Getting Ahead program?

Thu, 2020-11-12 20:12
From : Communities>>Open Forum
Hi Community! I'm looking for feedback on the Bridges Out of Poverty Getting Ahead program. Has your community used it, or your CDFI been a partner?  Is it still operating in your community, if not why? Are the impact outcome measurements accurate?  Thanks, ------------------------------ Jamie (Chase) Strayer Founder CU Strategic Planning jamie@creditunionstrategicplanning.com (253) 200-0418 ------------------------------

RE: PPP Loan Forgiveness Process

Thu, 2020-11-12 11:11
From : Communities>>Open Forum
IRS recently announced that they are not requiring 1099s for PPP forgiven amounts (while normally cancelled debt would be taxable, PPP forgiven debt is not taxable). Unfortunately, IRS has also determined that borrowers cannot deduct PPP forgiven amounts as expenses for tax purposes. So borrowers won't have to show forgiven amounts as income, but they won't be able to count the underlying payroll & nonpayroll costs covered by forgiven PPP funds as expenses. Both IRS guidance docs are attached. ------------------------------ [More]

Files Attached Document
RE: PPP Loan Forgiveness Process

RE: PPP Loan Forgiveness Process

Thu, 2020-11-12 09:34
From : Communities>>Open Forum
Karin, IRS Announcement 2020-12 clarifies that you do not need to send a 1099, and that the forgiven portion of the PPP loan will not count as taxable income. As for the letter to the borrowers, we recently figured out SBA provides one you can send to your borrowers.  Once you get notified SBA has submitted payment, in the SBA Forgiveness Platform, go to the Payment Dashboard.  Scroll to the bottom of the chart and you'll see a scroll bar there.  If you scroll all the way to the right, there's a [More]

RE: PPP Loan Forgiveness Process

Thu, 2020-11-12 09:26
From : Communities>>Open Forum
Thanks for the info. ------------------------------ Karin Klusmann Loan Fund Director Housing Assistance Council Washington DC (202) 842-8600 ------------------------------

RE: question about prioritizing policy and advocacy efforts

Wed, 2020-11-11 12:49
From : Communities>>Open Forum
Hi Amy,  I'd be happy to find a time to connect.  We engage in state-level policy advocacy at HOPE.  Also, for Thursday's 3:15 session at the OFN conference, we're hosting a panel on state-level policy strategies for CDFIs - "Towards an Equitable Recovery: CDFIs' Role in Shaping State-Level CARES Act Money."  We'll be highlighting two case studies of how CDFI's shaped the outcome of state-level policies and teasing out lessons learned to help inform future state-level advocacy.  The panel and following [More]

RE: PPP Loan Forgiveness Process

Wed, 2020-11-11 10:27
From : Communities>>Open Forum
Once you have received the funds from the SBA, and you are completely satisfied that you have been made whole, you next need to forgive the loan made to your borrower.  You can do this by writing them a letter that cites the loan, by amount, date, etc. stating that the loan is forgiven as of such and such date.  The original promissory note needs to be marked as forgiven with the date of forgiveness.  If the borrower is a for profit entity you will also need to send them a Form 1099, as loan forgiveness [More]

question about prioritizing policy and advocacy efforts

Tue, 2020-11-10 16:31
From : Communities>>Open Forum
Hi--I'm new to this network, and enjoying the meetings. If it were in person, I would be looking for peers , who work on state level policy , to talk about decision making tools for prioritizing and aligning policy advocacy with organizational mission, objectives. Thanks for sharing any thoughts or suggestions, observations, preferences, opinions, leads or templates you might have! Sincerely, Amy Amy Winston State Policy Director Email: Amy.Winston@ceimaine.org Tel: 207-504-5696 Mobile: [More]

PPP Loan Forgiveness Process

Tue, 2020-11-10 15:50
From : Communities>>Open Forum
I've been trying to get some clarity on what happens after the PPP loan forgiveness application is submitted by the lender to SBA. Specifically, if the lender recommends full forgiveness. I'm hearing that the SBA will transmit funds to the lender, but it doesn't seem to be clear as to what an organization/entity would need to do in terms of extinguishing the debt with the lender. I want to make sure that we satisfy our auditors with documentation that evidences the PPP loan is forgiven and there [More]

Three questions to promote racial equity in Louisville, KY

Fri, 2020-11-06 16:20
From : Communities>>Open Forum
Hello friends:  I look forward to connecting with you next week. I run LHOME, a small, emerging certified nonprofit CDFI loan fund based in Louisville, KY.  We have a lot of opportunity to address racial equity issues and I need your help: 1.  We have been approached to manage a Black Business Fund, about $5 million.  Initially, we plan to manage it off balance sheet.  What should we be thinking about for our management fee?  Are any of you doing this? 2.  Can Cares money be used solely for Black [More]

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