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Session 2: Policies that Support A Thriving Small Business Ecosystem *All Are Welcome* - Shared screen with gallery view
Leah Mayor
26:21
Thank you for joining us today. We will begin our program shortly.
Kristine Michie
28:50
Hello all. Kristine here from the NY Small Business Funder Collective. :)
Sarah Ridgeway, Asset Funders Network
30:23
Here's the link to session 1:
Sarah Ridgeway, Asset Funders Network
30:25
https://assetfunders.org/resource/building-capacity-of-cdfis-to-support-entrepreneurs-of-color-session-1/
Sarah Ridgeway, Asset Funders Network
30:55
Learn more about AFN:
Sarah Ridgeway, Asset Funders Network
30:57
https://assetfunders.org/
Sarah Ridgeway, Asset Funders Network
31:28
Learn more about our speakers:
Sarah Ridgeway, Asset Funders Network
31:29
https://assetfunders.org/wp-content/uploads/032922-CDFIs-Part-2-Speaker-Bios.pdf
Sarah Ridgeway, Asset Funders Network
33:13
Learn more about CDFIs:
Sarah Ridgeway, Asset Funders Network
33:13
https://assetfunders.org/wp-content/uploads/CDFI-Fact-Sheet.pdf
Leonard Cunningham
33:36
Hello Everyone, My name is Leonard and I'm located in the San Francisco, CA. Thanks for changing the time.. lol !!.. If there's any questions which you may have regarding to depository accounts / lending. I enjoy assisting small business / financial literacy and participating in workshops. Feel free to send me an email @ leonard.cunningham@wellsfargo.com
Mike Langley
37:26
CDFIs are critical to supporting equitable development in underserved markets. We're committed to having 10x impact through embedding racial equity in our ecosystem. Would love to keep the conversation going post-session. Feel free to connect with me via LinkedIn: https://www.linkedin.com/in/mikelangleyaz
Kristine Michie
38:46
Thanks Hope for bringing up MDIs. They are often overlooked and need our support. If you get the chance, would love to hear more about how we can support MDIs if it’s different from supporting CDFIs. Thanks
alejandro manzanares
38:56
+1
alejandro manzanares
40:34
That has been the obstacle quite frankly. i.e. The confusion around sources/uses.
Leah Mayor
40:39
AFN has another program in the works on Community Development Credit Unions and MDIs both from a policy and capacity framework. We look forward to having you all join us to keep that conversation gong.
Kristine Michie
41:03
Great! Thanks Leah.
Leah Mayor
43:56
CDFI located tool can help you locate CDFIs: https://www.ofn.org/cdfi-locator/
Leah Mayor
44:45
CDFI Locator tool: https://www.ofn.org/cdfi-locator/
Leonard Cunningham
45:00
Leah Mayor - Thank you for sharing this viable information.
alejandro manzanares
45:19
Can you share that link?
Nesbit, Sarah M
45:36
To confirm this was funded through SSBCI dollars?
Sarah Ridgeway, Asset Funders Network
46:27
https://www.tax.ny.gov/about/scsp/
alejandro manzanares
46:47
Thanks!
Sarah Ridgeway, Asset Funders Network
47:29
There is more information on the CDFI Fact Sheet:
Sarah Ridgeway, Asset Funders Network
47:31
https://assetfunders.org/wp-content/uploads/CDFI-Fact-Sheet.pdf
Leah Mayor
48:23
After today's program we will follow-up with all mentioned resources and a video recording of today's conversation.
Jeanique Druses
50:26
BOC also helped smaller CDFIs to implement policy. Great org!
Kristine Michie
52:34
Thanks Kristen for lifting that up and asking the question that way! No shame in needing subsidy to do mission-driven work. In fact it’s the only way and we should be proud of every dollar CDFIs spend on the work and operations that get those dollars out!
Roy Dozier
01:03:31
Thanks Beth for that explanation. We are attempting to charter a FCU & it seem no one understands the "donated" capital aspect of getting equity to leverage deposits (member & non member).
Leah Mayor
01:03:36
Thanks, Kristen for that follow-up. It's important for us to hear what we have learned and identified policy gaps moving forward.
Sarah Ridgeway, Asset Funders Network
01:03:55
If you have questions for the speakers, please share them in the chat!
Leah Mayor
01:05:47
Thanks, Mark, the need for transparency and need to expose ease of predatory lending came up in our last conversation as well especially as it raises the importance of CDFIs in this space
Leah Mayor
01:08:16
Feel free to direct any questions to me, or to everyone and we will work to field them as best we can.
Tess Martin
01:11:03
Mark - you make a great point about responsible capital. In SC we have no interest rate caps and predatory lending is out of control with some rates as high as 999%. We have legislators on both sides of the aisle who have no interest in reform, even though there's currently discussion around capping at 36%. I'm wondering if the federal legislation will have any impact at the state level?
Leah Mayor
01:11:51
I just wanted to flag a webinar later this week, Thursday at 11am ET, to walk through an impact evaluation on the New York Forward Loan Fund, in case any of your New York members are interested in joining!https://teams.microsoft.com/registration/kmbXgkqKPUufJlyfNEzp6Q,r9e7Zsmqp064S2K2jDqm3A,xKT6v6rOoUm5Jrm4m20Pkg,51-zdIddQ0-4Ch8AOuLLlQ,wa-KM9x6E0aj7X2gJgKlAg,JlnXtC25XkaQ6Ob6ypt5OA?mode=read&tenantId=82d76692-8a4a-4b3d-9f26-5c9f344ce9e9&skipauthstrap=1
Prenita Mack
01:12:10
Hey Tess!! Good to see you!
Tess Martin
01:13:01
Hi Prenita :) same to you!!
Jeannette Mukayisire
01:15:41
Nancy,do you provide training to those who would like to assist small business with : technology, record , bookkeeping and sales
Jeannette Mukayisire
01:16:17
training. and child care is a major one to provide this training
michael morris
01:17:19
with research National Disability Institute conducted last year, we estimate that there are over 1.7 million small business owners with disabilities. Number one need identified was access to credit due to limited credit history and health related debt impacting adversely credit scores. What can CDFIs do to respond to this market segment?
Kristine Michie
01:17:24
Thanks Kristen for mentioning advocacy and philanthropy in the same breath. More of that awareness and action is needed and so much more if allowed than people know. Many funders stay away from advocacy as if it’s that dangerous third-rail, but it’s a broad and expansive way for funders to get engaged.
Kristine Michie
01:17:45
^is allowed
Elizabeth Pham | NFG
01:20:47
Thanks Nancy for raising that issue that philanthropy and other funders expect all sorts of reporting that require infrastructure, staffing to produce and yet there is a lack of unrestricted general operating support that is packaged together with the grants/funds to organizations.
Johanna Nelson
01:21:25
any examples of public funding going to unrestricted funding?
Ebony White
01:21:35
#trustedcapital
Leah Mayor
01:25:14
Do our speakers have insights to share about coordination of federal and state programs? How can New York organizations offering small business services better coordinate and engage with city and state agencies?
Leonard Cunningham
01:29:43
How Is ''CALIFORNIA''
Leonard Cunningham
01:30:27
Northern California was ''HIT TREMENDOUSLY''... Before / During Pandemic / COVID...
Johanna Nelson
01:31:55
Can you clarify that acronym?
Leah Mayor
01:33:48
Feel free to put questions directly in the chat or send to me if you want to keep them coming.
Raul Vasquez
01:37:32
@Trufund.org
Tierra Christian
01:40:09
Is there any way to follow up with people if I have questions?
alejandro manzanares
01:40:22
Would love to connect with you all. Aspen Institute Latinos and Society Program. These issues are particularly stark/front and center for Latinos. Would love to connect. Alejandro.manzanares@aspeninstitute.org
Michael Jackson
01:40:34
Would you provide contact information for the speakers? I would like follow-up on questions of how to best provide access to capital for Black owned businesses.
Leah Mayor
01:40:44
Thanks to everyone who joined us for today's session. We will follow-up with a recoding and set of resources from today's conversation. Also please stay tuned for our upcoming programs on CDFIs, CDCUs and MDIs.
Michael Jackson
01:41:07
Do any of you have suggestions about how New Markets Tax Credits can better reach Black owned businesses?
lynne cutler
01:41:47
Kristin what was the reason you set up an innovation fund rather than general operating support?
Leah Mayor
01:41:56
We will include contact information for our speakers with our follow up.
Johanna Nelson
01:43:23
Loved this discussion, thank you for organizing and to the panelists! Open to connecting with others to continue the discussion or engaging further. Johanna.nelson@state.nm.us or on LinkedIn.
alejandro manzanares
01:43:42
the opportunity!
Leonard Cunningham
01:47:00
HELLO LEAH MAYOR -
Leonard Cunningham
01:47:29
Glad I got to see your ''FACE''... Good Job in Hosting LEAH MAYOR....
Tierra Christian
01:48:05
How soon will the recording be shared?