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CDFIs are Ready to Help Communities #BuildBackBetter

A number of Coalition members received a letter from California-based CDFI Pacific Community Ventures and we shared it on our website. CDFIs across New York State are poised to help our communities build back better – with the support of our own funders and investors.

We've pasted an excerpt below, with a link to the full letter if you wish to add your name.

CDFIs like us are responding to borrowers in crisis in communities from coast to coast. I’m sure your organization also is fielding dozens of calls a day from borrowers struggling with how to survive lost revenue and canceled programming, how to keep people employed, and even whether to close their doors entirely. You’re providing all of the resources you can as well as developing plans to react quickly to payment issues that may arise in the next month and beyond.

In order to provide this kind of support to our clients in crisis — and further help them stay in business and support their employees’ health, much less plan for recovery when they’re ready to ramp back up — we need our funders and investors to support us.

Click here to read the Open Letter from CDFI Leaders to our Supporters.

As always, we urge you to take care of yourselves and your neighbors, and to watch your inbox for updates. The NYS CDFI Coalition is working to muster all the resources we can to help our members across New York State, and we thank you for your support.

PPP - Part II

Leaders in the US Senate announced a deal earlier this week on a nearly $500 billion Coronavirus relief package.

Messaging for this second round of funding has included set-asides for CDFIs and other Community Financial Institutions.

The legislation would provide an additional $10 billion for the Emergency Economic Injury Disaster Grants, $50 billion for the SBA Disaster Loans Program, and $321 billion in additional aid for small businesses through the PPP program, including:

$30 billion for loans made by Community Financial Institutions, Small Insured Depository Institutions, and Credit Unions with assets less than $10 billion; and
$30 billion for loans made by Insured Depository Institutions and Credit Unions that have assets between $10 billion and $50 billion.

The Coalition will continue to monitor developments and share guidance as it becomes available.

NYS Truth in Lending Act - Still Needs Support

The NYS Legislature has not been back to Albany since they passed the Budget on April 3, but we're monitoring legislation that will help small businesses recover once the COVID-19 pandemic is over.

The Responsible Business Lending Coalition (RBLC) recently endorsed A10118 and thanked Assemblyman Ken Zebrowski (D-Rockland County) for his support of New York small businesses. This legislation will bring common-sense transparency standards to small business financing in the State of New York at a time when it’s needed most. The companion bill in the New York State Senate S0547A is sponsored by Senator Kevin Thomas (D-Nassau County.)

We've posted an update on our website with a link to the full announcement from the RBLC.

Click here to endorse the NYS Small Business Truth in Lending Act.

Our Mission

Our mission is to position CDFIs as the most effective strategy and policy tool to address issues of financial inclusion, housing access and economic opportunity in New York State. Please visit our website to learn more.