In March, Ray Salaberrios from NYS ESD will present two planning sessions for the CDFI Community on the State Small Business Credit Initiative (SSBCI). We’ll hold the sessions on Zoom on Friday, March 4 and Friday, March 11 from 12 noon – 1 p.m.
New York State has submitted the SSBCI application and hopes to receive the first tranche of funds in mid-April. To ensure that NYS CDFIs are prepared to take advantage of the program, these two sessions will review timelines, eligibility, required documentation and other important topics.
ESD has not yet received the regulations on the TA component, but will discuss the following elements of the program, among others:
Capital Access Program (CAP)
Small Business Revolving Loan Fund (SBRLF)
Contractor Financing Program
Capital Project Loan Fund
Ray is “excited about getting capital to your organizations and working to help NYS small business owners gain much needed access to capital.”
Please be sure to RSVP so you can add the sessions to your calendar! And if you are unable to attend, please pass this invitation on to a colleague!
Recap on SSBCI Updates, News on NYS Small Busines Truth in Lending Act
The Coalition Board's Friday Noon Zooms give CDFI executives from across the state the chance to compare notes, express frustration, and collaborate on some of the biggest challenges of their careers. At least one of them has noted that membership in the CDFI Coalition was a lot cheaper than therapy!
We convene a meeting every other month, where we share business updates; celebrate milestones and the people who made them possible; and give everyone a chance to ask questions.
If you registered for our previous All Hands Zooms, you should receive a reminder from Zoom with the link for the meeting. We have enough seats for multiple representatives from the 80+ CDFIs in NYS to take part!
In March, we're happy to welcome Louis Caditz-Peck, a member of the Responsible Business Lending Coalition and Director of Public Policy at Lending Club. He'll give us an update on the NYS Small Business Truth in Lending Act, including tips for compliance when the rules take effect.
We'll hope to see you at noon on Friday 3/18 - all hands on deck!
SAVE THE DATE: Friday, 3/25 NYS CDFIs + Transportation Justice
What does an equitable commute look like in your community?
Is there reliable public transportation? Are some of your neighborhoods transportation deserts? Are major employers accessible without a car?
When the COVID-19 pandemic hit New York City, many essential workers had to travel long distances with complex connections to get to their jobs – provided the buses and trains showed up.
Now, the Equitable Commute Project (ECP) is working to bring transportation justice to New York City – and all of the state.
Join us on Friday, March 25, from 12 noon - 1 p.m. for a webinar on NYS CDFIs and Transportation Justice. Watch your inbox for more information - but you can RSVP today!
Policy Update: Joint Budget Hearing on Economic Development
The NYS CDFI Coalition submitted testimony to the NYS Joint Budget Hearing on Economic Development held on February 16. We called for full support for CDFI Technical Assistance Grants; NYS Small Business Development Centers; release of the next $5MM from the $25MM NYS CDFI Fund; and for additional support for Empire State Development. Read or download the full testimony on our blog.
If you value the information above - and the updates we provide throughout the year - please join the coalition!
Not sure if your membership is current? Visit our website - if your CDFI is listed in bold - you've paid your dues for 2022. If you have an asterisk* but not bold, you paid in 2021 but not yet this year. If you're not linked at all, we hope you'll join your colleagues from across the state!
The NYS CDFI Coalition is also accepting membership applications and renewals on our website for your convenience. Please consider lending your support to the NYS CDFI Coalition as a Certified CDFI, Emerging CDFI, or Non-Profit Associate Member (Advocate, Community Organization, University.)
Remember - we invite Coalition members to submit updates you would like to share with our statewide audience. These include job postings, Events, Success Stories or Guest Posts for consideration. Thank you for all you do!
Colleen M. Ryan
Consulting Executive Director
NYS CDFI Coalition
PS: Do you need to pay from an invoice? Let me know and I'll send one.
Review previous issues of "New Developments" in the Archive.
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.