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Vol. I - Issue 13

NYS CDFIs Support Federal 
Small Business Truth in Lending Act

NY businesses deserve the transparency of universal disclosure standards as they rebuild from the COVID-19 crisis. The NYS CDFI Coalition worked hard to get the NYS Small Business Truth in Lending Act through the NYS Legislature, and we thank Rep. Nydia Velazquez for introducing a similar measure in the House!

She introduced the Small Business Lending Disclosure and Broker Regulation Act last week, with this message of support from the NYS CDFI Coalition:

“Businesses often come to Community Development Financial Institutions seeking to refinance high-cost debt that was presented to them without an APR, repayment terms or other key metrics – and proved to be unaffordable,” said Linda MacFarlane, Chair of the NYS CDFI Coalition. “Sometimes we can help the business refinance the debt, but sometimes it’s too late. The lack of disclosure standards makes it nearly impossible for New York business owners to compare different offers and choose the best option for their business, potentially leading them into a debt trap. Businesses deserve the transparency that universal disclosure standards would bring and will need these common-sense protections even more as they seek to rebuild from the COVID-19 crisis.”

ICYMI: Slides and Recording Now Available! 


Thanks to everyone who took part in Friday’s webinar “NY State CDFIs: A Conversation on Green Lending” covering resources and tools for New York CDFIs. We're grateful to the panelists; Dana Clark of Nutmeg State Financial CU, John Joshi of NYSERDA, and Kerry O’Neill of Inclusive Prosperity Capital for sharing their expertise and resources.

The NYS CDFI Coalition was glad to help with the promotion! If you have questions regarding the topics covered, the attached slide deck includes contact information for the panelists. We hope this will be the first of many conversations on green lending!

A recording of the full presentation can be found here:

Visit our Event Calendar for more webinars, panels and trainings like this one, starting Saturday!

Do you value these updates?
Please consider joining the NYS CDFI Coalition today! 

Last week the NYS CDFI Coalition sent this note to Senator Charles Schumer: 

Thank you for your leadership in introducing the Jobs and Neighborhood Investment Act. We applaud your efforts to make a new $17.9 billion investment in low-income and minority communities that have been hit so hard by the COVID-19 crisis. 

Members of the NYS CDFI Coalition saw the need in our communities and responded quickly. As mission-driven lenders, we have committed to meeting the most urgent needs of our clients while positioning these small and minority-owned businesses to recover after the pandemic. 

We understand that the Jobs and Neighborhood Investment Act will reprogram a small portion of the funds already allocated by the Congress under the CARES Act, but not yet deployed. This program will refuel the financing programs that support hard-hit low-income and minority communities and the small businesses that serve them.  

CDFIs in New York State have been working with our clients to restructure loans, offer forbearance, and provide advice and technical assistance in weathering the global pandemic. To date, our institutions have been a firewall against financial disaster – but our resources are finite as demand continues to grow. 

With more than thirty years of documented success in providing capital to low income communities, we have a legacy of success to draw upon. As the need for our work becomes more evident than ever, we are counting on your help to keep up with the expectations of our clients and the needs of the underserved. 

We are so grateful for your steadfast support for Community Development Financial Institutions, and thank you for your work to introduce and support the Jobs and Neighborhood Investment Act.  


Linda MacFarlane
Chair, NYS CDFI Coalition

Inclusiv - a member of the NYS CDFI Coalition - is seeking a dynamic, experienced lending professional to drive the growth of its community development lending business lines and support the capacity of Inclusiv members to build and grow their lending operations.

The Director of Lending Development is a key member of the lending and investment team responsible for operational and strategic support of Inclusiv’s Capital and Mortgage business lines, and for consulting with member credit unions on the design and delivery of flexible credit union lending products to continue to expand access and opportunity in underserved communities.

The complete job description is available here or on their website.

Resumes for this position will be accepted through August 31, 2020.

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.
New York State Community Development Financial Institutions Coalition
Copyright © 2020 New York State CDFI Coalition, All rights reserved.

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