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Vol. I - Issue 6

SBA, Treasury Set Aside $6.8B for CDFI PPP Lending
Read the full release here.

Watch your inbox for an invitation to another briefing call with Senator Chuck Schumer, who issued this statement minutes ago:

“For weeks, Democrats have been fighting to make sure the PPP funds reach truly small businesses, and specifically minority-owned businesses, and today’s announcement is a major step forward in that effort.  Community Development Financial Institutions are a lifeline to so many traditionally underserved and underbanked communities. I want to thank Secretary Mnuchin for heeding our calls to set aside a pool of funding specifically designated for lending by CDFIs, and now we’re urging him to move on and include Minority Depository Institutions as well since they, too, are critical to expanding access to communities of color.” – Senate Democratic Leader Chuck Schumer

Albany CDFI Makes Small Business Grants

On May 14, The Community Loan Fund of the Capital Region and their funding partners announced the first round of COVID-19 Small Business Continuity Grant Program recipients. Grant awards will help stabilize these businesses and secure their future in the Capital Region.

We've highlighted some statistics below, with a link to the full Success Story our website. 
  • The COVID-19 Small Business Continuity Program had  272 applications in just the first week.
  • 48% of these applications were from minority and women-owned businesses, including restaurants, daycares, hair salons, small boutiques, spa and fitness centers, dry cleaners, construction companies, florists and dance studios.
  • 20% of the above were from immigrant owned businesses.
  • Collectively, these businesses represent 1,398 employees, all struggling with issues related to COVID-19.
  • 205 of the applicants were for brick-and-mortar locations, including historic buildings, Class-C office space, and industrial retrofits.
Click here to read the Success Story, and meet the first-round grant recipients.

Event Calendar 

Across New York State, people are eager to #BuildBackBetter. 

Federal agencies, CDFIs and local associations are hosting training sessions to help our small businesses do just that. 

The NYS CDFI Coalition has launched an event calendar with webinars, presentations and Q&A Sessions that may be of interest to you - as a lender - or your clients and borrowers. 

Please visit nyscdfi.org/events for upcoming programs as well as archived recordings of events that have already taken place. 

And please, share your events with us! Just send a link to info@nyscdfi.org for consideration.

Are You a PPP Lender - With Capacity?

The NYS CDFI Coalition has been asked to develop a comprehensive list of PPP Lenders in New York State. 

Please visit nyscdfi.org/ppp-poll to fill out a brief survey, with just 3 questions: 

  1. Are you a PPP Lender?
  2. Would you like your institution listed on the NYS CDFI Website?
  3. May we share this list with other organizations or individuals?
Thank you! 

NYS CDFIs Back NYS Small Business
Truth in Lending Act


From Albany to Rochester, from Westchester County to Chautauqua County, and in NYC and Long Island, CDFIs lent their support to the NYS Truth in Lending Act in a statewide news release. The release was issued on Tuesday as the NYS Senate and Assembly returned to Albany after an extended hiatus caused by the pandemic.

“We applaud Senator Kevin Thomas for drafting the NYS Small Business Truth in Lending Act to help business owners make informed choices about their borrowing options,“ said  Linda MacFarlane, the nonprofit association’s Chair, based in Albany. “As community lenders, CDFIs too often see the damage that’s been done when business owners realize too late that their loans have very high interest rates and fees or severe prepayment penalties. CDFIs are committed to offering loans in a fair, affordable and transparent manner. Our members around the state offer their full support for a measure that will require other lenders to behave in the same way.”

The companion bill in the Assembly (A.10118) is sponsored by Assemblyman Ken Zebrowski (D-Rockland County). This historic bill builds on the small business truth-in-lending legislation passed in California in 2018 with overwhelming bipartisan support. New York small business owners could save millions of dollars annually when empowered by the basic price transparency information needed to navigate financial products in the marketplace. 

Read the full release on our website.
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.
 
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