Laura Skiles’ Post

I'd love to hear feedback on this mini-report/case study on the work my colleague Joe Evans led over the last few years. I'm always cautious in extrapolating the efficacy of a single intervention to other locals but I think this is some of the best work we have ever done and it was a relatively small financial investment. I think there is something here for other communities who want to organize and grow their CDFI/community development finance ecosystem. That said, I want to be careful to pull out a quote from one of our partners: ""Per capita, it’s hard to say why we’ve been so slow to develop CDFIs,” says Janis Reischmann, executive director of the Hau‘oli Mau Loa Foundation. “I think it really is as much a funder problem as it is a CDFI problem that we just haven’t recognized the opportunity, so we haven’t resourced them?" This was not a situation where our partner CDFI's (or funders) were doing something wrong and Kresge swooped in to fix it. What we did was spend a lot of time there, listened to people, made introductions, helped with fundraising, and drew on our experience to help co-create a better outcome. In philanthropy it's easy to be seduced by the next big idea. Joe's work is a good reminder that sometimes it's better to support people in changing an existing system that isn't serving them well than to create something new. https://lnkd.in/gG9GGtSs

Discover how nonprofit organizations can navigate financial challenges with tax-exempt financing. WSFS Bank shares insights on leveraging this tool for community benefit.

Adrian Dominican Sisters Commit $300,000 to Partners for the Common Good We are delighted to share that the Adrian Dominican Sisters have renewed their commitment to economic justice and racial equity through a significant reinvestment of $300,000 in Partners for the Common Good. This partnership underscores our collective dedication to creating impactful and sustainable change in communities across the globe. Thank you, Adrian Dominican Sisters and Sister Marilin L., OP for supporting our mission. Did you know Partners is both investor and donor supported? If you are Interested in being a part of this journey click the link below to learn how you can make a lasting impact! Here is an overview of our accomplishments, made possible with the support of partners such as the Adrian Dominican Sisters: ● Extensive Loan Management: We manage an on-balance-sheet portfolio of nearly $50 million, administer a $50 million off-balance-sheet fund, and oversee 16 New Markets Tax Credit (NMTC) investments totaling $135 million. This supports over 90 borrowers and high-impact projects annually. ● Leveraging Capital for Broad Impact: Our efforts since 2002 have closed 380 loans valued at $200 million, which in turn leveraged $2.75 billion in additional funding. This substantial capital boost aids high-impact projects that strengthen community infrastructure and services. ● Strategic Deployments through NMTC: Our utilization of four NMTC Awards totaling $135 million has enabled the funding of 16 critical projects. These projects range from community centers to educational facilities, all designed to foster long-term economic growth and community development. ● Diverse Investment Focus: We allocate a small portion of our portfolio internationally, supporting mission-driven lending partners, high-impact nonprofits, and microfinance and microenterprise initiatives. Our investment strategy is both proven and pioneering. We are proud to collaborate with partners like the Adrian Dominican Sisters who share our vision for a more equitable and just world. Interested in joining our mission? Click the link below to find out how you can contribute to this impactful cause. --> Learn more here: https://tr.ee/WM8Te6rBEo

💸 Capital One revealed a community benefits initiative aiming to offer over USD 265 billion through #loans, #investments, and #charitable contributions over five years. 👉Delve further into this subject here: https://buff.ly/3Y7JhiQ #thepaypers #CapitalOne #US #financialinclusion #LMI #underbanked

We are pleased to share that information for Round 3 of the Beyond Open small business grant program is now available at beyondopenclt.com! Beyond Open is a competitive small business grant program centered on building economic mobility in the Charlotte community with a focus on supporting diverse-owned (minority, woman, veteran, LGBTQ, persons with disabilities) small businesses located within the Corridors of Opportunity as identified by the City of Charlotte. We encourage small business owners interested in applying in Round 3 to thoroughly review all information as soon as possible. The Round 3 application will be available on the website beyondopenclt.com from August 5 – 30. About Beyond Open Round 3 Grant awards. Beyond Open Round 3 grants will range from $10k to $150k for small business owners to purchase capital assets such as equipment, technology, inventory, and real estate. Beyond Open grants do not need to be repaid. Funds are available to small businesses of all industries, including brick-and-mortar, professional service providers, and creative entrepreneurs. Beyond Open is guided by the community. Feedback from the community through one-on-one discussions, small groups, and surveys to applicants has guided the features for Round 3. Round 3 remains focused where needs are greatest – inside the diverse Corridors of Opportunity. The areas within the six diverse Corridors of Opportunity have been identified as historically underserved and in need of increased investments from the public, private, and philanthropic sectors of the community. Round 3 will continue to offer applicant support and resources to help applicants prepare the strongest Beyond Open application possible. Support includes: Information is available in English, Spanish, and Vietnamese. Virtual and in-person application information sessions across the community.  These sessions are recorded and available on the Beyond Open website for 24/7 access at beyondopenclt.com. A Round 3 Application Guide that includes a preview of key application questions, all required documents, eligibility requirements, step-by-step instructions, and contact information for applicants to reach out for support. Additional instructions on required documents and financial information. Applicant support through three Community Partner Organizations. An 8+ week preparation period before the application opens on August 5. Beyond Open is a competitive grant program. A total of $10.5M has been awarded to nearly 300 small businesses and select nonprofits. Applying for a Beyond Open grant can prepare small business owners to access other opportunities. Small business owners who learn, prepare and apply for a Beyond Open grant can be better equipped and empowered to apply for many other financial capital grant and loan opportunities. Thank you for your role in helping to build economic mobility in Charlotte-Mecklenburg. Sincerely, Beyond Open team

'Why State Leaders Need to Keep BEAD Funding Local' — a new article from Kerry Haughan, VP of commercial strategy for Calix: "Given the complexity of the funding rollout, it’s tempting for states to hit the easy button and send most of the money to big telecom providers – but these large companies tend to prioritize large cities, not local communities. That would be a huge disservice to generations of rural families and millions of American taxpayers. [Instead], local organizations are uniquely qualified to serve the unique needs of rural communities. Cooperatives (member-owned), municipal utilities, and other local providers have deep, local connections and provide excellent service for the lowest cost. They are nimble and transparent. They understand the unique needs of their members." Read Kerry's piece now to dive into his 5 reasons why states should go local with BEAD funds: https://lnkd.in/er5qBJKH 1️⃣ Local service providers have a long history of serving their communities and are committed to the long term. 2️⃣ Local service providers are nimble and can rapidly scale and innovate as needs change. 3️⃣ Local service providers deeply understand their community’s needs beyond speed. 4️⃣ Many local service providers are non-profits or member-owned cooperatives. They want to grow value long-term for the community, not generate profits for shareholders. 5️⃣ Local service providers have exponentially higher customer satisfaction, as evidenced by high Net Promoter Scores and CSAT (customer service) ratings. Check out the article in full via Breakfast Media LLC: https://lnkd.in/er5qBJKH

Nonprofit Quarterly 📣 Together, with Community Vision CA, we developed the African American Equity Impact Scorecard, a tool designed to encourage CDFIs to prioritize racial justice in their lending practices. In a pilot phase involving 12 CDFIs, over 100 loans have already been scored. The goal is not just to measure progress but also to challenge the industry to redefine what "good" looks like and standardize scoring to make it as objective as possible. But the impact of this initiative shouldn't stop with CDFIs. It's a call to action for the entire financial sector, including banks and foundations, to be held accountable for their commitment to racial justice. Read more about it here: https://lnkd.in/guNMPAs3 #RacialJustice #EquityMatters #FinancialInclusion

Do you need crucial funding to help build, expand, or support your business? There’s never been a better time for financial assistance for businesses and nonprofits! There are countless grants offering thousands of dollars that you can apply for today. #Atascadero #BusinessGrants

Small Business Loan Fund This loan fund provides much-needed working capital to help small businesses and nonprofits grow. The city’s economic development team, St. Louis Development Corporation (SLDC), is especially looking to help minority, and women-owned businesses, who often struggle to secure traditional bank financing. If you know a business or organization ready to grow, this might just be the help they need. Eligibility: 2 years in business (with corresponding tax returns) Owners of more than 20% of the business are U.S. citizens or legal residents Not filed for bankruptcy in the last (3) years Never defaulted on a government loan Can provide Balance and Profit & Loss sheets to detail cash flow Learn more and apply on St. Louis Development Corporation’s (SLDC’s) Loans & Grants page.

I am very skeptical of these projects for one simple reason...money is fungible. Let's say I have a mortgage of $2000 a month and other expenses of $3000 a month. If you give me $500 and I spend it on vodka and cigarettes, I could simply say that I spent that $500 on my mortgage and used the money I saved from paying $500 less on the mortgage to buy a bunch of vodka and cigarettes. If you give someone money, they have a strong incentive to tell you they spent the money on something wise. Humans are also really good at post-rationalizing their own behavior. I'm not suggesting that people didn't spend the money on wise things, I'm simply saying we don't have any way of knowing. I'm also suggesting that there is a 100% chance that some of the people spent the money on silly, wasteful, harmful or otherwise non-productive things. Full disclosure, I have a major anti UBI bias, but I'm very interested in these pilot projects and how people use the money. I'm just not sure they offer any real insight and frankly, without a complete analysis of someone's entire budget, I'm not sure how it could be done. So, these pilot projects, which are presumably designed to measure the impact or effectiveness of policies, don't really result in any useful insight. I also think it's important to distinguish between using these approaches to alleviate poverty and broader programs targeted at giving everyone a certain amount of money regardless of their financial status. I think there's a lot of people conflating the two and they're very different issues. https://lnkd.in/gtGCYGHn