Each year, Opportunity Finance Network (OFN) hosts the CDFI industry’s largest event. As a long time OFN Ally, Craftsman was proud to sponsor the 2020 OFN Conference. This year’s theme, Finance Justice, was relevant to its time – focusing on economic inequality, pandemic reaction and response, and political action – all while being held in a fully virtual format.  

Conference highlights included remarks from Lisa Mensah, President and CEO of OFN, Brian Moynihan, Chairman and CEO of Bank of America, and Jodie Harris, Director of the CDFI Fund, among others. Craftsman was excited to send five members of our Community Development team to the event, four of whom participated for the first time. This experience broadened their understanding of what CDFIs do, how they do it, and their critical role in our communities.

 

Working Solutions’ presentation on the intersection of “Trauma and Lending: Managing Teams through Complex & Circumstantial Trauma” was a strikingly progressive approach to endemic problems that weigh on CDFIs and the whole nonprofit sector. I am looking forward to reading their recommendations. I am also grateful to the Native CDFIs who presented. This whole category of CDFI was new to me, and I’m better for knowing even a little about it now. Their perspectives and expertise were eye-opening and enriched the conference deeply. 

Amy Stahl, Business Analyst

 

While the conference highlighted the challenges faced by communities and small businesses that were already at-risk prior to the pandemic, it also illustrated the strength and resilience found within these communities.

 

I attended a session on Latinx communities which outlined barriers to access to some of the PPP (Paycheck Protection Program) loans. That was a recurring theme I heard in quite a few sessions – the double injustice of many communities that were disproportionately affected by the pandemic and had limited access to relief funds for a variety of reasons. I also attended a session where all the representatives were from native Hawaiian CDFIs. They described how resilience is something that defines these communities historically, which makes them well positioned to meet the challenges of this past year. These CDFIs are working in many areas – including housing and small businesses – to help the community weather the economic effects of the pandemic.

Mary Helen Johnson, Customer Success Manager

 

Ultimately the conference applauded the flexibility and humanity of CDFIs when confronted with crisis.

 

Seeing the rapid response and banding together of CDFIs with partners and investors to provide flexible capital in a time of need is inspiring, especially taking into account changing guidelines for many programs. The flexibility of many CDFIs to pivot and create new programs, and the willingness to modify existing loans to put borrowers’ financial and credit health above all shows the compassion and mission-based work we hope to see in many of the CDFIs we work with. Discussion and practice of reassessing underwriting processes and requirements to better fit black and brown communities really stood out as a next step in accepting privilege and moving forward on continuing to expand inclusive lending practices.

The Working Solutions session regarding navigating trauma in lending was fascinating.  Internal training and keeping an eye towards truly humanizing the entire lending process really helps separate this industry. Considerations like this are more important in this climate than ever, taking into consideration the immense stress and pressure many borrowers and applicants are under while managing the effects of COVID-19 and personal traumas.

Corey Bonser, Customer Success Manager

 

Seeing sessions correspond to the overarching theme of Finance Justice was a timely response to the divisive nature of our current political climate and the impact of COVID-19 on lenders and borrowers. And yet, I was encouraged to hear the voices of CDFI Allies, both Republican and Democrat, extolling the virtues and accomplishments of this industry – Speaker of the House Nancy Pelosi, Democratic Senator Chris Coons, next to Republican Senators John Thune and Tim Scott, among numerous other political figures. Perhaps this is one area where we can find common ground, where the spirit of bipartisanship can flourish and lead the way.

While the conference itself is over, the work to be done remains. Given the flexibility and humanity of the CDFI industry, matched by the strength and resilience of our communities and small businesses, I am confident that the arc towards Finance Justice will enable our communities not just to survive, but also find ways to grow and thrive long after the pandemic is over. 

 

 

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