Broadstreet Impact Services’ Post

Thanks to U.S. Department of the Treasury and Community Development Financial Institutions Fund (CDFI Fund) for hosting us on Monday to discuss the Access program and how states can leverage SSBCI funding to support our country's smallest small businesses. It was a great discussion with TruFund Financial Services’ James H. Bason, Goldman Sachs’ Sherry Wang, CDFI Fund’s Pravina Raghavan, and New Jersey Economic Development Authority (NJEDA)’s Christina Fuentes. As our CEO Jennifer Pryce shared: "It's kind of a program in a box. We've tried to make it as easy as possible for states to come in and hit go right away."  "We have four states with us right now and there is no limit to how many states we can have. This just scales and grows beautifully." Jenn also gave a shout out to our supporters, Citi Foundation and Wells Fargo Foundation: "I want to call out some critical support that came from Citi Foundation and Wells Fargo Foundation. It's unusual that you get grant money to just figure it out and they gave us that type of capital... So, we're really grateful for that moment in time because it let us all as developers of this program work together to get to where we are today." If you are looking to get a state-based program up and running, learn more about Access here and reach out to chat! https://bit.ly/483PWh8 #ImpactInvesting #SmallBusiness

So good for NH and the north country.

At today’s Freedman’s Bank Summer Symposium, Self-Help Credit Union highlighted their work in supporting access to affordable childcare through small business lending, an outstanding example of the incredible impact of $2.2 billion in Emergency Capital Investment Program (ECIP) investments in community development credit unions. Treasury’s 2023 Investing for Impact Report released today shows that CDCUs that received ECIP investments made more than $4.3 billion in deep impact loans, reaching the most underserved people and communities in 2023, and made an additional $6.1 billion in loans benefitting low- and moderate-income people and communities as well as people and communities of color. For more on CDCUs and ECIP, check out Cathi Kim’s piece (https://ow.ly/HgKe50SAL9h) in CUES CU Management highlighting the work of two high-impact CDCUs and how ECIP helped them deepen their impact in their communities. Watch: https://ow.ly/sQJ550SAL9j

Providing financial literacy and purposefully guiding the next generation is key to preventing the classic 'shirtsleeves to shirtsleeves in three generations' scenario. Many of Alvia’s clients grapple with balancing discipline and indulgence in raising their children, aiming to instil an appreciation for the effort involved in wealth creation. Some Alvia families include their children in the family’s wealth management process early on, fostering a sense of responsibility through education and observation, while others operate a “family bank”, lending money to their kids on commercial terms to encourage financial accountability. At Alvia, we place great importance on trusted, long-term partnerships, thoughtfully selecting clients whose family culture supports the preservation and growth of wealth across generations. As CIO Josh Derrington shares, 'We want to be able to manage the capital through multi-generations. I know if the parents haven’t put the right value set in place, then we are going to be looking for a new client come the second generation.'" Read the full article by Michelle Bowes in The Australian Financial Review. Nathan Robertson, Eddie Barrett https://lnkd.in/gVbyhN4d

Don't miss out on my upcoming Financial Classes that Northern Virginia Association of Realtors Ambassador Bruce McBarnette is teaching on August 4! Learn valuable skills and tips about real estate and investing. Link in bio for more details and to get tickets. #FinancialClasses #FinancialLiteracy #MoneyManagement #August4 #ZoomEvent #usatfmasters, #kellerwilliamss, #NVAR, #usatf, #usatfmasters, #princetonalumni, #princeton, #princetontrack

The DIFC Family Wealth Centre has issued a new publication on DIFC Foundations, developed in partnership with M/HQ. This new guide follows the recent publication on #DIFC Trusts and offers an in-depth exploration of Foundations within DIFC. #Foundations are a perfect starting point for families and their advisors who are serious about asset protection, #EstatePlanning, and #WealthManagement. Read more: https://lnkd.in/dGg6BRAv Yann Mrazek Kath Zagatti #FamilyWealth

Another great cash-out refi for a repeat Sponsor in south Georgia. This developer is enjoying an incredible run building market-rate multifamily in smaller markets. The rents are almost always naturally affordable vs the Area Median Income and some are located in designated Duty-to-Serve markets. This allows the borrower maximize rents while also qualifying for significant agency pricing concessions. Additionally, this loan fell within a Fannie sweet spot. Proceeds were between $6MM - $9MM, which made it small enough to qualify as a Fannie Small loan but large enough to price off the tighter conventional grid ($6MM+). Lastly, Fannie and Freddie both have their strengths but when it comes to DSCR, Fannie Small wins in tertiary markets at 1.25x. The combination of low pricing and low DSCR helped maximize loan proceeds. The Borrower took advantage of Fannie’s Dual Lock program and locked 75% of the loan amount earlier in the engagement process. From signed app to close, the final rate came in 41 bps lower and proceeds increased by $150k. Tier II cash-out at 1.25x DSCR, half-term Interest Only, 100% mission driven rents. Special thanks to the borrower team and Ian Diatlo, Christian Broderick David Jackson, Shahzad S., Sarah Suther, Nora Nickel, Corinne Kizner, Robert Sawyer, Stuart MacIlwaine, Paul Presley, Andrew Irwin, CFA, and Charissa Lowe.

Envisant is thrilled to share a major milestone for Curql Fund II! This incredible achievement demonstrates the power of collaboration! Curql Fund II is paving the way for credit unions to invest strategically in innovative fintech solutions. #curqlfundII #creditunions #innovation #curql P.S. Scroll down to check out the full press release to learn more about this exciting development!

🌟 New MassINC and P2 Advisors LLC Report 🌟 As an emerging CDFI, BII participated in this new report that shines a light on the vital role of community capital in Massachusetts. The Commonwealth boasts a thriving community finance sector dedicated to empowering underserved communities and fostering economic inclusivity. With nearly 100 community finance institutions statewide, including 31 federally certified CDFIs and 65 state-certified CDCs (with overlap), these organizations are pivotal in addressing financial gaps across small businesses, housing, and community facilities. Report: https://lnkd.in/eV9mqsbt 📊 Key Findings from the Report: • The sector primarily supports entrepreneurs and small businesses, crucially aiding those from historically underserved groups. • CDFIs face challenges with funding, limiting their reach. • Recent years have seen significant growth, with small business financing doubling from $17.6 million to over $38 million by 2023. 🚀 Strategic Recommendations for Growth: • Increase funding support through state grants, a dedicated CDFI fund and philanthropy. • Increase deployment of alternative financing like lines of credit, revenue-based financing and equity-like investments • Expand CDFI reach through marketing and partnerships with BSOs and banks. Massachusetts' CDFIs and CDCs have a profound opportunity to amplify their impact to help build community wealth. Capitalizing CDFIs is a sure way to empower more small businesses and drive equitable economic growth across the Commonwealth! #CommunityFinance #CommunityCapital #EconomicDevelopment #CDFIs #MassachusettsEconomy #InclusiveGrowth

The Quant King...may he rest in peace... In the world of finance, there are individuals who defy conventional wisdom, who challenge the status quo, and who, through their unique approach and perspective, redefine the boundaries of what is possible. Jim Simons, the founder of Renaissance Technologies, was one such individual. His life and career were a testament to the power of innovation, the relentless pursuit of knowledge, and the transformative potential of technology. Born in 1938, Simons was an outlier from the start. He was not a product of Wall Street, but of academia. A mathematician by training, Simons began his career as a professor at Stony Brook University. But like many outliers, he was restless, eager to apply his theoretical knowledge to the real world. In 1982, Simons founded Renaissance Technologies, a hedge fund that would become synonymous with quantitative trading. His approach was revolutionary. He used complex algorithms and computers to predict market trends, a radical departure from the traditional, fundamental-based investing strategies of the time. Simons's success was not just a matter of luck or circumstance. It was the result of a unique approach, a blend of mathematical rigor and financial acumen that set him apart from his peers. His flagship Medallion Fund, open only to company employees, returned an average of 39% annually over a 30-year span, a performance that was not just a beat, but a symphony of success in a world often characterized by discord and volatility. But Simons was not just a numbers man. He was a cultural force, a symbol of the broader shift in our society towards data-driven decision making. His approach to investing mirrored the transformative power of data in finance, much like how the rise of big data has reshaped other fields, from sports to politics. Yet, like all outliers, Simons was not without controversy. His firm's use of high-frequency trading and its secretive nature drew criticism from some quarters. But Simons remained undeterred, steadfast in his belief in the power of numbers and algorithms. In many ways, Simons was an outlier in the world of finance. He was a visionary who harnessed the power of technology to reshape the financial landscape. And in doing so, he left an indelible mark on the world of investing. This profile of Jim Simons is a tribute to an outlier, a man who dared to challenge the status quo and redefine the boundaries of what is possible. His life was a testament to the power of innovation, the relentless pursuit of knowledge, and the transformative potential of technology. In the world of finance, he was truly an outlier. May he rest in peace! https://lnkd.in/dqEyWdk9 #ai #legend #hedgefund