microlending, crowfunding, & alternative financial tools giovannitti
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Microlending, Crowdfunding, & Alternative
Financial Tools for Underserved Entrepreneurs and Communities
Jen GiovannittiRegional Community Development Manager
Federal Reserve Bank of Richmondhttps://www.richmondfed.org/community_development
June 4, 2014
The views expressed in this presentation do not necessarily reflect the views of the Federal Reserve Bank of Richmond or
the Federal Reserve System.
DISCLAIMER
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West Virginia Loan Fund Collaborative
Peer group of CDFIs and alternative
lenders
THE WV LOAN FUND COLLABORATIVE GROUP
First Microloan of West Virginia
Kanawha Institute for Social Action and Research (KISRA)
Mid-Ohio Valley Regional Council (MOVRC)
Natural Capital Investment Fund (NCIF)
New River Gorge Development Authority (NRGDA)
Washington County Council on Economic Development
Woodlands Community Lenders
WV Center for Rural Health
Wyoming County Economic Development Authority (WCEDA)
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Serving Underserved Areas:WV Alternative Lenders
L
L
L
L
L
L
L
L
Randolph
Hardy
Kanawha
GreenbrierFayette
Grant
Preston
Raleigh
Pocahontas
Boone
Clay
Nicholas
Wayne
Roane
Logan
Pendleton
Mingo
Lewis
Braxton
Webster
Ritchie
Mason
Wood
Tucker
Monroe
Lincoln
Hampshire
Mercer
Wirt
Jackson
Tyler
McDowell
Wetzel
Wyoming
Gilmer
Harrison
Upshur
Marion
Putnam
Mineral
Cabell
Barbour
Summers
Marshall
Berkeley
Calhoun
Monongalia
Doddridge
Morgan
Taylor
Ohio
JeffersonPleasants
Brooke
Hancock
The Center for Rural Health Development, Inc.
Wyoming County Loan Fund
New River Gorge Regional DevelopmentAuthority
Woodlands Community Lenders
Poverty Rate by County (2012)
25.1% - 36%
20.1% - 25%
18.1% - 20%
16% - 18%
10.8% - 15.9%
L Lending Organizations
Washington CountyCouncil onEconomic Development
Natural CapitalInvestment Fund
Mid Ohio ValleyRegional Council
Source: U.S. Census Bureau, Small Area Income and Poverty Estimates
Kanawha Institute ForSocial Research &Action, Inc.
WV 18%
U.S. 15.9%
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Goals of the Collaborative
1. Understand the lending landscape
2. Map data
3. Develop opportunities for peer-to-peer learning
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Mapping Outcome
• Loans amounts mapping
• Activity of the individual Loan funds
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What Have We Learned• Money is not the biggest challenge
• Referral Networks are Crucial
• Educating Bankers on How to Partner is Important
• The Future Looks Bright for Community Lenders
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Next Steps2012
2014 • Updating mapping• Looking to include 2
additional funds• Bringing additional
content learning to the group
• Writing an issue for one of the Bank’s publications on the topic
• Learning the Landscape
• First mapping• Charting the issues
Thank You
Jen Giovannitti, Regional Community Development
Manager