#40: It Takes a Village...Do You Know Who You Can Trust?

The best and most impactful community development finance projects are not done by any one bank, CDFI or community partner. The most monumental community-based projects are forged over time with strong leadership (and trust!) and the fortitude to manage the never-ending variables that are often required when driving impact into the most disadvantaged communities. This is where your internal and external partners come into play. Internal partners include executive management, commercial lenders, loan servicing, your investment/treasury division, compliance and legal, and marketing and PR. External partners include private sector businesses, nonprofit organizations, philanthropic entities, governmental agencies, commercial and private developers, and practitioners/consultants.These community development projects tend to take a couple of years and have many people and partners cycle through the deal. Oftentimes, CRA Officers play a convening role by offering to meet in a bank conference room or to coordinate virtual meetings. Your work in this regard will likely garner community development service hours for your bank as well.No matter the role you play, it is important to keep all stakeholders apprised of the project along the way. This is especially true for internal partners as equity sources and credit enhancements fall into place to make the seemingly un-doable deals, well, doable! I hope you now have a sense of all of the key players and can call upon them as you embark on your community development initiatives. Quotes• “It’s very important that you keep all of your internal partners aware of the community development work you’re doing, so when financing comes to play everybody is aware of the role you might play in community.” (02:38-02:53)Want to learn more about the CRA? Consider joining the CRA Hub, a membership for bankers to connect, inspire, and master the art of CRA: https://cratoday.com/hub/ LinksCRA Today Website: https://cratoday.com/ Copyright © 2021 by CRA Today LLC(No claim to original U.S. government material)All rights reserved. No part of this podcast may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, including electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of the author and publisher.This podcast is a periodic publication of CRA Today LLC and is intended to notify and inspire recipients of new developments in the Community Reinvestment Act. It should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own attorney concerning your situation and specific legal questions you have.Podcast production and show notes provided by HiveCast.fm