CDFIs Bridging the Gap Together at our Annual NYS CDFI Conference

On March 23rd Community Development leaders from across New York State gathered in Albany for our annual two-day statewide conference. This year’s theme – CDFIs at Work: Bridging the Gap – included panel discussions and workshops examining how CDFIs responded to the needs of their communities through unlikely cross-sector partnerships and innovative products.

During her welcome remarks, Aisha Benson, Chair of the Coalition, set the tone by acknowledging that the past year has been a challenging one, marked by drastic shifts in policy and shrinking resources for CDFIs. It is during these times of greatest need, she pointed out, that CDFIs rise to the occasion, innovate, and continue to support our communities with creativity and dedication. “We’re here,” she said “because CDFIs are not just lenders. We are bridge builders. This year’s theme – Bridging the Gap – is both a reflection of our work AND a challenge to go further.”

Accompany Capital was pleased to participate in a panel titled Driving Change. The discussion focused on how a cross-sector partnership with the NY Taxi Workers Alliance led Accompany Capital to work closely with Bhairavi Desai, President and Founding member of NYTWA, and her team at NYTWA to develop a fully secured Taxi Medallion Refinancing Loan Product. To date, 36 loans totaling $4.3M have been refinanced, reducing total debt on some loans from as much as $640K down to $95K.

“When thousands of taxi drivers faced the crisis of underwater medallion loans and life-long debt, our union called for the city to guarantee the loans in exchange for restructurings by banks,” Bhairavi Desai recalled. “When traditional capital turned their backs on us, Accompany Capital had the vision to imagine a financial solution, the courage to invest in us, and the moral fortitude of solidarity to commit its full resources to the success of the program. Some borrowers went with having monthly payments of $3,000 go down to $1,234. It’s been life-changing.”

Similarly, the Disability Opportunity Fund, represented on the panel by Genny Kurzweil, established a loan fund with $5M in capital from Empire State Development (ESD), represented by Ray Salaberrios, Senior VP of Small Business Capital Access, to work with NYTWA in establishing the Accessible Taxi Loan Assistance Service (ATLAS) – a loan fund providing low-cost loans to wheelchair accessible yellow taxis.

Moderated by Steve Garibell, Vice President of Community Business Development at TD Bank, this panel was a powerful example of an unlikely but effective coalition: immigrant taxi workers devastated by crushing debt and organizing for their livelihoods; two CDFIs committed to asset preservation and disability inclusion; and a state government willing to innovate. Together, the panel composed of both architects and beneficiaries explored what cross-sector partnership looks like when it works,  and the impact it can have on local economies.

CDFI veterans Cliff Rosenthal and Mark Pinsky delivered keynote addresses and a fireside chat on the history of the CDFI movement, reminding us that there is much to celebrate: the sector enjoys bipartisan support, which is rare in these divisive times.

In fact, the NYS CDFI Coalition is often cited as a model for how a state coalition – through strong leadership and an active membership – can shape policy and build recognition of the vital services CDFIs provide in support of small businesses and housing development.

The conference was also an opportunity to check in with key partners like Maxmillian Weiner, Founder & CEO at Resilient, a company which developed Life & ADD insurance products for CDFIs like Accompany Capital.

Thank you to Colleen Ryan, Consulting Executive Director of the NYS CDFI Coalition, for presenting another terrific conference. The Accompany Capital team came away feeling inspired and with renewed energy to support the challenges micro and small business entrepreneurs face.

And finally, special thanks to our supporters who, directly and indirectly, help us keep our conference ticket price low: Wells Fargo, Disability Opportunity Fund, Empire State Development, M&T Bank, TD Bank, Apple Bank, Metropolitan Commercial Bank, Ponce Bank, Valley Bank, and Wood Forest Bank.