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From YouTube: Mountain Community Capital Fund – July 7, 2023
Description
Regular meeting of the Mountain Community Capital Fund.
Access the agenda and other meeting materials at the City of Asheville website: https://www.ashevillenc.gov/department/city-clerk/boards-and-commissions/mountain-community-capital-fund-operating-committee/
Participate before and during the meeting on our public engagement hub: https://publicinput.com/U4153
B
Excellent
all
right
good
morning,
everyone
today
is
July
7th.
This
is
the
Mountain
Community
Capital
fund
operating
committee
meeting,
which
I'm
going
to
call
to
order.
My
name
is
Tim
love,
I'm,
the
chair
of
the
mccf
operating
committee.
B
Today
we
have
a
great
agenda:
we've
done
our
audio
and
visual
checks,
so
everyone
should
be
good
to
go
if
you'd
like
to
share
your
video.
Now
would
be
the
time
if
you
found
out
to
do
so.
That's
fine
as
well
to
begin
our
meeting
today,
I'd
like
to
do
a
quick
roll
call
and
so
I'm
going
to
go
through
the
role
and
ask
that
you
state
your
name
that
you're
present
and
whether
or
not
you're
a
voting
member.
C
Good
morning
everybody,
my
name
is
D
Williams
I'm,
a
voting
member
and
I'm
newly
appointed
by
the
Buncombe
County
Board
of
Commissioners.
G
Friday
everybody
Rachel
Sawyer
and
I
guard
here,
County
employee
and
your
treasurer.
G
B
B
Great
well,
let's
go
ahead
and
jump
into
our
old
business
and
actually
before
we
do
that,
I'd
like
to
make
a
quick
adjustment
to
the
agenda
and
would
like
the
approval
of
this
group.
In
our
new
business
section,
we
have
a
an
item
to
review
the
loan
report
and
that's
a
holdover
from
a
prior
agenda
and
so
I'd
like
to
strike
that
from
the
meeting
agenda.
We
will
do
that
in
the
future
at
an
upcoming
meeting,
but
not
at
this
one.
Are
there
any
objections
to
that?
Can.
B
B
C
I
would
just
say
that
I'm
happy
to
be
here
and
just
hope
that
we
do
all
the
good
we
can
that's
it.
Thank
you.
Thank.
B
You
and
while
we're
welcoming
new
members,
I
also
want
to
take
the
opportunity
to
welcome
Lydia
turgeon
who's
with
us
from
Carolina
small
business.
This
is
Lydia's
first
meeting
Works
closely
with
Reggie
and
Zuri
and
others,
but
Lydia
wanted
to
give
you
just
a
few
minutes
to
introduce
yourself
to
the
group.
F
Thank
you
so
much
Tim
good
morning,
Lydia
turgeon
I
recently
joined
Carolina,
Small,
Business,
Development
Fund,
and
also
a
new
convert
to
North
Carolina
I
came
from
Illinois
the
Chicago
area,
so
loving
your
weather,
even
though
I
know
you
guys
were
talking
about
it
and
it's
a
little
hot.
This
is
okay
for
me
compared
to
snow,
so
so
happy
to
be
here
and
happy
to
be
part
of
the
committee.
Look
forward
to
learning
more
about
the
program.
Thank.
B
You
excellent
well
thank
you,
Lydia
pleased
to
have
you
with
us
today
all
right
back
onto
our
agenda
old
business.
Next
up,
we
have
an
approval
of
the
minutes
from
the
June
2nd
2023
meeting.
You
should
have
received
the
meeting
minutes
in
advance
of
this
meeting
by
email,
but
they've
also
been
posted
to
the
Mountain
Community
Capital
fund
operating
Committee
website.
Does
anyone
have
any
questions
about
the
minutes?
If
not
I
would
request
a
motion
to
approve
those
minutes
so
moved
you
have
a
motion.
Is
there
a
second.
D
F
B
B
B
So
we'll
keep
moving
next
up
on
old
business,
we've
got
Carl
who's
going
to
provide
an
update
to
us
on
the
new
lender
criteria.
Work
group:
this
was
an
item
that
was
discussed
at
the
last
meeting.
I
think
there
was
healthy
discussion.
I
wanted
to
continue
that
and
have
Carl
kind
of
share
his
thoughts
on
what's
next
and
kind
of
the
the
frequency
of
meetings
and
things
like
that.
D
Thank
you
Tim.
Yes,
the
small
working
group
met
last
week,
Frank
and
John
Appleby
and
I.
We
are
working
towards
a
matrix
with
our
existing
lender
group
to
sort
of
see
what's
working,
what's
not
what
our
lender
profile
or
what
lender
profile
has
worked
best
and
sort
of
meets
the
needs
of
our
lender
Community,
as
well
as
the
mission
of
the
mccf
we've
also
identified
four
additional
funding
groups,
cdfis
that
would
potentially
meet
our
criteria
and
could
be
added
to
our
lender
group.
D
Those
are
thread:
Capital
partner,
Community
Capital,
which
we've
already
talked
to
abundance
capital,
and
then
the
mountain
housing
opportunities
group
that
all
of
those
sort
of
seem
to
be
either
having
a
working
relationship
with
the
county
today
or
are
lending
in
Western
North
Carolina,
particularly
Buncombe
County,
that
are
sort
of
mission
focused
and
we're
reaching
out
to
each
one
of
those
companies
to
gauge
their
interest
and
to
start
the
dialogue
once
the
Matrix
is
returned,
we'll
use
that
as
part
of
the
due
diligence
document
of
that
any
potentially
interested
lenders,
along
with
their
financial
performance,
their
lender
profile
in
the
community
and
their
activity.
B
Great,
yes,
sir,
so
you
know
thank
you
for
that
update
and
you
know
definitely
wanted
to
open
it
up
to
this
group
to
see
if
they
have
any
questions
or
comments
suggestions
as
we
go
through
this
process.
Adding
a
new
lender
is
a
an
important
responsibility
of
this
group.
We
do
have
the
operating
committee
by
our
services
and
duties.
B
Agreement
has
the
authority
to
add,
as
is
to
that
group,
so
we
want
to
make
sure
that
if
we
do
add
it's
someone
that's
going
to
kind
of
further
our
interests
as
a
community,
but
also
be
a
responsible
lender.
That's
a
key
ingredient
too
foreign.
E
I
think
this
comment's
related
so
I'll
go
ahead
and
make
it
the
it
is
interesting
to
me-
and
you
know
there
was
a
there-
was
a
sort
of
joking
comment
earlier
that
you
know
we
didn't
never
get
any
public
comment
at
the
end,
but
this
fund
is
a
great
opportunity
for
those
seeking
capital
and
need
who
need
access
to
Capital
and-
and
there
has
been
commentary
in
the
past
about
the
I
guess:
the
lack
of
activity
from
other
lenders
and
not
just
not
seeing
the
volume
that
we
maybe
would
hope
to
see,
and
why
is
that?
E
So,
in
past
meetings
there
was
some.
E
There
were
some
questions
about
marketing
the
fund
and
I
just
wanted
to
share
that
internally
at
the
city
we
are,
we've
met
with
our
Communications
team,
we're
going
to
coordinate
with
the
County
communications
team
and
we're
going
to
do
more
of
a
Communications
push
to
make
sure
that
there
is
better
awareness
in
the
community
of
the
funds
available
through
Mountain
Community
Capital
fund.
So
that
is
something
that's
in
the
works.
We're
coordinating
that
now
and
that'll
be
moving
forward.
B
It's
a
great
note:
Frank
I
appreciate
you.
Sharing
that
I
see
your
hand
is
up
as
well
before
we
transition
to
you.
I
just
want
to
put
a
note
in
that
Frank
that
if
we
can
get
some
some
good
feedback
from
either
participants
or
people
that
applied
to
the
mccf
like
I,
think
that
would
be
a
really
strong
thing
that
actually
came
up
in
last
night's
meeting.
But
we
can
come
back
to
that
I'm
glad
to
participate,
but
Misty
go
ahead.
D
To
that
yet
we're
sort
of
holding
off
on
getting
too
much
detail.
These
were
all
recommendations
that
came
to
us,
although
I
have
talked
to
partner
Community
Capital
months
ago,
we're
waiting
to
sort
of
have
a
clear
expectation
of
what
we
would
like
them
to
qualify
for,
and
at
that
point
we
can
certainly
include
that
as
a
as
a
helpful
expectation
for
their
fund.
That
I
think
that's
a
great
idea.
B
That's
great,
thank
you.
Both
Rachel
Sawyer
NY
guard.
G
Thanks
for
the
update,
Carl
has
the
you
mentioned
a
matrix.
Is
that
something
that's
in
development
or
already
created.
B
That's
a
great
suggestion,
as
things
get
further.
B
You
know
one
item
and
it
all
relates
to
Frank.
You
know
on
the
as
we're
doing
our
Communications.
Maybe
we
build
out
a
way
to
reach
out
to
the
applicants
like
I
said,
if
we
think
that's
valuable
I
think
one
of
the
key
ingredients
as
we
talk
about
a
new
lender
is
kind
of
their
ability
to
reach
in
the
community
here
and
so
I
think
Carl
I,
don't
know
how
we
measure
that,
but
I
think
that's
got
to
be
a
key
consideration
because
I
think
it's
all
about
penetration
and
where
we
are
so.
D
Yeah
and
I
think
we
talked
about
in
a
previous
meeting
as
well
as
a
document
that
I
sent
out.
You
know
how
would
we
vet
these
guys,
and
you
know
one
of
the
ways.
Is
you
know
what
social
impact
investing
are
you
doing
as
a
group?
How
does
the
mission
that
we
have
intersect
with
your
goals
for
Buncombe
County
and
what
kind
of
loans
demonstrate
that
that
you've
done
in
the
you
know,
recent
past
I
think
you're
right,
I,
don't
I,
we
don't
want
them
sort
of
bending
entirely
to
us.
D
We
want
them
to
have
that
perspective,
but
you
know
we
also
feel
like
these
are
all
sort
of
social
impact
funds
today
and
they
may
fit
so
that's
kind
of
how
we're
proceeding.
B
B
Right
any
other
questions
or
comments
on
new
lenders.
E
All
right,
one,
one
last
thing
so
from
Mountain,
Biz
works
I
think
it
would
be
valuable
to
to
get
some.
Obviously,
when
we,
when
we
look
at
the
loan,
guarantee
summary
that
data
isn't
is
anonymous
so
for
those
folks
who
are
aware
of
the
fund,
maybe
getting
some
feedback
from
Mountain
bizworks
as
to
how
those
folks
have
heard
about
it
and
what
channels
they're
receiving
that
from
receiving
receiving
that
information
from.
So
if
you
get
feed
that
back
to
me
gasoline,
that
would
be
great.
A
Yeah
sure
thing
is
that
something
how
how
would
you
want
me
to
send
that
information
just.
A
Okay
sounds
good
I'll
see
if
I
can,
if
I
can
find
a
way
for
us
to
kind
of
write
that
down
with
our.
B
I'm
hanging
on
to
that
yasleen,
just
curiosity
does
Mountain
Biz
Works
help
capture
feedback
from
your
borrowers
and
or
your
technical
assistance
participants
I'm
sure
you
do
I'm
just
curious
what
if
any
data
is
collected
in
terms
of
a
survey
or
yeah.
A
We're
actually
in
the
middle
of
our
annual
survey
now
so
yeah
we
we've
sent
that
out
and
we'll
get
data.
I
think
I
think
it
closes
on
the
14th
so
yeah,
so
we're
we're
right
in
the
middle
of
it.
H
I
had
just
one
thing,
which
is
making
sure
that
any
new
lenders
really
understand
our
process
and
how
they
could
benefit
from
this
long
guarantee
so
I
know
partner,
Community
Capital
has
done
at
least
one
loan
to
a
black
owned
business
in
Asheville.
It's
part
of
their
public
promotion.
You
know
success
stories,
which
is
Claude
Coleman's
soundspace,
for
example,
and
thread
Capital.
H
You
know
their
whole
mission
is
underserved
entrepreneurs,
so
just
in
going
through
the
process
of
bringing
people
on
making
sure
that
the
way
that
Mountain
Community
Capital
works
is
really
going
to
support
additional
loans
and
underwriting
because
it
might
not
always
work
out
because
we
have
lenders
here
who
aren't
currently
using
it.
So
as
we're
bringing
new
lenders
on
just
making
sure
that
you
know
this
process
is
working
and
you
know
maybe
taking
a
look
and
having
those
conversations.
H
B
F
B
We're
going
to
transition
into
new
business,
the
only
item
remaining
in
our
new
business
is
a
consideration
of
a
new
loan
guarantee,
and
this
item
was
reviewed
at
the
last
meeting.
We
were
unable
to
vote
at
that
time
due
to
an
issue
with
Quorum
and
a
recusal,
so
would
like
to
transition
to
that
item
yaslin
if
you're
ready
to
share
I'd.
Actually,
you
do
kind
of
a
quick
update
on
what
that
loan
looks
like
with
the
guarantee
is
just
so.
We
have
it
in
the
minutes
for
this
meeting.
A
Okay,
so
this
is
a
request
that
was
presented,
I
believe
back
in
April,
so
it's
been
a
it's
been
a
couple
months
now,
so
this
loan
has
been
closed
and
the
the
committee
for
the
most
part
were
okay
on
reviewing
this
loan
post
due
to
the
fact
that
we
didn't
have
a
quorum.
So
this
is
a
food
manufacturer
in
Buncombe
County.
A
The
purpose
of
the
loan
was
for
them
to
expand
into
a
larger
retailer.
This
was
a
ideal
and
opportunity
they
had
been
working
on
for
about
12
months,
working
on
inventory.
Throughout
that
time
and
as
far
as
security
items,
we
have
a
UCC
on
all
business
assets,
including
new
and
used
equipment,
and
the
equipment
provides
a
discounted
value
of
29
538
dollars.
A
As
we
did
60
months
principal
and
interest
it
was,
the
payment
is
comes
up
to
1829.
credit
score
is
618,
the
parents
are
now
trade,
Lines,
no
bankruptcy,
no
missed
payments
as
far
as
Jobs
created
and
retained,
we'll
have
five
full-time
jobs
retained.
Three
part-time
jobs
retained
as
well.
A
This
client
has
received
10
plus
coaching
hours
in
financial
management
and
operations,
and
this
request
does
include
a
previous
mccf
loan
refinance.
Like
I
said
it
has
been
within
map
at
the
guarantee
fund
already.
A
So
we,
the
new
money,
will
be
forty,
four
thousand
twenty
twenty
four,
let's
see
the
client
has
had
an
excellent
payment
history
within
the
mcco
program
as
well,
no
issues
there
and
you
can
take
a
quick
look
at
the
numbers
here.
Like
I,
said
that
deficit
there
was
due
to
the
inventory
being
created
in
order
to
be
ready
for
the
expansion.
A
However,
they
received
some
grant
money
to
be
able
to
bridge
that
Gap
in
the
in
the
income
and
any
questions.
Any
questions
on
this.
C
Sorry
I'm
having
some
that
I've
got
just
a
few
just
wanted
to
know
the
things
I
see
a
line
item
where
they
got
is
it?
Is
it
TV,
tourism,
Development,
Authority
funding?
Is
that
right.
C
A
G
A
What
is
that
so
that
is
the
it's
essentially
stands
for
expenses,
so
it's
essentially
what
we
use
to
determine
what
is
available
for
cash
flow.
C
Comes
from
is,
is,
the
is,
is
the
is,
is
pretty
much
a
depreciation
figure
as
well
as.
F
C
Okay
and
the
other
question
is
I:
guess
what
I'm
looking
at.
A
C
Yes,
I
understand
that:
how
much
is
the
new,
the
new
money
is,
how
much
forty
four
thousand
is
that
right,
44
000,
yes,
okay,
the
aggregate
amount.
What
is
the,
what
was
the
the
payoff?
Is
it?
What?
How
much
was
that
payoff.
A
B
G
You
know
just
recapping
on
the
previous
meetings.
This
was
on
the
June
agenda
and
the
May
agenda
and
Quorum
wasn't
present
for
either
of
those
approvals.
G
It
I'm
sorry,
Mountain,
Biz,
Works,
yes,
Lee
mentioned
is
Seeking
a
retroactive
approval,
they've
already
gone
forward
with
this
loan
and
need
the
approval
of
this
operating
committee
to
do
it
through
the
mccf
program
to
get
that
loan
guarantee.
The
original
reason
I
think
for
that
retroactive
request
was
cancellation
of
a
meeting,
maybe
April's
meeting
and
the
borrower
needing
access
to
funds
in
a
more
timely
manner.
G
So,
if
I'm,
if
I'm
correct
about
this
members,
were,
took
a
risk
feeling
like
it
was
a
great
fit
in
that
the
mccf
loan
guarantee
would
come
through.
So
the
loan
has
already
been
closed
and
the
lender
is
seeking
the
approval
to
to
finance
it
with
the
loan
guarantee,
did
I.
B
All
right
so
before
we
proceed
into
any
type
of
motions
or
anything
of
that
nature,
Carl
I
know
that
you
recuse
yourself
in
the
last
meeting.
I
assume
you
would
like
to
do
so
again
correct,
so
Carl
will
be
recusing
himself
from
this
vote,
but
that's
that
changes
our
we
still
have
Quorum,
so
we
can
still
vote,
but
that
will
change
our
voting
ratios.
Do
we
have
a
motion
to
approve.
E
B
G
B
Everyone
and
please
extend
our
gracious
apologies
to
mountainous
works
and
the
the
lendi
for
the
delays
in
the
process.
So
thank
you
all
right,
Carl.
You
have
a
question
or
comment.
D
And
I
will
say
after
the
vote
here
that
you
know,
even
the
shortage
of
income
was
really
to
satisfy
a
purchase
order
for
a
very
large
expansion.
This
is
a
very
solid
company.
That's
looking
at
a
very
strong
future
here
over
the
next
24
months,
so
I
think
it
was
a
good
decision.
B
It's
exciting,
I
I
think
it's
always
great
when
we
get
to
talk
about
small
businesses,
growing
and
sort
of
feed.
That
cycle
so
pleased
to
pleased
to
see
it.
B
All
right,
so
we
have
concluded
new
business,
which
is
exciting.
At
this
point
we
would
transition
to
public
comments
and
Cena.
Do
we
have
any
members
of
the
public
with
us
here
today.
B
B
Okay,
our
next
meeting,
we're
scheduled
to
meet
in
August.
That
meeting
would
be
August
4th.
B
You
know
which
time
we
can
craft
an
agenda,
but
I
think
basic
idea
on
that
agenda
would
Carl.
If
we
could
kind
of
hear
back
from
you,
maybe
review
The,
Matrix
I
think
that'd
be
really
useful
Frank.
If
we
could
hear
from
you
on
Communications
I
think
that
would
be
great
as
well
and
then
yasleen.
If
we
have
any
updates.
A
And
then
I'll
also
prepare
the
quarterly
report.
I.
F
C
I'm,
sorry,
thank
you.
I
was
just
going
to
say
that
there's
a
new
group
that
put
together
a
Community,
Development,
Corporation
Called
eagles
wings
and
they
are
providing
technical
assistance.
Their
focus
is
black
owned
businesses
and,
of
course,
affordable
housing,
but
they
are
providing
some
of
the
technical
assistance
and
generally
I,
think
they've
started
off,
providing
some
of
that
to
Dogwood
Health
Trust
to
folks
who
have
been
referred
on
and
the
folks
who
are
in
the
church
is
there
about
80,
predominantly
black
churches
from
24
counties
in
Western,
North
Carolina.
C
So
if
you
get
any
marketing
materials,
if
you
would
pass
those
along,
so
we
can
get
those
to
the
constituent
churches.
That
would
be
helpful
thanks.
H
Sure
so
it
thinks
Tim
for
being
there
last
night
at
our
regular
meeting
of
the
economic
development
working
group
of
reparations.
He
is
a
member
of
that
committee
on
the
commission
for
reparations
and
there's
about
six
or
seven
total
working
group
members.
Our
recommendations
on
at
this
point
are
around
building.
H
I
should
say
the
commissioner's
recommendations
are
rounds,
building
Economic,
Development
resources
that
are
led
by
black
community
and
tailored
to
black
community,
and
that
includes
you
know,
potentially
an
economic
development
center
neighborhood-based
resources,
there's
a
lot
of
interest
in
getting
a
black
life
financial
institution
to
be
a
part
of
that.
H
It's
interesting
because
I,
you
know
in
previous
times,
in
Asheville
there
have
been
informal
loan
funds
like
I
heard.
Matthew
mccodes
speak
during
the
Juneteenth
series
of
lunch
and
learns
talking
about
the
black
businesses
on
the
Block,
having
a
Loan
Fund
to
support
each
other
and
they
met
weekly
and
decided
who
would
get
it
and
Dwayne
Richardson,
whose
parents
owned
a
group
or
grandparents
owned
a
grocery
store
in
South
Side
talked
about
extending
community
credit
when
people
needed
groceries
and
they
hadn't
gotten
paid
yet,
and
things
like
that.
H
So
these
systems
have
existed
in
community
and
I.
Think
there's
a
lot
of
interest
in
formalizing
that
getting
access
to
Capital
and
making
a
place
where
black
community
can
decide
who
gets
funding
and
there's
also
an
interest
in
providing
grants
to
Black
entrepreneurs
also
and
I
know.
B
Any
any
additional
comments,
discussion,
items.
B
All
right
well
at
this
point,
I
will
adjourn
or
July
7th
meeting
of
the
Mountain
Community
Capital
fund
operating
committee.
Thanks
to
all
the
join
today
and
I,
look
forward
to
seeing
y'all
at
our
next
meeting
on
August
4th
hope.
Everyone
has
a
great
weekend
a
great
rest
of
the
month
and
we'll
see
you
soon.