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From YouTube: Mountain Community Capital Fund – August 4, 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
A
B
C
B
B
So
today
our
meeting
materials
have
been
posted
online
and
our
agenda
for
today,
I'd
like
to
make
an
a
change
to
our
agenda.
We've
got
a
quorum
at
the
moment
and
I
think
we
still
will
but
I
think
important
as
many
voting
members
as
possible
present
for
consideration
of
any
new
loans.
So
I'd
like
to
reorient
the
agenda
to
move
the
new
business
item
of
new
loans
to
the
top
of
our
agenda
and
to
do
that
I
think
it's!
The
safest
would
be
to
do
a
quick
motion
and
vote
on
that.
B
B
B
Thank
you
and
to
each
member,
please
State,
who
you
were
appointed
by
as
well
as
whether
or
not
you're
a
voting
member
Frank
McGowan.
B
F
B
E
B
County,
chair
of
the
Mountain
Community
Capital
fund
voting
member.
Is
there
anyone
on
the
call
who
does
not
introduce
themselves.
B
My
apologies
Carl
also
the
vice
chair,
the
full
title
in
there
is
there
anyone
else
that
I've
missed.
B
All
right
so
back
to
the
agenda,
we've
got
a
motion
and
a
second
to
move
the
new
loan
presentation
to
the
top
of
the
agenda,
so
that
we
can
make
sure
all
members
have
an
opportunity
to
review
that
at
this
time,
we'll
see
we'll
do
our
vote
and
so
I'd
ask
all
those
in
favor
to
raise
your
hand,
but
virtually
if
you're
in
favor
all
right.
Thank
you.
B
All
right
seeing
none
the
motion
passes
and
we
will
move
directly
to
you,
yasleen
for
a
presentation
on
new
loans.
So
we'll
turn
it
over
to
you.
E
H
Right,
okay,
all
right,
so
this
request
is
for
a
recreation,
retail
type
of
business.
It
is
100
woman
owned.
It
is
a
bypoc
owned
business
as
well
located
in
the
city
of
Asheville,
the
business
as
a
startup.
So
it's
organized
on
511,
2023
I'll,
get
to
some
of
the
financials
here
below
the
loan
amount
requested
is
65
688.
H
H
We
will
have
a
UCC
on
all
business
assets.
The
value
of
the
assets
is
projected
at
55
400,
however,
we're
assuming
a
75
discount
at
a
liquidation,
so
that
comes
up
to
a
liquidation.
Value
of
13
850,
if
assumed.
H
Essentially
the
loan
is,
is
unsecured.
Here
we
have
very
minimal
collateral.
The
rate
is
five
percent
fixed
and
we
have
three
months
of
interest
only
so
81
to
81
months
total.
So
the
loan
term
is
84
months
in
the
monthly
payment
coming
up
to
be
9.57.
H
We
have
excellent
credit
credit
score.
Excellent
repayment,
history,
there's
never
been
any
collections
or
bankruptcies
reported
client
has
invested
a
little
over
twenty
thousand.
We
typically
don't
see
this
type
of
injection
into
a
project,
but
she
positioned
herself
in
a
in
a
in
a
financial
state
to
be
able
to
inject
twenty
thousand
dollars
into
this
project,
and
so
roughly
about
30
percent
of
the
total
project
cost.
H
H
Okay,
the
lender
that
worked
with
this
specific
client
provided
five
hours
of
ta,
specifically
around
Financial
projections
and
market
research,
and
she
will
continue
to
work
with
the
coach
post.
Closing
I'm
in
will
be
in
establishing
bookkeeping
protocols
as
well,
we'll
be
seeking
an
85
guarantee
on
this
request
on
this
loan,
which
is
about
55,
a
34.
H
and
a
couple
comments
here.
So
the
client
has
invested
her
own
funds
time
energy
into
this
project.
She
has
extensive
experience
in
the
industry
has
really
been
connecting
with,
with
other,
like
businesses,
complementary
businesses
in
order
to
support
hers
and
yeah
I.
Think
that's
as
much
as
I
can
say
with
this
one
there
so
back
to
some
of
the
numbers
here.
H
So
these
are
projected
numbers
we
don't
have,
because
it
is
a
startup
there's,
no
historical
data.
So
for
2023,
the
remaining
of
2023
we're
projecting
a
revenue
of
86
245..
H
H
So
clearly
you
can
see
that
that
service
is
not
there.
The
business
would
not
be
able
to
repay
the
loan
on
its
on
its
own,
essentially
just
with
the
sales
with
this
year,
which
is
you
know
something
that
we
do
see
that
negative
Debt
Service
will
be
covered
by
some
of
the
working
capital
that
will
be.
We
will
be
funding
so
also,
you
can
see,
there's
owner
compensation
of
23
000..
H
She
has
a
lot
of
flexibility
around
that,
but
we
went
ahead
and
added
in
there
because
those-
essentially
that
was
what
she's
currently
making
at
her
full-time
job,
but
she,
as
she
said,
is
she's
very
flexible
as
far
as
expenses
go
and
taking
out
her
own
honors
on
a
draw
and
then
in
2024.
Of
course,
it
looks
much
better
you
can.
This
is
a
six
month
model
versus
a
12-month
model,
so
you
can
see
the
difference
there.
Now
the
2024
numbers
are
projecting
that
you
know
her.
H
Expenses
are
going
to
be,
I
mean
I'm.
Sorry,
her
revenue
is
going
to
be
up
and
she's
going
to
be
up
and
operating
so
essentially
giving
her
six
months
this
this
year
to
really
be
able
to
be
in
a
good
financial
position
and
Market
her
business
out
there.
So
with
that
being
said,
I
will
ask
if
there's
any
questions,
yes,
Dee.
C
You
definitely
thank
you.
You're
welcome.
This
is
a
Schedule
C
Business.
Is
that
right,
sole
proprietorship,
honest?
It
is
a
superpowers.
Yes,
okay.
The
next
question
is
bad
Park.
Is
this
a
woman
known
business
or
is
it
okay?
Thank
you
very
good.
The
other
thing
is
these
projected
salaries.
Is
this
something
that's
still
projected?
C
There's
no
940
or
941
has
been
done,
startup
correct,
it's
a
startup,
yes,
okay
and
the
other
one
of
the
other
questions
about
the
margin
it
looks
like
there's
a
50
margin
is
that
pretty
pretty
accurate
is
for.
C
Okay-
and
then
you
mentioned
that
it
was
six
months
worth
worth
of
cash
flows.
Is
that
as
far
as
the
projections
go,
is
that
right,
six
months
or
12
months
for
the
200
I?
Think
it
like
double?
Excuse
me,
285
288.
Is
it
six
months
in
the
2024
or
is
it
the
end
of
12
months,
20
24
for
10
to
12
months?
C
Okay,
all
right
and
the
networking
capital
is
that
Capital
been
exhausted,
that
she
expended
at
20
000
or
is
that
capital
in
the
bank
waiting
to
is
that
cash
flow?
That's
in
reserve
the.
H
20
000
has
been
half
of
it
has
been
invested.
Some
of
it
has
already
been
invested
in
some
of
it
is
available
for
for
operations.
Yes,
okay,.
C
And
how
much
experience
does
this
person
had
as
my
last
question
in
this
field,
in
this
retail.
C
F
H
Yeah
that
was
I
did
have
this
conversation
with
John.
Actually,
so,
as
we've
all
know,
the
cost
of
really
anything
is
up
right
now
we
are
not
seeing
a
whole
lot
of
businesses
that
are
able
to
really
start
with
fifty
thousand
dollars
or
less
so
this
would
be
a
one-off.
H
H
E
E
So
I
have
two
questions.
One
is
around
what
additional
scrutiny
did
Mountain
Biz
works
undertake
for
this
financing
compared
to
others,
and
then
my
second
question
is
maybe
not
for
yesterday,
but
for
the
larger
group
have
we
done
startup
lending
before
there
is
a
clause
in
our
underwriting
guidelines
that
no
more
than
one-third
of
our
portfolio
can
be
startups.
H
H
What
is
the
rationale
behind
you
putting
together
these
these
projections?
So
this
extensive
market
research?
That's
done
not
only
that
but
she's.
We
typically
want
the
client
to
bring
in
and
some
injection
some
kind
of
cash.
Some
skin
in
the
game,
essentially,
as
you
saw,
she's
got
twenty
thousand
dollars
invested
into
this
project.
H
So
for
us
overall,
it's
a
strong,
it's
a
strong
deal,
and
so
those
are
some
of
the
things
that
we've
we've
done,
because
it
is
a
startup
so
and
there's
a
lot
that
you
know
really
goes
into
it.
H
This
is
this
is
a
project
that
she's
been
working
on
for
over
a
year
and
has
we've
and
has
interacted
with
mountain.
This
works
for
about
six
months
now
so
she's
been
heavily
working
on.
You
know
getting
this
project
off
the
ground
and
I'll
chime
in
a
little
bit
into
the
the
startup.
The
one-third
startup
most
of
our
is
that
over
50
Rachel,
the
one-third
or
overall.
E
H
E
H
I,
don't
believe
we
do,
but
we
can
certainly
add
that
field
for
the
next
one.
H
E
Anecdotally,
I
think
we
don't
see
many
startup
plans
in
this
fund
absolutely.
A
A
About
six
months
yeah
so,
given
that
it
looks
like
the
revenue
is
projected
to
basically
I
mean,
if
you
do
the
math,
it
looks
like
a
90
growth
in
revenue
for
over
year
over
year,
which
feels
you
know
optimistic
I,
guess
so
I
guess
that's
a
comment,
not
a
question.
A
B
Whatever
you
guys,
Elena
I
wonder
if
you
could
share
a
little
bit
more
on
projections,
I
know
that
there's
a
coach
involved,
but
given
that
this
is
a
you
know,
a
startup
and
sort
of
one
of
our
firsts
on
this
committee.
You
know:
how
does
that
process
work?
How
do
we
do?
We
have
good
comparison,
businesses
that
we
were
able
to
use
things
like
that.
H
Yeah,
most
of
the
well
really
the
projections
how
we
were
able
to
come
up
with
that
figure.
I
do
agree
that
it's
a
little
bit.
You
know
it's
a
little
extensive
based
on
the
2023
numbers.
H
However,
the
client
was
able
to
provide
some
really
good
market
research.
She
came
to
the
table,
prepared
also
matched
the
that
number
to
other,
like
businesses
now
they're,
not
in
the
area,
so
they
did
with
together
with
the
coach.
They
did
take
those
numbers
from
other
complimentary
businesses
to
then
adjust
the
numbers
in
the
and
reflect
the
changes
in
in
the
area.
C
Okay,
sorry
I
just
had
one
question
with
a
805
credit
score
and
I
I
surmise
a
lot
when
I
see
that
one
thing
that
I
look
at
too
is
the
ability
to
secure
this
loan
of
you
taken
out
of
security
interest
in
any
personal
guaranteed
property
that
she
may
have
to
mitigate
risk,
or
was
that
ever
talked
about.
E
C
H
So
because
she
does,
she
is
married.
Her
husband
is
also
is
a
owner
co-signer
on
her
personal
residence.
So
we
are
not
going.
We
are
not
pursuing
that
because
the
husband
is
not
a
signer
on
our
note
and
that's
very
typical
procedure
through
SBA
and
where
we
tend
to
follow
SBA
guidelines
and
requirements
pretty
closely.
So
that's
not
something
that
we're
pursuing
in
this
case.
C
So
there
is
other
income
besides
business
income.
Is
that
correct
and
were
those
tax
returns,
purviewed
or
reviewed
by
your
organization?
Absolutely.
H
B
Great
you
know
one
question
and
I
just
want
to
talk
it
through.
I
mean
the
this
mcsif
CCF
exists.
You
know,
help
small
business
owners
that
otherwise
would
not
have
options
right.
That's
the
the
core
and
and
so.
A
B
You
know:
do
we
feel
like
this
business
would
be
able
to
make
it?
You
know
in
a
traditional
lending
environment.
H
So
I'll
chime
into
that
so
because
she's,
a
startup,
she
would
not
have
any
access
to
any
kind
of
traditional
lending.
So
typically
Banks
right,
Banks,
look,
they
want
historical
data.
H
They
will
only
typically
lend
to
businesses
that
have
been
existing
two
years
in
one
aside
from
that
they
require
a
profit
to
be
made,
and
they,
if
you
know-
and
they
have
to
have
assets
as
well-
which
we
don't
have
here
so
because
of
those-
and
that
is
to
us-
that's
a
huge
Mission
fit
because
she
would
not
be
able
to
get
funding
anywhere
else.
H
And
that
is
something
that
we
as
Mountain
best
Works
look
at
the
business
cannot
be
bankable,
so
we
only
lend
to
non-bankable
businesses.
B
There
were
some
general
questions
brought
up
related
they're,
not
General,
they're,
specific
related
to
the
underwriting
guidelines
and
Rachel
I
appreciate
you
sharing
what
you
saw
in
those
guidelines.
B
You
know
there
is
a
question
here
about
the
size
of
the
loan.
You
know
I
think,
there's
ways
to
read
this.
You
know
because
there
is
a
caveat.
You
know
in
the
in
the
first
year
of
this
program
there
there's
a
statement
there
that
could
lead
me
to
believe
that
we
could
go
beyond
that
question
for
yasleen
would
be
you
know.
B
Can
we
make
this
loan
guarantee
work?
You
know
at
50,
000
or
below,
so
that
there's
really
no
question
of
the
underwriting
guidelines
or
potentially
could
you
know
we
minimize
our
loan
guaranteed
so
that
we're
not
extending
sort
of
the
underwriting
guidelines
without
sort
of
thorough
discussion.
H
That
would
be
as
far
as
limiting
the
guarantee
or
and
or
you
know,
going
below
the
the
essentially
just
guaranteeing
the
50.
That
would
be
a
conversation
that
I
would
have
for
my
credit
team
and
acting
executive
director.
H
The
reason
being
is
because
we
underwrote
this
deal
based
on
the
guarantee
and
I
think
this
is
why
we're
all
here,
for
you
know,
we're
all
here
as
a
committee
to
make
sure
that
we
can
provide
the
close
that
Gap
in
collateral,
essentially
with
with
these
requests,
so
I
wouldn't
say
that
it
would
the
tourists
from
being
able
to
fund
this
loan
because
of
the
limited
guarantee,
but
it
would
be
a
conversation
that
I
needed
to
have
I
wouldn't
have
to
have
with
my
team
BSD.
C
Thank
you,
and
one
of
the
things
that
I
would
say
too,
is
that
we
need
to
be
able
to
see
these
loan
packages
in
advance
of
these
meetings.
I
hate
to
take
the
time
up
to
to
do
this,
but
it's
important
because
it's
over
our
usual
threshold.
The
other
thing
is
that
I
think
this
discussion
should
have
probably
happened
before
the
meeting
today
and
we,
of
course
been
in
possession
of
all
of
the
information.
C
The
last
thing
that
I
would
say
is
that
it
is
it
sort
of
opens
the
door
for
more
of
these
deals
for
folks
who
probably
have
and
I'm
going
to
be
very
Frank
about
it.
Other
ways
to
get
money.
C
I
know
that
when
you're,
a
sole
proprietor
and
I've
done
it
before
two
as
a
Schedule,
C
Business
is
everything
that
you've
got
personally
you're
asked
to
guarantee
it
with
personal
assets,
and
most
banks
have
no
qualms
about
piercing
and
you
don't
have
a
corporate
veil
either,
because
you're
only
a
a
c-core,
a
c
Schedule
C
taxpayer,
but
they
will
ask
for
a
personal
guarantee
so
to
secure
it
with.
C
So
that's
the
only
thing
that
I
see
is
that
we
weren't
properly
prepared
and
then
it
changes
the
dynamic
of
why
we
were
set
up
in
the
first
place
and
a
couple
of
other
things.
But
that's
all
that
I
would
have
to
say
nothing
against
this
borrower,
but
I.
Just
wonder
if
this
is
really
what
we're
here
for.
Thank
you.
C
I'm
sorry,
I,
probably
with
the
emails,
didn't
see
it
or
didn't
get
it
I
was
on
travel.
I
do
apologize.
So
thank
you
for
correcting
me.
F
F
And
I
I
will
admit
this,
it's
hard
for
me
to
decipher
what
actually
we
can't
do
in
the
operating
agreement,
but
in
that
we
don't
track
startups.
F
F
Then
we
can
make
the
loan.
Are
we
able
to
make
a
guarantee
above
50,
or
is
that
it
is
that
a
hard?
No.
H
I
think
that's
what
Rachel
was
saying
in
the
agreement.
It
says
for
most,
so
it
kind
of
leaves
the
door
open
there.
B
I
think
to
that
question,
Carl
I
think
our
our
safest
course
of
action
you
know
would
just
be
to
make
sure
that
ready.
Then
we
review
this
quickly
with
our
our
legal
team.
That
would,
of
course,
result
in
a
delay
gasoline,
but
you
know
we
need
to
make
sure
that
we're
On
Target,
you
know
as
I
read
the
guidelines
I
think
there
is
some
Flex.
B
Yeah
all
good
questions
and
the
types
of
questions
we
should
be
asking
so
Gasolina
I
think
a
couple
of
things
yeah
one
we
we
do
need
to
delineate
the
the
startups
in
the
the
quarterly
report
and
that's
just
I,
think
a
pretty
easy
thing
to
add
and
the
guidelines
do
say
that,
after
12
months,
the
startup
is
no
longer
considered
a
startup.
So
some
of
this
would
kind
of
wash
out
over
time,
but
I
I.
B
Think
our
safest
course
of
action
is
just
delaying
this
slightly
onto
our
next
meeting
and
for
those
that
didn't
receive
the
documents
in
advance,
we
did
send
them
out.
I'll
make
a
better
I'll,
do
a
better
job
of
sort
of
directing
you
specifically
to
those
loan
documents
in
the
future,
so
that
it's,
you
know
easier
to
see.
H
Well,
as
you
know,
you
know,
30
days
to
wait
for
a
client
is,
is
a
lot
and
you
know
there's
a
lot
of
moving
Parts
here
as
going
as
far
as
signing
the
lease
getting
the
inventory
ordered
among
among
things
like
that,
so
it
is
time
sensitive.
H
A
The
other,
the
other
approach
to
him
could
be
to
say
that
you
know
we'll
we're
committed
up
to
50
000.
What
does
that
do
to
the
loan
and
can
can
the
business
owner
get
started
or
fund
for
a
certain
dollar
amount
if
we
guarantee
the
50
and
then
that
gives
them
the
ability
to
get
going?
And
that's
the
ability
to
kind
of
you
know
essentially
wait
another
month
but
not
hold
up
the
processor
I
know
that
means
new
loan
docs
and
all
that
kind
of
stuff.
H
Yeah,
you
read
my
mind,
so
that's
what
I
was
just
gonna
say:
we're
gonna
go
ahead
and
do
the
guarantee
apply
the
guarantee
to
the
50.
H
and
we
can
come
back
and
talk
about
the
guarantee
for
the
full
amount,
essentially
next
month,
I'm.
Okay,
with
that.
A
H
A
A
B
You
that's
great,
and
you
know
to
yasleen's
point
you
know
I.
Think
generally
I
mean
this
loan
speaks
to
kind
of,
while
we're
here
you
know
women
I
own
by
POC
loan.
It
startup,
you
know,
there's
some
good
aspects
here,
but
I
think
we're
asking
the
right
questions.
So
with
all
that
said,
you
know
for
this
to
move
forward.
We
would
need
a
motion
to
approve
the
loan
guarantee
up
to
the
50k
amount,
as
suggested
by
John.
B
Looks
like
d
is
D.
Are
you
raising
a
hand
to
motion
that
right
and
then
a
second
Frank's
got
the
second,
so
you
know
before
we
state
that
I
I
think
this
is
a
sound
way
to
proceed.
Another
option
would
be
the
delay
that
we
talk
about.
I,
don't
hear
anybody
moving
towards
that,
but
want
to
state
that
that
is
an
option.
If
someone
feels
strongly
about
it.
If
also
before
we
vote,
you
know
we
did
lose
Rachel.
B
B
All
right,
it
seems
that
they're
none
opposed
to
this
item,
which
means
that
the
item
will
proceed.
Yasleen.
Thank
you
for
bringing
this
to
us.
Thank
you
for
sharing
documents
in
advance.
The
one
caveat
I
would
ask
as
we
proceed.
If
there
are
tweaks
like
this,
you
know
where
we're
kind
of
bending
the
rules
a
little
bit
if
we
could
just
either
talk
about
that
or
send
that
specific
item
in
advance
that
way,
everyone
kind
of
comes
with
their
their
clever
hats,
on
or
whatever
we
want
to
call
it.
B
So
very
good
thanks
Tim!
Thank
you
as
always.
Yes,
Lynn
all
right,
so
this
puts
us
back
on
our
regular
meeting
agenda,
so
we're
going
to
go
back
to
the
top.
The
first
item
in
Old
business
is
the
approval
of
minutes
from
the
July
7th
meeting.
Everyone
should
have
received
those
in
advance.
Do
we
have
a
motion
to
approve
the
minutes
from
July
7th.
B
All
right
so
that
on
our
old
business
path,
our
next
item
was
an
update
on
new
lender
criteria
and
that
work
group
and
Carl.
We
have
you
listed
as
the
leader
for
that
discussion.
F
Yes,
thank
you.
I
have
had
detailed
conversations
with
the
principles
of
the
three
primary
additional
lenders
that
we
have
been
discussing
as
a
group
partner
Capital.
They
are
currently
in
business
in
Buncombe
County.
They
are
making
loans,
they
are
a
mission
focused
cdfi.
They
do
provide
technical
assistance
to
the
lenders
that
they
support
and
they're
looking
to
expand,
they're
very
interested
in
finding
ways
to
partner
with
mccf,
and
they
have
been
in
the
market
quite
a
while
thread
Capital.
F
They
are
expanding
into
WN
into
wnc.
They
have
recently
received
funding
from
Dogwood
to
do
that.
To
make
more
loans
in
Buncombe
County.
F
They
have
a
a
coaching
and
connections
support
for
their
lenders,
but
really
don't
have
the
level
of
of
resources
that
say.
Mountain,
Biz
Works
would,
for
example,
but
again
a
very
good
fit
for
us
and
the
third
one
is
abundance
Capital.
They
are
a
very
interesting
model.
They
too
have
been
seeking
to
move
into
Western
North
Carolina,
particularly
Buncombe
County
they're,
very
Mission
focused,
and
they
are
kind
of
a
non-traditional
cdfi.
F
All
of
these
are
cautiously
interested
and
optimistic,
and
the
next
step
for
us
would
be
to
give
them
a
packet
of
what
we
require
and
who
we
are
and
how
we
do
business
and
so
Frank
and
John
and
I
have
sort
of
been
discussing
that
I
have
sort
of
given
them
the
indication
of
timing
to
be
not
a
month
or
two
but
hopefully
not
into
next
year
and
I.
F
Don't
know
how
realistic
that
is,
but
that
was
my
guesstimate
and
what
this
raised
for
us
in
doing
this
is
you
know
we
would
need
to
do
our
due
diligence
on
them
and
them
on
us,
but
it
it
sort
of
went
and
and
I'm
going
to
let
John
sort
of
speak
to
the
idea
of
this
Matrix.
You
know
what
makes
a
lender
work
for
us
and
also
you
know
what
is
our
operating
agreement
and
our
current
levels
of
funding
commitments
are
those
realistic.
F
Today
you
know
after
sort
of
three
years
of
hyperinflation,
our
operating
agreement
is
under
some
review
from
I,
guess,
Nikki
and
Frank
and
others
I.
Think
it's
a
very
good
time
to
look
at.
You
know.
How
do
we
work
with
others,
lenders
I.E,
not
necessarily
having
them
sign
on
to
the
original
agreement,
but
only
an
addendum
partner
agreement,
unlike
the
original,
and
should
we
be
looking
at
raising
our
investment,
minimums
and
maximums
based
on
the
reality
of
the
economy
today.
F
So
those
are
all
questions
that
I'm
throwing
out
here,
John
if
you
want
to
speak
to
the
Matrix
a
little
bit
or
what
we're
trying
to
achieve
and
then
Rank
and
speak
to
the
operating
agreement.
Thank
you.
A
Sure,
thanks
Carl
yeah,
so
we
just
trying
to
explore.
You
know
the
I
guess.
The
question
was
why?
Why
aren't
there
more
loans
for
us
to
talk
about
to
underwrite,
which
is
the
central
premise,
and
so
I
wanted
to
thank
yaslin,
had
a
great
conversation
with
her
to
better
understand
man
and
Biz
works
and
kind
of
what
they're
looking
for
and
how
they
structure
their
loans
and
and
which
ones
they
bring
to
us.
A
So
it
was
very
informative
and
so
I
learned
a
lot.
I've
got
calls
set
up
with
Carolina
small
business
works
and
self-help
for
next
week.
A
I
have
the
same
conversation
to
one
for
me
to
better
understand
what
criteria
they're
looking
for
and
then
be
able
to
see
what
you
know
why
it's
not
working
or
why
it's
working
for
little
lenders
to
bring
loans
for
us
to
talk
about,
and
so
hopefully
we'll
get
more
clarity
around
those
items,
and
then
that
will
dovetail
into
what
Cole's
doing
with
looking
potential
new
lenders
to
all
in
the
aim
of
bringing
more
lines
for
us
to
use
all
this
Capital.
A
We
have
available
that
we're
not
actually
deploying
at
this
point
to
make
a
bigger
pipeline
for
us.
So
that's
the
central
premise:
Matrix
was
probably
a
little
bit
adventurous,
a
term
for
it,
but
certainly
getting
Clarity
around
what
types
of
you
know.
Loans
come
to
us
versus
go
somewhere
else.
B
Oh
exciting
I
appreciate
both
of
y'all
and
Frank
digging
in
deep.
You
know,
I
think,
as
we
think
about
new
lenders.
You
know
it's
a
valid
question
to
ask,
you
know
is
what
would
a
new
lender
necessarily
solve?
The
issue
is,
is
the
issue
of
not
seeing
more
loans
related
to
something
else,
and
so
I
appreciate
you
bringing
that
up,
Carl
and
I
think
we
certainly
if
we're
adding
new
lenders,
we
want
them
to
be.
B
You
know
complementary,
not
necessarily
competitive.
We
don't
want
to
just
poach
the
the
same
loan
with
a
new
lender
that
doesn't
necessarily
you
know,
we're
looking
to
be
additive.
I
would
think
more
loans,
not
the
same
loans,
just
more
lenders.
So
all
interesting
questions
so
Carl
and
John
and
Frank.
What
do
y'all
see?
B
F
Think
we
should
keep
it
on
and
I
and
I
think
we
should
keep
pursuing
it.
You
know
these
are.
These
are
really
quality
lender
partners
that
would
add
real
value
to
our
community
if
they
were
able
to
invest
more
heavily
in
in
startups
minority
owned,
women-owned
businesses,
and
we
should
encourage
it,
but
it
does
get
a
bit
to
our
operating
agreement,
as
we
saw
today
in
this
loan
Frank.
Can
you
speak
to
that?
A
little
bit.
D
Well,
I
can
I
may
ask
for
assistance
from
Tim
and
Nikki,
but
certainly
with
the
new
American
Rescue
plan,
infusions
of
funding
to
the
agreement
there
were
some
adjust.
There
are
some
adjustments
that
need
to
be
made
to
the
agreement,
but
if
we
are
contemplating
adding
any
new
lenders,
I
would
assume
that
that
would
also
necessitate
modifications
to
the
agreement
or
well
modifications
to
the
agreement
of
some
sort
and
I'm,
not
an
attorney,
but
we
at
the
city
and
the
county
both
have
some.
So
that's
really
I'll.
B
G
I
I
concur
with
the
what's
been
shared
and
appreciate,
yeah
Tim's
point
to
our
documents
and
just
really
appreciate
the
work.
That's
been
done,
I
I,
agree,
I,
think.
If
we
had
other
lenders
at
the
table,
we
might
see
more
movement,
I
also
Echo.
The
idea
that
if
we
need
to
look
at
our
thresholds,
things
like
that
given
where
we
are,
it
might
make
sense.
So
I
just
appreciate
the
work.
That's
been
done
and
and
I'm
excited
to
keep
it
on.
So
we
can
continue
to
look
at
it
over
the
next
couple
months.
F
And
I
think
from
the
operating
agreement.
If
we
could
update
that
document,
that's
really.
The
next
step
is
to
share
with
these
potential
lenders
our
packet,
here's
who
we
are,
here's,
what
we
require:
here's,
how
we
do
business
and
then
also
obtaining
that
information
from
them
and
then
I
think
we
could
bring
it
to
the
committee
to
say
on
a
on
a
company
by
company
basis.
B
All
right
so
in
terms
of
that
operating
agreement,
item
Nikki
and
Frank.
Looking
for
some
edits
from
y'all
we've,
we've
proposed
some
on
our
side
based
on
our
team's
legal
review.
B
The
one
minor
change
that
we
might
want
to
be
proactive
about
is
creating
kind
of
that
addendum
of
approved
lenders
so
that
it's
not
embedded
in
the
document
but
sort
of
separate,
but
that's
minor,
so
I
think
if
we
could
nail
those
down
that'd
be
great.
The
question
of
different
thresholds,
I
think,
is
going
to
create
additional
conversation
and
I
think
Carl
and
team.
B
We
need
to
talk
about
that
and
you
know
we
could
try
to
do
that
in
between
now
and
the
next
meeting,
or
we
could
set
that
as
an
agenda
item
to
talk
about
thresholds
like
what
we
think
would
be
inappropriate.
You
know
if
it's
not
50,
if
it's
not
70,
what
is
it
that
might
be
a
good
group
discussion
that
we
kind
of
do
publicly,
so
that
would
be
my
recommendation.
C
Pardon
me
I
was
just
wondering
if
there
was
we
were
tracking
demographics
as
far
as
the
ethnic
groups
that
are
concerned,
I
guess
we
are
I
I,
just
don't
remember
on
a
regular
basis
how
that
shakes
out.
It
may
be
something
that
those
lenders
are
also
interested
in
if
I
were
one
I'm,
always
looking
at
the
demographics,
the
ethnic
and
the
racial
demographics
and
the
sex
demographics
as
well.
H
Yeah,
it's
all
of
those
demographics
are
tracked
on
our
quarterly
report,
which
you'll
see
later
here
today.
H
B
Great
all
right
y'all,
so
we've
got
about
10
minutes.
We
got
two
items
left
that
we're
going
to
touch
on
Frank
you're
up
next
I'd
love
to
hear
more
but
I
think
it'd
be
really
beneficial
for
us
to
review
the
quarter
report
as
well.
So
I'd
like
to
spend
the
majority
of
time
on
that,
but
Frank
you're
up
next.
D
Go
if
you
came
and
I'll
be
quick,
there
was
a
memo
sent
out
along
with
materials
last
week,
I'm
going
to
put
that
on
screen.
If
I
haven't
lost
it
whatever
it
is,
you
know
so
I
got
so.
D
There
had
been
a
request
from
this
committee
to
provide
an
update
and
talk
about
what
marketing
is
being
done
through
Mountain
Community,
Capital
fund
city
of
Asheville
staff
met
with
County
staff.
This
past
month,
on
July,
12th
and
and
outlined
in
our
operating
agreement
are
some
of
the
obligations
of
the
City
to
Market
the
fund
and
certainly
there's
there's
room
for
improvement
there.
D
We
identified
the
compiling
a
list
of
potential
borrowers,
developing
a
list
of
borrower
referral
sources,
preparing
brochures
so
on
and
so
forth.
It's
listed
here
in
the
in
the
document.
D
The
shorthand
here
is
the
city
and
the
county
jointly
are
going
to
work
together
to
do
some
marketing
promotion
and
awareness
we're
working
on
collateral
materials
Tim.
If
you
haven't
gotten
the
request
on
next
Wednesday,
we're
actually
going
to
be
on
wres
at
noon,
and
if
you
would
like
to
speak
about
the
mccf
we'd
love
to
have
you
but
we're
basically
ramping
up
that
marketing.
It's
as
I've
said
to
folks
there's,
certainly
room
for
improvement,
and
it's
you
know
one
of
the
best
kept
secrets
in
the
city.
D
G
I'll
just
say
quickly,
you
know,
I
think
this
is
great
timing,
because
I
understand
that
there
there's
a
lot
of
work
being
done
on
reparations
right
now,
excited
to
hear
those
recommendations,
but
also
excited
to
use
that
opportunity
to
to
really
promote
this
program
in
any
way.
We
can
also
knowing
that
the
city's
disparity
study
is
coming
to
to
fruition
in
the
next
several
weeks,
again
hoping
to
really
sync
up
this
timing
with
those
two
efforts.
G
So
while
I
may
hit
some
media
opportunities
with
at
least
the
disparity
study
for
sure
it'll,
be
great
to
just
have
take
those
opportunities
to
promote
this
program
so
looking
to
connect
those
dots
for
sure.
B
H
And
I
know
we
are
a
little
tight
on
time,
so
I'll
kind
of
try
to
speak
quickly
and
answers
all
the
questions,
so
we
will
have
all
right.
So
this
report
is
as
6
30
for
second
quarter,
so
new
loans,
this
quarter,
five
of
them
have
been
made.
H
You
know
we
I
believe
we
brought
two
of
them
to
the
committee
for
approval.
The
remaining
World
on
them
under
under
50.,
so
total
loan
count
is
a
48..
H
You
may
see
a
little
bit
of
a
discrepancy
between
this
report
and
the
last
one
there
were.
We
were
kind
of
going
through.
There
were
some
updates
done
to
our
CRM
reporting
Salesforce,
and
we
noticed
that
some
of
them,
while
that
update
was
going
on
some
of
those
loans
were
not
being
reported
accurately.
So
I
do
want
to
point
that
out.
So
if
you
do
go
back
to
the
court
of
the
report,
there
is
a
a
discrepancy
there,
but
this
is
accurate
as
of
6
30..
H
So
all
right,
so
48
loans,
total
1.7
over
the
life
of
the
fund
dollars
lent
new
dollar
slant
is
1.6.
So
there's
a
difference
there
between
some
of
the
refinance
loans
and
keep
in
mind.
Of
course,
some
of
those
refinances
were
already
Within
mccf,
so
total
guarantee
use
that
origination
we're
at
1.5.
H
So
that's
with
the
and
right
now
we've
had
two
of
those
that
have
been
fully
paid
off
fully
satisfied
with
no
refinance
so
outstanding
loan
balance
is
1.5,
so
unpaid
principal
balance,
there
they're
guarantee
outstanding,
is
1.2,
so
the
guarantee
amount
that
is
available
to
be
used
is
around
1.7.
So
it's
the
1.7
is
the
difference
between
the
1.2
and
3.3
three
million
there.
H
As
you
can
see,
the
the
delinquent
loans
is
still
at
the
same
two.
We
have
not
been
able
to
fully
charge
that
off
yet
still
in
the
process.
It's
just
something!
That's
you
know.
Taking
a
little
bit
of
time.
There
we've
got
no
charge
offs
this
quarter.
H
As
you
can
see,
we've
got
the
one
success
story
there
and
then
this
these
are
the
demographics
D
that
we
were
talking
about.
So
45
of
those
loans
have
been
to
black
and
brown
owned.
Businesses
do
keep
in
mind.
H
The
demographics
do
overlap,
so
97
of
the
loans
have
been
to
black
and
brown
owned
businesses,
seven
loans
to
Latino,
Or,
Hispanic,
owned
businesses
and
12,
which
is
12
percent,
and
then
38
of
those
loans
have
been
to
women-owned
businesses,
and
you
can
see
the
number
of
jobs
created
and
or
retained,
which
is
144
over
the
overall,
the
with
the
48
loans
have
that
have
been
made.
H
So
with
that
any
questions.
C
G
Because
I
would
be
I'd,
be
curious
to
see
how
our
spread
represents
the
different
sectors,
so
I'm
curious
about
I
know
like,
for
example,
the
one
we
saw
today
was
retail
Recreation,
and
so
that
would
be
interesting
just
for
my
own
curiosity
but
I'm
curious.
If,
if
anyone
else
thinks
that
would
be
helpful
or
if
perhaps,
if
that's
included
in
a
one-time
annual
report,
I'd
love
to
see
that
alongside
these
numbers,
if
that's
easy
to
pull.
H
Oh
yes,
we
can.
We
do
track
that
as
well,
but
as
far
as
I
mean
we
can
certainly
at
that
at
a
at
the
annual
report.
No,
you
can
do
that
for
sure.
F
And
then
we're
going
to
add
to
this
report
what
is
classified
for
our
fund
a
startup,
so
that
data
will
then
be
regularly
reported?
Is
that
correct
is
that
we
agreed
today.
B
A
Something
else
probably
a
little
bit
more
complicated
but
be
curious
to
know.
You
know
projection
maybe
month
over
months
of
what
is
owed
so
and
when
the
loans
are
paid
off.
So
you
get
a
better
sense
of
like
if
there's
a
bulge
coming,
that's
going
to
be
paid
off
or
if
we're
accumulating
more
and
more
so
just
some
graphical
depiction
of
the
amount
of
each
monthly
payback.
A
It
should
be
because
I
mean
she
presumably
there's
going
to
be
a
bulge
somewhere
or
we're
getting
loans
that
are
paid
off
just
just
getting
a
sense
of
which
ones
are
close
to
being
paid
off
and
which
ones
are
not
and
I
don't
know.
I
can
I
could
probably
sketch
something
out,
but
I
might
be
a
little
bit
more
challenging
to
create,
but.
A
Well,
I
just
get
no
sense
of
like
if,
if
you
know
how
far
behind
loans
are
and
then
what
you
know,
how
how
close
we
are
to
loans
being
paid
off,
you
know
so
because,
presumably,
when
they're
paid
off,
we
have
more
capital
and
to
other
other
people.
So
it's
like
get
no
sense
of
kind
of
the
the
timing
of
the
money
being
paid
off.
Essentially.
C
B
B
All
right,
we
are
at
time
y'all
one
quick
comment
on
the
quarterly
report.
Thank
you
again.
Yasleen
for
sharing
it
I
will
resend
to
the
group,
but
I
think
you
know
this
is
where
it
all
comes
home,
which
is
you
know
the
effectiveness.
B
Over
time
right
under
50
loans,
five
is
a
quarter
97
to
black
and
brown
businesses.
I
mean
that
that
says
a
lot
in
terms
of
the
the
remaining
space
I
mean
I,
think
I
heard
1.7
million
dollars
in
potential
loan
guarantees
that
we're
sitting
on.
B
So
that's
great,
so
you
know
we
just
keep
moving
forward
at
this
point,
though
we
are
at
time,
so
one
I
would
like
to
turn
to
Thana
Athena.
Do
we
have
anyone
from
the
public?
That's
with
us
today.
B
Thank
you
so
absent
any
public
comments,
we're
already
a
time
I'm
going
to
move
to
adjourn.
This
meeting
appreciate
spending
the
morning
with
y'all
hope,
you're
doing
well
have
a
great
weekend.
I
will
see
you
in
September
on
the
first
okay.
D
Tim
can
I
sorry,
oh
thank
you,
let's
hope
not
to
lose
deep
I
wanted
to.
Let
folks
know
that
on
August
the
16th,
the
city
is
hosting
an
mwbe
Outreach
event
at
the
Maplehurst
Apartments
community
room
and
specifically
we
are
trying
to
attract
mwdes
in
the
construction
trades
because
we
are
having
some
serious
challenges,
number
one
identifying
and
attracting
and
getting
bidders
on
many
of
our
projects.
D
So
this
this
is
a
proactive
thing
that
we're
doing
anyway,
I'm
going
to
drop
in
the
chat
really
quickly
the
link
to
the
public
input
page
and
if
you
know
anybody
that
might
be
interested,
please
pass
that
along
to
them.
So
I
am
sharing
that
right
now,.