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From YouTube: Mountain Community Capital Fund
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A
Okay,
good
morning,
everybody
thank
you
for
joining
us.
It's
been
a
while,
since
we
met
this
is
the
officially
april
april
first
meeting
the
mountain
community
capital
fund.
We
have
not
met
in
a
number
of
months,
I
believe
since
january,
as
we've
not
had
funding
to
deploy,
we
fully
deployed
our
loan
guarantee
fund
back
at
the
end
of
december,
and
since
that
time
we've
had
a
number
of
contributions
from
broadway
holiday
trust
in
the
county
arpa.
A
So
we
look
forward
to
talking
about
that
at
one
of
our
first
agenda
items
before
we
begin
and
get
into
our
first
agenda
item
of
approving
the
january
minutes,
I'm
gonna
ask
my
vice
chair
to
come
out
the
next
part
for
a
roll
call.
A
So
if
you
could
go
around
same
will
say
your
name,
if
you
could
say
who
you
are,
if
you're
a
voting
member
organization
or
an
organization
represent
and
try
to
point
to
your
staff,
so,
for
example,
I'm
jeffrey
kaplan,
chair
of
mount
community
capital
fund,
a
county
appointee
and
voting
member
tim
love.
If
I
may
ask
you
advice
chair
to
go
around
the
roll
call
great.
D
Morning,
everyone
rachel
nigard
here
also
from
buncombe
county
government
and
we're
presenting
on
the
committee
as
your
secretary
tim,
am
I
passing
back
to
you
or
do
I
need
to
pass
on.
A
C
Thank
you
and
then
there
are
a
few
folks
that
we
want
to
include
as
well
as
some
folks
that
I
don't
know
so
I'll,
be
coming
to
you
as
well.
But
first,
let's
go
to
angelica
driver.
C
Thank
you.
Next
up,
I'd
like
to
go
to
matt
raker.
L
Good
morning,
kelly
foster
mountain
biz
works,
asset
quality
manager,
work
with
the
auslan.
C
D
L
C
Excellent,
well,
I
I
believe
we've
covered
everyone
to
those
that
are
joining
us
for
the
first
time.
Welcome
for
those
that
haven't
been
here
in
a
while
welcome
as
well
jeff
back
to
you.
A
A
Our
guest
matt
raker
from
mountain
bizworks
who's
been
quarterbacking
much
of
the
funding,
specifically
from
the
county,
arpa
1.25
million
grant
for
mccf.
Our
first
agenda
item
is
a
funding
update
matt.
If
you
would
give
us
an
update
of
the
process
of
funding
where
we
are
in
transition
and
when
you
wrap
up,
I
would
ask
to
discuss
the
health
trust
fund
transition.
I'll,
be
our
first
agenda.
K
Well,
good
morning,
everyone
thanks
jeff
matt
raker
again
with
with
mountain
biz
works,
so
you
just
just
just
as
a
little
kind
of
reminder
context
for
us
over
the
last
couple
of
years.
K
You
know:
we've
real
we've,
seen
really
great
results
and
impact
from
the
mountain
community
capital
fund
facility
and
kind
of
the
pilot
funding
that
we
had
in
place
for
that
which
we,
you
have
fully
deployed
now
as
of
late
2021,
and
so
there
was
a
opportunity
and
a
real
need
to
look
at
how
we
can
continue
to
expand
this
facility
to
really
fully
kind
of
address.
K
I
think
kind
of
the
opportunity
we
have
in
our
in
our
community
through
through
this
resource,
and
so
we
worked
together
to
prepare
and
submit
applications
to
the
buncombe
county,
arpa
funding
for
pandemic
recovery
and
resilience-
and
our
are
very
you
know,
pleased
that
the
the
county,
commission
and
and
staff
and
everybody
that
was
involved
in
the
process,
concurred
with
the
importance
of
this
of
this
work
and
actually
approved
it
twice
in
two
different
forms.
You
know.
K
Originally,
it's
kind
of
a
technicality
originally
was
approved
directly
to
self-help.
Credit
union,
where
mount
community
capital
fund
resides
as
our
kind
of
fiduciary
for
this,
and
then
the
federal
guidelines
and
guidance
from
treasury
came
out
on
the
on
the
funds
which
made
it
made
that
that
one
really
a
little
bit
uncertain
about
how
it
would
fit
with
with
the
program.
K
K
It's
still
still.
The
total
award
is
1.25
million
100
000
of
that
will
be
for
kind
of
administrative
and
operating
cost,
so
there'll
be
1.15
million.
K
That's
available
for
kind
of
direct
loan
capital,
but
that'll
be
that'll,
be
leveraged
with
other
funds,
so
the
actual
lending
amount
will
be
a
little
bit
higher
than
that,
but
with
the
other
funds
that
we're
able
to
bring
to
the
table,
bizworks
is
as
committed
to
providing
or
contributing
1.15
million
to
mountain
community
capital
fund,
basically
over
a
two-year
period
as
we
make
as
we
make
the
loans
and
under
under
the
program,
so
we're
so
excited
that
we
can
kind
of
get
to
get
to
the
same
place.
K
We
just
we
just
kind
of
move
which
funds
are
funding
which
part
of
the
of
the
projects
here
to
to
stay
compliant
with
with
the
overall
guidelines,
but
so
yeah
we're
real
thrilled
that
that
will
be.
You
know
it's
not
it's
not
quite,
as
you
know,
as
clean.
As
you
know,
the
kind
of
like
the
dogwood
health,
where
it's
you
know
up
front
450,
we'll
hear
about
just
a
second.
You
know
contribution.
This
will
be
making
them
over
time.
K
You
know
as
we
make
loans,
but
it
would,
but
the
process
for
the
mount
community
capital
fund
will
work.
The
exact
same.
You
know
so
it's
just
it's
just
that
we'll
be
making
those
contributions
over
over
time,
but
so
happy
to
if
there's
a
couple
folks
from
the
county
on,
if
y'all
want
to
share
any
any
more
information
on
this
or
if
there's
any
questions
and
I'll.
Just
note
that
we
we've
also
as
a
group.
K
I've
also
applied
to
the
city
of
asheville's
programs
and
those
funds
are
still
under
consideration.
They're
still
working
through
their
process,
so
we're
still
hopeful
and
that
that
will
be
favorably.
D
I'll
jump
in
this
is
rachel
thanks
to
matt
and
your
team
for
your
flexibility
and
creativity
in
in
matching
the
mountain
community
capital
fund
structure
to
these
federal
recovery
funds,
which
you
know
it's
just
it's
been
tricky
as
guidance
has
been
sort
of
coming
to
us
in
bits
and
pieces,
and
so
we
we
do
think
that
we're
there
thanks
to
the
hard
work
of
all
the
different
partners
and
by
there
that
means
nearly
ready
to
sign
a
contract,
so
timing.
I
know
that
we
shared
with
this
committee
several
months
back.
D
K
You
would
have
to
go
back
and
double
check
either
april
or
may,
but
yeah
it
was
yeah
really
really
soon
yeah
and
I
just
want
to
do
a
real
shout
out
to
self-help.
Credit
union
they've
been
super
helpful
and
supportive
through
throughout
this
process
and
kind
of
navigating
it
and
so
tara,
thanks
to
you
and
others
on
your
team
that
have
been
on
calls
helping
us
work,
work
this
out.
C
That's
great
I'd
like
to
chime
in
just
real
quick,
because
you
know
navigating
this
federal
guidance.
You
know
it
sounds
like
bureaucracy,
but
we
were
able
to
figure
out
a
way
as
a
team
which
is
great,
but
I
think
one
of
the
really
exciting
things.
The
reason
we
ran
into
an
issue
at
all
is
because
you
know
treasury
requires
funds
to
be
paid
out
by
the
end
of
26
2026.
C
and
because
of
the
nature
of
this
program.
You
know
there
was
the
potential
that
we
wouldn't
have
to
pay
out.
You
know
loan
guarantees
because
our
loans
would
not
default,
and
so
I
I
think,
that's
like
kind
of
a
really
subtle
thing
that
we
should
kind
of
acknowledge
like
this
program,
we're
not
expecting
defaults,
we're
expecting
success
and
because
of
that,
that
created
kind
of
a
bureaucratic
challenge
for
us
that
we
got
through,
but
I
think
it
underscores
like
the
importance
of
what
we're
doing
right,
helping
small
business
owners
advance.
C
I
Thank
you.
Thank
you,
matt
for
that
update,
I'm
tara
brown
again
from
self
help.
Yes,
we've
been
very
happy
to
work
with
mountain
biz
works
on
these
applications,
so,
in
addition
to
the
function,
county
funds,
arpa
funds
that
will
be
awarded
and
the
city
of
asheville
funds
that
we've
applied
for
self-help,
applied
in
collaboration
with
mountain
community
capital
fund
and
mountain
vis
works
for
dogwood
health
trust
funding,
which
we've
now
been
awarded.
I
It's
450
000
that
will
be
available
right
away.
So
that's
great
and
allowed
us
to
have
this
meeting
where
we
might
actually
get
some
applications
to
review.
So
hopefully
that
will
happen,
and
we
have
to
report
results
over
two
years.
K
I
A
A
I
I
just
see
immense
efforts
in
both
those
areas
of
perseverance
and
creative
problem
solving.
So
I
really
want
to
express
my
personal
and
professional
deep
gratitude
and
thanks
to
everyone,
mountain
baseball,
self-help,
dogwood
and
the
county,
I'm
very
optimistic.
This
city
is
going
to
come
up
too,
very
optimistic.
H
I
do
have
a
good
question:
this
is
maui
for
the
city
arbor
funding.
Do
we
anticipate
kind
of
some
similar
challenges
with
since
it's
kind
of
coming
from
the
same
ultimate
source,
and
are
we
doing
anything
a
little
bit
differently
with
this
application
so
that
we
can
expedite
those
funding
the
funds
a
little
bit
quicker
than
with
county
funding?.
D
This
is
rachel,
I'm
looking
at
frank
to
see
if
he's
on
meeting,
but
I
do
I
do
want
to
share
that.
The
city
staff
and
county
staff
who
are
working
on
managing
the
american
rescue
plan
act.
Funds
do
collaborate
regularly,
and
so
we
can
benefit
from
those
structures
that
we
already
set
up
and
share
it
with
your
team.
G
Rachel
thanks
for
saying
that
and
and
to
be
bluntly,
honest.
I've
been
on
the
periphery
of
this
for
the
last
couple
of
months
as
the
city
is
working
through
reviewing
the
funding.
So
I
I
can't
speak
to
where
we
are
in
terms
of
the
particulars
with
arpad,
I'm
sort
of
waiting
for
the
decision
to
be
made,
and
I
know
that
it
is
a
council
item
that
is
upcoming.
G
It
is
finally
scheduled,
so
hopefully
that
date
does
not
move
and
once
the
funding
award
is
made,
then
I'll
be
working
with
kim
marman
sachs
at
the
city
to
help
get
those
sub-recipient
agreements
in
place,
but
each
one
will
will
have
its
own
particulars
and
yes,
rachel,
we're
happy
to
let
you
all
be
the
guinea
pigs
over
at
the
county
and
and
help
us
as
we
sort
of
guide
get
guided
through
your
lessons
learned
there.
B
L
A
All
in
favor,
if
you
could
raise
your
hand
or
use
the
hand
icon
and
vice
chair
loves,
you
could
let
let
it
be
know
when
that's
cleared.
A
You
again
angelica.
I
apologize
for
missing
that
next
item
on
the
agenda
is
going
to
go
to
jasmine
gonzalez
to
discuss
a
quarterly
report.
Jason.
Are
you
unless
you're
able
to
share
your
screen?
You
may
want
to
share
that
document
with
angelica
or
maybe
tim
so
that
everyone
can
see
the
quarterly
report
that
you
sent
out.
J
Yep,
I
will,
I
wasn't
sure
who
to
send
it
to,
but
I
will.
A
Well,
this
time,
let's
share
a
screen
and
make
sure
we
get
angelico
copies,
so
it
can
be
part
of
the
attachments
like
minutes
in
the
agenda
and
if,
as
a
reminder,
everybody
mountain
vision
works,
every
quarter
is
responsible.
A
Producing
quarterly
report,
you're
going
to
see
a
new
format,
a
new
template
that
was
produced
by
our
colleague
and
friend,
jesse
maxwell,
who's,
no
longer
a
self-help,
but
one
last
thing
she
did
was
help
she
get
to
mccf
with
some
lessons
to
learn
from
the
charlotte
group,
and
this
new
template
you'll
see,
I
think,
is
a
great
job
of
addressing
a
lot
of
things.
You
need
to
have
an
eye
on
a
snapshot
of
things
like
defaults
or
trigger
points
or
percentage
of
startups,
etc,
I'll,
let
yazlin
walk
through
it.
Thank
you.
J
Yes,
well,
I
can
go
ahead
and
share
my
screen,
but
tim
angelica.
You
should
have
that
document.
B
I
I
don't
think
I
had
received
that
when,
when
did
you
send
it.
B
J
J
J
This
is
how
we
will
be
reporting
from
now
on
and
so
new
loans.
This
quarter,
those
were
four
total
loan
count
is
19
over
the
life
of
the
fund.
Total
dollars
lent
is
six
hundred
thousand
six
hundred
ninety
four
thousand
six
eighty,
and
that
is
dollars
land.
So
that's
not
including
the
guarantee
the
guarantee
used
is
the
560.,
so
the
outstanding
loan
counts
19,
so
we've
not
received
any
payoffs
yet
outstanding.
Loan
balance
is
a
609.
J
However,
I
didn't
want
to
to
do
that
until
we
kind
of
met
and
discuss
that
further,
so
31
of
all
the
loans
that
we've
done
over
the
life
of
the
fund
is
31,
as
you
can
see,
cannot
exceed
50
so
keep
below
33,
which
we're
okay
at
right.
Now
we
do
have
two
delinquent
loans,
and
I
we
can
talk
a
little
bit
further
about
that.
We
can
give
you
an
update.
J
We
do
have
our
risk
asset
manager
at
mountain
bisworks
join
us
today,
so
she
can
give
us
an
update
and
we
can
most
likely
talk
about
that
at
the
end
of
the
meeting,
if
that's
okay,
jeff,
and
so
that
is
a
total
amount
of
sixty
five
thousand
five
sixty
six,
that
is
nine
percent
of
the
outstanding
balance.
J
It
the
loan
amount
delinquent,
is
65
566
and
the
guarantee
which
is
85
percent
of
that
is
55
731.
J
J
We
have
not
received
any
payoffs
this
quarter
either
and
all
a
hundred
percent
of
the
loans
have
been
to
black
or
brown
owned
businesses,
one
to
a
latino
or
hispanic
borrower,
and
which
is
five
percent
of
the
the
loan
or
the
fund,
and
nine
of
those
businesses
have
been
two
women
owned,
which
is
47
and
jobs
created
or
retained,
have
been
104
so
far
and
then
I'll
open
it
up
for
questions.
A
That's
a
question
I
expect
from
the
answer
to
them:
anyways
so
yeah
I
mean.
Actually
we
get
an
influx
of
upwards
of
1.7
million
dollars
between
dogwood
and
county
arpa.
That's
really
going
to
change
our
delinquent
number.
Isn't
it
I
mean
I
imagine
you'll
automatically
factor
in
those
increases
and
they'll
change
our
proportions.
Correct.
J
J
It
stands
for
where
is
it
at
upstanding
principal
balance,.
J
Yeah,
it's
it's
very
clear
and
that's
really
well,
we
a
lot
of
the
information
we
need
to
know.
I
really
I
liked
it
as
well.
Hi
maui.
H
Hi
so
similar
to
joe's
question
about
the
delinquent
number,
I
was
like
a
little
bit
concerned
about
the
startup
proportion
because
we're
pushing
up
pretty
close
to
that
33.
But
once
we
add
the
additional
funding
numbers,
that'll
kind
of
free
up
some
more
space
right
for
startups.
H
A
J
H
Got
it
I
think
the
the
line
might
be
slightly
off
because
it
says
number
of
loans
to
startups
and
it
says
over
12
months
of
cash
flow.
If
you
see
under
the
data
points
column
there,
this
is
just
a
small
technicality,
but
if
it's
less
than
then
maybe
we
should
change
that
little
carrot.
Yeah.
A
Yeah,
I
know
you
brought
in
I'm
sure
kelly
if
that's
right
have
to
discuss
the
delinquency
yeah,
so
you
shouldn't
want
to
discuss
at
the
end
of
the
meeting.
So
my
question
to
you:
is
there
any
new
loans
to
discuss
in
today's
meeting?
There
are
not.
If
not,
then
I
think
it'd
be
more
appropriate
to
include
the
limited
as
part
of
the
quarterly
report
and
the
last
point
and
then
the
last
agenda,
I
will
be
discussing
jesse
maxwell's
final
recommendation:
that's
okay!
With
you
guys.
A
Okay,
so
kelly
welcome
to
the
mccf
and
jazlyn
kayla.
If
you
want
to
walk
us
through
this
next
part,
that'd
be
great.
Thank
you.
J
Yeah,
so
I
brought
kelly
in
because
she
is
our
risk
asset
manager,
so
she
is
the
best
fitting
person
to
talk
about
the
delinquent
loans
and
I
can
assist
us
or
answer
any
questions
as
we
she
kind
of
gives
us
a
quick
update.
L
Yeah
so
yeah
thanks
for
having
me
today
just
to
clarify
that
the
two
delinquent
loans
that
we
have
it's
actually
to
the
same
business,
so
we're
talking
about
one
business
owner
and
we've
been
working
with
the
business
owner
for
well
over.
L
I
think,
six
months,
or
so
at
least
on
the
past,
due
status,
we've
kept
the
catalyst
committee
updated
with
it
what's
happened
is
I
think
it's
a
situation.
We've
provided
technical
assistance.
We've
been
out
to
the
location
to
provide
technical
assistance
to
try
to
determine
what
is
wrong.
What
we
can
do
to
assist
to
help
the
client.
L
Unfortunately,
I
think
this
is
a
situation
where
the
client's
just
not
responding
and
we've
tried
everything
that
we
can
possibly
do
from
the
risk
perspective.
When
I
generally
approach
it,
we
uncover
what
obstacles
are
there?
What
we
can
do
to
try
to
alleviate
any
cash
flow
issues,
and
we've
done
that
and
there's
been
no
response.
So,
as
you
know,
once
it
becomes
more
delinquent,
you
have
to
escalate
collection.
So
we
had
gotten
to
the
point
where
I'd
set
a
demand
for
balance,
and
I
did
run
that
by
the
catalyst
committee.
L
L
There's
been
multiple
return
drafts
where
we've
tried
to
draft
the
account,
and
so
it.
Unfortunately,
it's
escalated
to
the
point
to
where
we
just
cannot
get
a
response.
We
cannot
get
this
person
to
follow
through
with
any
of
the
payments,
so
we
did
have
to
issue
a
second
demand
letter.
So
where
we're
at
right
now
is
the
demand
letter
expires
at.
L
I
think
it's
the
to
the
first,
which
is
today,
which
would
be
five
o'clock
today
on
the
two
accounts
and
if
he
doesn't
pay
the
accounts
off
often
full
by
today,
then
the
next
step
would
be
to
move
forward
with
litigate
liquidation.
F
Sure,
okay,
d
williams,
I'm
just
curious-
was
that
the
long
one
of
the
ones
that
was
refinanced
emerged
two
loans
together,
because
I
I
had
some
questions
about
one
or
two
of
them
that
have
been
done
like
that.
Generally,
when
that
happens,
there's
a
cash
flow
issue
from
the
get-go,
and
so
that's
what
really
concerned
me
and
what
I
did
why
I
did
ask
that
question.
Is
this
a
refinance
on
a
merger
of
monies
that
this
person
was
lent?
J
It
was
originally
a
refinance
and
it
wasn't,
you
know
it
was
part
of
he
needed
additional
funding.
So
if
we
did
a
refi
a
portion
with
the
refi-
and
there
was
new
money
as
well-
okay.
F
Generally,
when
a
refi
happens,
it's
because
there's
cash
flow
issues
so
at
any
rate,
that
kind
of
answers.
My
question,
because
I
was
holding
out
that
was
one
of
my
triggering
points
that
I
was
thinking
of.
We
should
have
a
trigger
point
when
there's
a
refinance
that
there's
always
a
cash
flow
problem
generally
and
I'm
saying
always,
but
generally
that's
the
reason
why
refi
is
done.
Thank
you.
L
Yeah
and
just
to
clarify
one
point
with
that
to
be
fully
transparent
when
I
had
went
to
do
a
site
visit,
I
had
taken,
someone
else
went
to
the
office
with
me
and
the
the
client
had
said
that
he
had
the
funds
available
then,
but
he
had
his
rent
due
and
he
actually
had
a
cell
phone
and
showed
my
colleague
his
cell
phone,
with
the
checking
account
balance,
and
there
was
plenty
of
money
in
the
checking
account
to
pay
it.
L
So
I
part
of
me
thinks
that,
is
it
the
intent
that
first,
I
can't
figure
out
why?
If
this
is
so
serious,
why?
If
you've
got
the
funds
there
in
some
account
you're,
not
at
least
trying
to
work
with
us
in
some
manner?
So
I
don't.
I
don't
know
that
it's
actually
a
cash
flow
issue.
L
When
I
approach
a
delinquent
account,
one
of
the
things
I
do
try
to
do
is
get
the
the
financials
p,
l
or
whatever
it
is
that
they
have
so
that
we
can
look
at
it
and
see
how
we
can
help
them,
and
the
client
has
not
provided
any
of
that
information
to
us,
and
we
we've
requested
that
several
times
and.
L
It
could
be
a
it
could
be
both
when
I'll
I'll.
Usually
I
take
what
I
can
get
usually
if
it's
a
delinquent
situation,
it's
not
the
tax
returns,
because
that's
as
of
the
previous
year
in
I
want
something
current.
You
know
as
at
the
date
that
I'm
trying
to
look
at
it,
or
you
know
at
least
at
the
month,
the
previous
month,
then
so
that
I
can,
you
know,
see
see
what
we
can
do
to
try
to
help
them.
So
if.
F
It's
somebody
these
people
that
you're
dealing
with
this
client
these
res,
are
they
someone
that
deals
with
quite
a
few
receivables
as
far
as
a
contract
is,
is
because
I'm
hearing
that
kind
of
when
you
say
what
was
in
the
bank
account.
I
have
had
a
lot
of
clients.
They'd
have
money
in
the
bank,
but
they'd
have
a
lot
of
money
going
out
too,
and
usually
the
lump
sum
would
derive
be
derived
from
a
contract.
F
J
F
And
how
long
when's,
the
last
time
you
got
one
I
hate
to
be
specific,
but
it
sounds.
I
hate
to
see
people
get
in
trouble
and
then
I
guess
I
just
want
to
know
how
long
to
to
intervene.
If
we
had
to
you
know,
I
don't
know,
I
don't
know
how
long
this
has
been
going.
I
don't
like
to
see
people
fail,
especially
not
in
this
situation.
Right.
What's
the
what's,
the
last
p,
l
you
got
from
what
how
long
ago,
were
you?
Oh.
E
L
Yeah,
it's
in
all
honesty
it.
I,
I
think
it's
a
situation
where
the
client
is
they're,
not
cooperative.
I
think.
If
the
client
would
be
cooperative,
then
we
could
definitely
work
something
out,
and
I
don't
know
how
much
I
can
say
on
here
about
the
meeting
with
the
catalyst
committee,
but
I'll.
Let
them
know
you
know
what
was
going
on
with
the
client
to
get
feedback
with
the
client,
and
it
seemed
a
general
consensus
that
the
client
historically
had
been
difficult
to
work
with
in
some
situations.
L
You
know
that
I
mean
our
top
priority.
Would
I
hate
to
see
a
business
fail
and
you
know
I
can
assure
you
once
if
it
ever
comes
from
from
me
and
from
mountain
biz
works.
If,
if
we've
ever
reached
the
point
where
we
issue
a
demand
letter,
one
thing
I
can
assure
everyone
on
this
committee
is
that
we
have
done
everything
we
can
possibly
do.
I
mean
whether
it's
because
we
want
to
provide
that
support.
L
We
do
not
want
to
see
these
businesses
fail
and
you
know
it's
just
heartbreaking
to
see
that,
but
we're
at
the
point
it's
just.
If
we
cannot
get
them
to
respond,
you
know
he
he
did.
He
did
respond
because
the
demand
letter
expires
today
at
five.
He
did
respond
a
couple
of
days
ago
and
had
sent
an
email
that
they
could
pay.
I
think
it
was
like
in
three
weeks
but
like
one
payment,
the
problem
is
that
has
been
the
trend
to
make
these
promises
that
they
would
pay.
L
J
And
I
do
think
maui
and
rachel
had
some
questions
as
well.
H
Thank
you
yeah.
It
sounds
like
you,
you
guys
have
done
a
lot
whatever
you
could
with
this
particular
instance,
and
I'm
always
kind
of
looking
at
it
from
the
big
picture
standpoint
of
what
can
we
learn
from
this
going
forward?
And
one
question
I
had
was
you
know
again
this,
because
this
will
kind
of
change
as
we
get
more
funding
and
it
kind
of
dilutes.
H
You
know
these
percentages,
but
what
safeguards,
if
I
need
to
have
to
kind
of
cap
out
lending
that
we
do
to
a
particular
owner
and
or
business
so
that
we
don't
over,
concentrate
risk
on.
You
know
the
financials
of
one
entity
that
could
affect
have
a
size
effect
on
the
portfolio,
because
this
is
you
know,
nine
percent,
which
is
not
a
small
portion
of
the
portfolio.
H
If
you're
looking
at
from
a
portfolio
a
diversification
standpoint,
and
then
one
kind
of
related
question
that
I
thought
of
is:
do
we
also
track
common
ownership
between
these
companies?
That's
very
low
likelihood,
but
just
in
the
instance
that
person
started
one
company
and
then
have
part
ownership
or
you
know
in
another
company
and
they
were
both
getting
funding
and
somehow
that
owner
has
some
sort
of
financial
hardship.
You
know
it
could
sort
of
have
a
ripple
effect
on
parts
of
the
portfolio.
So
any
thoughts
on
that
would
be
welcome.
L
Yeah,
so
to
answer
the
first
question
as
far
as
concentration,
I
think
that's
a
very
valid
point
and
something
that
we
do
need
to
make
sure
that
we
focus
on.
You
know
at
least
on
a
monthly
basis,
and
and
this
situation
I
don't
think
it's
more
of
a
concentration
risk
in
a
specific
industry.
L
We
need
to
make
sure
that
we're
focusing
on
the
ability
of
the
client
to
manage
the
business,
to
provide
financials
to
make
sure
that
they're
on
top
of
the
financials,
I'm
not
saying
that
this
particular
one
could
not
do
it.
I
don't
know
if
it's
a
could
not
or
a
would
not
situation.
L
So
I
mean
I
think
the
address
is
the
the
concentration
now,
of
course,
if
we
start
seeing
a
lot
of
loans
that
are
skewed
to
one
industry,
then
yeah,
we
need
to
make
sure
that
we're
keeping
a
you
know
careful
eye
on
that.
To
answer
the
second
question
that
I
think
I
understand
what
you're
saying
is
that
if
there,
if
there
are
additional
businesses,
for
example,
if
we
have
one
client
and
they
decide,
they
want
to
open
a
different
business
that
may
be
similar
but
they're
requesting
funding
for
that.
L
That
is
absolutely
something
that
we
definitely
keep
a
lookout
for
in
due
diligence
in
the
underwriting.
L
The
way
we
approach
it
is,
if
we
were
to
consider
something
like
that,
we
want
to
make
sure
that
we
look
at
the
cash
flow
individually
for
the
business
and
then
a
global
cash
flow
for
the
whole
thing,
and
that
way
it
it
just
lowers
the
risk
and
it
protects
us
to
make
sure
they
can.
You
know,
support
the
debt
service
there.
H
You
kelly
and
just
a
quick
clarification
on
my
first
point.
The
concentration
is
on
the
ownership,
not
just
for
the
industry,
so,
for
example,
in
the
future.
If
we
have
some
sort
of
guideline
in
place
that
a
particular
owner
and
our
founding
team
can't
apply,
can't
represent
more
than
five
percent
of
the
portfolio
or
whatever
you
know
so
that
we
again
don't
put
undue
risk
for
that
business
and
if
they
were
to
default
like
in
this
instance,
it
puts
that
part
of
the
portfolio
at
risk
yeah,
so
that.
L
Though
it
was
freezing
there
but
yeah,
no,
I
think
that
that's
a
valid
point
to
to
to
watch
that
monitor
that
as
well.
D
K
D
Forward-Looking
question:
you
talked
us
through
the
different
collection
steps
and
where
we
are
today
what
happens.
This
will
be
our
first
time
as
a
mountain
community
capital
fund
going
through
the
guarantee
process,
the
sort
of
the
write-off
or
the
claim
from
mbw
to
mountain
community
capital
fund.
Can
you
or
others
walk
us
through
what
what
to
expect
timing
or
process-wise
on
that.
L
I
I
may
have
to
have
yours
and
hop
in
here
I
haven't
like
read
in
detail
the
claim
forms.
I
can
tell
you.
Typically,
I
handle
our
7a
program.
Also,
we
have
claims
there
the
way
I
normally
handle
it
once
there's
certain
legalities
steps
that
you
have
to
go
through
as
far
as
notification,
you
know
with
the
client
so,
for
example,
if
they
don't
honor
the
demand
letter
and
pay
the
account
today,
the
next
step
would
be
liquidation
and
that's
something
we'll
have
to
meet
internally
with
management
to
determine
the
best
steps
for
liquidation.
L
Because
you
don't
I
mean
you
don't
want
to
embarrass
the
person,
you
don't
want
to
show
up
and
make
it
seem
if
you
know
if
it's
a
site
visit
or
whatever,
but
the
next
step
is
to
liquidate
the
collateral
and
we
determine
the
best
way
to
approach
that
liquidation
and
then,
of
course,
from
there
to
market
it
make
sure
we're
fair
with
marketing
it
to
get
the
highest
amount.
We
can
once
we
do
that.
L
We
apply
that
as
a
principal
reduction
to
the
account
and
then
to
my
understanding
after
we
apply
that
principal
reduction
to
the
accountant.
That's
when
we
would
file
the
claim
as
far
as
timing
with
that
I
it
varies
on
the
type
of
of
collateral.
It
is
you
know,
and
how
we
have
to
market
or
how
or
how
we
have
to
take
ownership
and
also
varies
as
far
as
if,
if
the
borrowers
is
cooperative,
if
they're
not
cooperative
and
we
have
to
go
the
legal
route,
legal
intervention
actually
take
possession
of
the
collateral.
J
J
However,
we
do
have
a
claim
form,
and
I
don't
know
if
many
of
you
have
seen
it,
but
essentially
you
know
we
are
meant
to
report
to
the
committee
and
show
what
steps
we've
taken
to
try
and
resolve
the
situation
and
or
help
the
client,
and
in
that
you
know,
instance,
we
would
essentially
be
as
be.
J
Presenting
a
claim
form
to
the
committee
and
that
would
be
completed
by
us
as
well.
So
thank
you,
tara.
Thank
you.
Have
a
question.
J
I
Kelly
was
talking
about
liquidating
collateral,
and
things
like
that.
I
just
meant
in
this
case,
isn't
the
collateral
our
fund
and
is
there
additional
collateral
or
is
our
fund
covering
the
whole
lateral
that
was
needed
for
the
loan.
J
J
C
A
Thank
you
joslyn
and
kelly
and
everyone
for
your
questions.
You
know
this
is
where
we
knew
this
thing
was
coming
right
like
we
knew
at
some
point
would
be
this
kind
of
situation
when
we
review
these
loans.
A
So
I
appreciate
kelly's
comments
about
the
sensitivity
and
tact
to
go
about
any
kind
of
collateralization
and
that
process,
and
also
as
I'm
reflecting
on
this,
I
really
want
to
give
dee
williams
a
shout
out
for
the
insight
regarding
the
reflex
and
again
this
is,
I
think
our
form
was
our
first
situation,
but
every
time
our
committee
will
get
sharper
and
smarter
with
experience
so
dee.
Thank
you
again
for
seeing
that
potential
red
flags.
A
If
there
are
no
comments
last
chance
or
moving
on
to
the
final
agenda
item,
which
is
the
jesse
master
recommendations,
please
give
me
an
audible
go
ahead.
If
it's
typing
one.
A
I
think
we're
good
jeff.
Okay.
Thank
you
all.
So
much
last
thing
to
discuss
is
an
email
going
back
to
february
24th
from
jesse
maxwell.
Well,
it's
a
chain
there
and
the
subject
line.
A
Mccf
docs
accurately
named
jesse
was
helping
us
review.
Our
documentation
identified
key
highlights
and
made
a
few
recommendations
of
changes
main
one
being
using
this
new
reporting
template,
which
you
all
just
saw.
I
think
we
all
agree.
That's
a
really
strong
core
of
the
report,
something
to
give
you
a
snapshot
on
bird's
eye
view
of
what
we
need
to
know.
What
we
need
to
see.
A
A
Very
good
in
jessie's
email
she
gave
a
few
tldrs
too
long,
didn't
read,
highlights
of
the
services
and
duties
agreement,
much
of
which
we
recovered
and
are
well
aware
of.
But
one
sticking
point
I
do
want
to
comment
on
is
the
credit
underwriting
committee.
A
This
group
has
been
back
and
forth
on
the
appropriateness
of
that
and
we
decided
some
time
ago
that
we
didn't
need
a
credit
underwriting
committee,
because
all
but
one
person
would
be
on
that
committee
and
then,
regarding
the
logistics
of
when
you
transition
in
and
out
of
these
meetings,
it
would
all
be
on
a
public
board,
anyways
and
rachel,
and
I
were
discussing
this
email
and
she
had
the
insight
that
bylaws
and
procedures
cannot
be
changed
by
our
committee.
A
A
So
we
can
do
is
move
all
of
those
responsibilities
which,
if
I
pull
that
up,
make
sure
I
get
them
all
right,
reviewing
the
loans
above
seventy
thousand
dollars
and
that
loans
fifty
to
seventy
thousand
are
reviewed
up
to
twelve
months.
After
closing,
we
have
the
ability,
as
a
board,
to
make
his
responsibilities
part
of
the
entire
operating
committee
and
then
removing
the
credit
underwriting
committee
at
the
subgroup
that
again
we're
not
currently
using
does
that
make
sense,
folks
again
rachel
my
off
the
rails.
So
I
have
this
right.
D
I'll
jump
in
the
services
and
duties
agreement
was
was
a
official
contract
that
was
approved
by
governing
boards
and
that
one
takes
more
time
and
is
more
complex
to
update.
D
So
we
want
to
make
sure
that
we're
doing
that
when
there
are
substantial
changes,
the
operating
committee
rules
of
procedure
is
more
of
an
operating
document
that
our
own
board
can
update,
as
as
needs
of
the
group
evolve.
From
my
from
from
my
perspective,
I
see
tim
noddings.
I
think
you
see
it
similarly.
A
Thank
you,
rachel,
that's
right,
okay!
I
I
look
at
him
looking
at
it
wrong,
so
search
and
duties,
that's
the
contract.
We
say
the
county
are
lenders
and
then
the
other
documents,
the
operating
committee
rules,
a
procedure
where
we
have
more
economy
to
decide
our
own
rules
and
procedures.
Is
that
accurate.
A
Yes,
very
good
now
to
push
this
back
on
to
our
committee
for
group
discussion.
How
you
would
all
feel
about
moving
the
credit
underwriting
committee
responsibilities
under
the
full
committee
and
removing
the
title
of
the
credit
underwriting
committee
so
that
we
can
stay
in
compliance.
A
Again,
I
will
take
the
silence
as
approval
to
do
that
so
for
next
meeting
on
the
agenda.
We're
going
to
write
that
down
it's
review,
new
operating
committee
rules
of
procedure.
D
K
I
Believe
it's
section,
9.3
karen
from
self-help,
had
brought
that
up
and
and
she's
on
vacation
this
week,
so
I'm
covering,
but
maybe
that's
something
we
can
also
look
at
if
that
needs
to
be
addressed.
I
A
That's
right
word
for
word
on
jeffy's
email.
G
D
We
have
a
contract
in
place
called
the
services
and
duties
agreement
that
has
been
signed
by
city
council
and
by
county
commission,
as
well
as
each
of
the
participating
lenders
and
the
holder
of
the
funds,
which
is
self-help
ventures
fund,
which
is
why
it's
complicated
to
update
now
that
we
have
additional
funds
in
mountain
community
capital
fund
and
we're
not
working
off
the
initial
450
000.
Only
it
seems
that
that
document
is
going
to
need
updated.
D
G
G
Our
lead
time
to
get
on
council
is
sometimes
as
long
as
two
months.
A
Welcome
to
my
next
questions,
then,
to
get
the
amendments
approved
to
address
the
new
allocation
or
new
fundraising.
A
That
would
be
going
to
both
city
and
commission
meetings
expressing
that
we
fundraise
additional
at
that
point,
1.7
million
dollars
and
to
amend
our
services
duties
agreement,
and
you
will
be
asking
the
city
and
the
county
officials
to
approve
that.
As
an
amendment
to
the
agreement
is
that
right.
Is
that
what
we'll
be
asking.
D
Hopefully,
there's
a
way
to
structure
the
services
and
duties
agreement
so
that
it
doesn't
lock
in
the
dollar
amount
and
we
can
have
a
growing
fund
without
having
to
take
it
back
to
the
governing
boards.
I
think
the
reason
that
it
was
so
essential
that
the
governing
boards
approved
that
dollar
amount
was
related
to
their
initial
investments,
which
would
remain
intact.
D
I
would
be
willing
to
meet
with
whomever
wants
to
be
a
part
of
reviewing
that
agreement
and
proposing
any
edits
for
our
own
team's
review
before
we
try
to
take
it
to
to
the
different
parties
for
sign
off
or
and
approval
I'm
kind
of
thinking.
That's
tim,
frank,
tara.
A
With
that,
that's
our
last
agenda
item.
Thank
you
for
having
the
action
item
to
leave
that
charge
rachel.
I've
got
my
action
item
to
review
the
operating
committee
rules
of
procedure
under
trade
underwriting
committee.
Unless
there
is
anything
else,
we
are
one
minute
until
time
anything
else
somebody
wants
to
get
at
the
last
minute.
A
All
right,
if
not,
I
want
to
thank
again
matt
raker
kelly
met
some
silver
guests
from
the
city
and
I'm
sorry,
I
don't
have
your
name
in
front
of
me.
Thank
you
for
joining
us
today.
Anything
else
before
we
adjourn
last
call.
A
Okay
and
we'll
see
you
all
on
the
first
friday
in
may
tech
check
at
nine
meeting
starts
at
9
30..
Thank
you
all
so
much.