Clearinghouse CDFI provides economic opportunities and improves the quality of life for lower-income individuals and communities through innovative and affordable financing that is unavailable in the conventional market.
Annual Report
Standing Strong
Our Mission
At Clearinghouse CDFI, we believe in people. We are bound by the core value that individuals in low-income, distressed communities deserve access to adordable capital. The resulting economic opportunity provides both a greater quality of life and hope for future generations.
It is hard to imagine a more difficult and challenging year than 2020. The
worldwide pandemic changed the business and economic climate for everyone.
Clearinghouse CDFI was not spared the impact of this crisis. It is often said that
“greatness is measured by how one responds to adversity”. I am extremely proud of our team’s 2020 response – continuing our mission of providing impactful loans, as well as finishing the year with sustained asset size growth while maintaining profitability.
Managing our CDFI during this historic pandemic was a central focus for our
management team in 2020. Approximately 35% of our borrowers were directly
and immediately impacted by the economic shut down. All these borrowers were given a three-month payment deferral allowing them time to navigate their own survival. This action resulted in a significant reduction of income and recognition of a large, but appropriate, reserve against our income statement. The first quarter finished with unprecedented losses, and problems for which we did not have any answers.
Instead of giving up or retreating, we rolled up our sleeves, and got to work. First,we committed $10 million for emergency loans to nonprofit organizations facing extreme hardships. This initiative resulted in Clearinghouse CDFI making our first emergency loan to the Aquarium of the Bay in San Francisco. Thousands of aquatic animals needing food and care were in jeopardy because of a stop in the nonprofit’s revenue. Our emergency loan, completed in just three weeks,saved the animals and the nonprofit organization by providing them precious time to re-organize.
Instead of giving up or retreating, we rolled up our sleeves, and got to work. First,we committed $10 million for emergency loans to nonprofit organizations facing extreme hardships. This initiative resulted in Clearinghouse CDFI making our first emergency loan to the Aquarium of the Bay in San Francisco. Thousands of aquatic animals needing food and care were in jeopardy because of a stop in the nonprofit’s revenue. Our emergency loan, completed in just three weeks,saved the animals and the nonprofit organization by providing them precious time to re-organize.
Douglas J. Bystry
President / CEO
Clearinghouse CDFI’s PPP Loans
are Helping Small Businesses Nationwide:
are Helping Small Businesses Nationwide:
”Muchas gracias.Ustedes son una institución muy eficiente.Gracias de corazón.” — Rosemead, CA
”Lawrence and everyone was great to work with and hopefully again with another round of PPP loans. It has been really di cult with lockdowns!” — Albuquerque, NM
“Thank you for all you do and have done for me and others during this time. I truly appreciate your patience and taking the time to explain things.”— Eatonton, GA
SEE OUR FEATURED PROJECTS BELOW
Clearinghouse CCDFI loans preserve aquarium operations and help safeguard over 24,000 marine animals
Clearinghouse CDFI
Paycheck Protection Program
The Paycheck Protection Program (PPP) was created by the SBA in 2020 to help businesses retain employees and maintain operations during the COVID-19 crisis. To administrate this new and continuously evolving program, Clearinghouse CDFI team members came together in a massive undertaking unlike ever before to help small businesses access critically needed capital.
James Sweeney III, DDS / Oasis Dental - Oakland, CA
4 Jobs Saved $24,087 PPP Loan
$21.24 Million
Total PPP Loans Funded
460
Small
Businesses Saved
28
States Serviced
1600
Employees /
Jobs Saved
$45,173
Average PPP
Loan Amount
“ClearinghouseCDFI treats itsborrowers as Itreat my patientsand people in mylife—the way I wantto be treated.”
— James Sweeney III, DDS
The FVLCRUM Impact:
- Create Community Ownership
- Enhance Amenities,Services,Infrastructure
- Create Generational Wealth
- Increase Median Incomes
FVLCRUM Funds
Striving to Decrease the Racial Wealth Gap
FVLCRUM is an off-balance sheet entity created by Clearinghouse CDFI and strongly aligned with the efforts of the Minority Wealth Commission—a national commission dedicated to the eradication of the racial wealth gap.
FVLCRUM was established to focus solely on creating generational wealth in minority communities by creating sustainable paths to wealth.
FVLCRUM will invest a combination of equity and debt in lower middle-market minority-owned businesses with a core sector focus of Government Contracting, Healthcare, and Franchising.
FOCUS: Minority Owned Businesses
- For-profit Minority Business Owners
- Nonprofits Managed by or Serving Minority Persons
- Benefiting Low-income Persons and Communities
2020 Achievements
Capital Magnet Fund Program
Awarded $2 Million from the U.S. Treasury CDFI Fund
Clearinghouse CDFI will use the award to finance the development of affordable housing, targeting projects which benefit homeless and other disenfranchised
populations in CA, AZ, NV, and NM.
Financial Assistance Awards
Awarded $650,000 from the U.S. Treasury CDFI Fund
Clearinghouse CDFI will use the award to increase lending in vulnerable metropolitan areas, with a focus on New Mexico.
Awarded $100,000 in Persistent Poverty Counties - Financial Assistance
Clearinghouse CDFI will use the award to target financing for projects in counties with poverty rates of 20% or more.
Awarded $268,750 in Disability Fund - Financial Assistance
Clearinghouse CDFI will use the award to finance projects assisting individuals with disabilities.
Awarded -
$65 MILLION
In New Markets Tax Credits (NMTC) Allocation
Pueblo of Laguna (NM)
$14 MILLION NMTC
- For water related infrastructure: sewage, filtration, and piping
- Serves six reservation villages in a highly distressed area and creates 40+ jobs
Oakland Civic Center (CA)
$12 MILLION NMTC
- Rehabilitation of a cultural and historic landmark that was abandoned for 10 years
- Creates community events/arts space and below-market rents for nonprofits
TERRA Network – Aleutians (AK)
$16.25 MILLION NMTC
- Development of a hybrid terrestrial fiber-optic and microwave network
- Connects Alaska’s most remote regions to critical public resources
CCDFI Ranked #41
in Real Leaders Top 150 Impact Companies in the World
Charitable Giving with Purpose
A.C.T. Strand Theater
San Francisco, CA
Clearinghouse CDFI donated $120,000 to the nonprofit American Conservatory Theater (A.C.T.) Strand Theater. This theater, located on Mission Street in San Francisco, was previously completely renovated through a combination of Clearinghouse CDFI New Markets Tax Credits and Historic Tax Credits.
Clearinghouse CDFI Contributed
$171,982 in Charitable Donations to 30 Recipients:
$52,150
to
affordable/ shelter /supportive housing programs
$13,282
to
nonprofit food & provision drives
$32,550
to
youth scholarships, activities, & development programs
$55,500
to
Native American organizations, businesses, & programs
$8,500
to
U.S. Veterans, active duty
military, & family programs
Clearinghouse CDFI partnered with Gifts for Good during the 2020 holiday season to provide quality gifts for our partners and friends. These gifts created a ripple effect of positive IMPACTS around the world:
99 Months
of clean drinking water for an individual in the Central African Republic via Water for Good
33 Days
of employment for a low-income artisan in Peru
20 Hours
of employment for a refugee woman rebuilding her life in the U.S.
Empowerment Of Women
full-time employment for 21 Honduran women and scholarship contributions for their children
Clean Drinking Water
contribution via Charity: Water supporting sustainable, community-owned, water-related projects in developing countries
25 Hours
of employment to Goodwill of Southern California for CCDFI’s holiday gift kitting and shipping
PPE for 13 Essential Workers
battling the COVID-19 pandemic via Project Hope, including surgical masks, gowns, and gloves
Our Impact in 2020
- 3,800 Jobs
created or retained in 2020; 51% were located in areas of high unemployment - $49 Million
in financing to minority / women-owned or controlled organizations in 2020
- 1,137 Housing Units
created in 2020; 57% were designated affordable units - $128 Million
in financing for projects located in low-income communities
CCDFI Borrowers Served 1,180,000 Clients/Customers in 2020:
88,000
African American clients in 2020
237,000
Latino/Hispanic clients in 2020
30,000
Native American/ Native Alaskan clients in 2020
Cumulative Impacts
$1.98 Billion
in cumulative lending since inception
23,000 Jobs
created or retained since inception
2,250 Projects
funded since inception
2.8 Million
total clients/ customers served since inception
$593.6 Million
of New Markets Tax Credits allocation deployed since inception
- Our Partners
- Loan Committee
- Community / NMTC Advisory Board
- Native American Advisory Board
- Arizona Investment Committee
- Arizona Board of Advisors
- Asset Review Committee
- ALCO Committee
- Outreach Committee
- Our People
Our Partners
Gary Dunn – CHAIR
Banking Consultant
Alva Diaz
Wells Fargo Bank
Brian M. Riley
Foothills Bank
Chris Walsh
Partners Bank of California
Claudia Lima
CIT
David Levy
Fair Housing Council of OC
Glen Pacheco
Banking Consultant
Jeff Talpas
BBVA USA
Kelvin James
Bank of Hope
Lisa Dancsok
Arizona Community Foundation
Mark Rebal
Nano Banc
Pat Neal
Neal Estate, Inc.
Rochelle Mills
Innovative Housing Opportunities
Robert McAuslan
Western Alliance Bancorporation
Susan Montoya
Citizens Business Bank
“I am excited to serve on a board that is committed to serving communities and businesses that are often overlooked by traditional financial institutions. The consistent growth and influence of CCDFI over the years is a testament to theirnimpact and sustainability. I look forward to sharing my perspective with and learning from CCDFI.”
Rochelle MillsInnovative Housing Opportunities
Loan Committee
Glen Pacheco – CHAIR
Banking Consultant
Dino Browne
Las Vegas Urban League
Gary Dunn
Banking Consultant
Peter Hill
Goldwater Bank, N.A.
Patricia Dixon
CalPrivate Bank
Terrin Enssle
Clearinghouse CDFI
Waheed Karim
Banner Bank
Wesley Wolf
Wolf & Company, Inc.
“As a board member, I feel I am making an impact on underserved communities as we offer innovative/diverse financial products that support the unmet credit needs of core clients. This is especially true during the COVID-19 pandemic when CCDFI acted as “financial first responder” by introducing new products that met the ever growing and diverse financial needs of its clients.”
Glen PachecoBanking Consultant
Community / NMTC Advisory Board
David Levy – CHAIR
Fair Housing Council of OC
Andrew Michael
Partnerships for Change
Alan Woo
Santa Ana Unidos
Chris Francis
Visioneering Studios
Delores Brown
CEDC, Inc.
Gerald Sherman
Bar K Management Company
Martina Guilfoil
Chattanooga Neighborhood Enterprise
Stanley Tom
Valley Small Business Development Corp.
Tim Johnson
City of Federal Way
“The pursuit of serving self is vain and filled with false hope. Far better is the privilege of serving others; bringing glory to God in the process.”
Rochelle MillsVisioneering Studios
Native American Advisory Board
Gerald Sherman – CHAIR
Bar K Management Company
Bob Crothers
Citizen Potawatomi Community Development Corporation
David Murray
Dexafit Tempe
Jackson Brossy
Native CDFI Network
Karlene Hunter
Native American Natural Foods
Shawn Nelson
Father Sky & Mother Earth ART
Stephanie Cote
Oweesta Corporation
“It has been an honor to serve on the Clearinghouse CDFI Native Advisory Board and to watch the impact that Clearinghouse has had and continues to have in Native American Country. Clearinghouse has done wonderful things for Native Americans to help them become self-sufficient. I'm proud to be a small part of this wonderful organization.”
Karlene HunterNative American Natural Foods
Arizona Investment Committee
Andrew W. Gordon – CHAIR
Clearinghouse CDFI
Cyndi Franke-Hudson
Wells Fargo Bank
Edward Celaya
ASU Diversity Council
Esperanza Martinez
National Bank of Arizona
Kevin Halloran
CIT
Lisa Van Ella
Foothills Bank
Terrin Enssle
Clearinghouse CDFI
Tim R. Bruckner
Western Alliance Bank
“The integrity and dedication of the Clearinghouse CDFI team is evident throughout the organization. It's an honor and a privilege to be part of a group so dedicated to improving the lives of others in our communities.”
Lisa Van EllaFoothills Bank
Arizona Board of Advisors
Andrew W. Gordon – CHAIR
Clearinghouse CDFI
Cody Williams
Maricopa County Justice Courts
Craig K. Williams
Snell & Wilmer LLP
David Castillo
Native Community Capital
Douglas Bystry
Clearinghouse CDFI
Elisa de la Vara
Arizona Community Foundation
Jonathan Koppell
ASU Watts College of Public Service and Community Solutions
Ken Burns
Arizona Commerce Authority
Paul T. Hickman
Arizona Bankers Association
Tim R. Bruckner
Western Alliance Bank
“In this very challenging year, the work of Clearinghouse CDFI has become more important than ever. I’m proud to support this organization that is making a difference in
Ken BurnsArizona Commerce Authority
the lives of Arizonans.”
Asset Review Committee
Glen Pacheco – CHAIR
Banking Consultant
David Sharp
Pacific Western Bank
Elsa Monte
Pacific Western Bank
John Marder
RMA of Orange County
Mark Rebal
Nano Banc
Melinda Costa
Wells Fargo Bank
Wilson Mach
First General Bank
“Clearinghouse CDFI has become a National leader in community finance and I am proud of having had a small role in its evolution. Clearinghouse CDFI has played an important role in the growth of many CRA professional careers, mine included; and in the development of their institution’s successful Community Development programs. Thank you for all the memories and thank you for being a great advocate for community and economic development.”
Elsa MontePacific Western Bank
ALCO Committee
Brian M. Riley – CHAIR
Foothills Bank
Craig Kardokus
First Foundation Bank
David Levy
Fair Housing Council of OC
Michael Solomon
Charles Schwab Bank
Salida Pande
State Bank of India
Steve Herman
California Bank & Trust (Zions)
“Never before has the need been so great for organizations like the Clearinghouse CDFI, which provides low income individuals and disadvantaged communities with affordable financing. It’s an honor to be part of the organization and to see firsthand the positive impacts that the Clearinghouse CDFI has on people’s lives.”
Craig KardokusFirst Foundation Bank
Outreach Committee
Susan Montoya – CHAIR
Citizens Business Bank
Arturo Perez
U.S. Bank
Barbara Boone
Western Alliance Bank
Bruce Gumbiner
Cathay Bank
“Year in and year out Clearinghouse CDFI show themselves to be a superior partner in deploying capital for needed community development projects across the country. I’m glad to do what I can to help with their outreach efforts.”
Arturo PérezU.S. Bank
Our People
EXECUTIVE
TEAM
Douglas J. Bystry
President / CEO
Andrew W. Gordon
Arizona Market President
Jay Harrison
Chief Investment Officer
Kathy Bonney
Chief Administrative Officer
Kristy Ollendorff
Chief Credit Officer
Terrin Enssle
Chief Financial Officer
Jay Harrison
Chief Investment Officer
Yves M. Mombeleur
Chief Fund Officer
Alanna Smith
Director of Marketing
Amanda Virrey
Commercial Loan Processing Manager
Benjamin Allen
Impact Data Analyst/System Lead
Brian Sagert
Community Development Officer
Cesar Plascencia
Public Affairs Officer
Chris McMartin
Opportunity Fund Manager
Colin Wegener
Assistant Controller
Debra Kramer
Construction Loan Specialist Manager
Ferduesi Ahmed
CRE Portfolio Loan Analyst
Gabriella Brusseau
Receptionist / Office Admin.
Guy Krikorian
Controller
Jatin Mehta
Sr. Accountant
Justin Merlette
Assistant Loan Servicing Manager
Kennedy Sandoval
Loan Production Assistant / Jr. BDO
Lacey Dixon
Commerical Loan Funder/Admin. Assistant
Lauren McDonald
Commercial Loan Funder
Lawrence Chavez
New Mexico Market Representative
Lorey Louie
Portfolio Analyst
Lundi Chea
NMTC Asset & Compliance Manager
Mai Ha
Impact Manager
Melissa Johnson
Director of Loan Operations
Michelle Taylor
Loan Servicing Manager
Natasa Radosavljevic
Marketing Specialist
Randy Dixon
Sr. Small Business Underwriter
Ricky Ha
NMTC Staff Accountant
Roscelle Shands
Commercial Loan Funding Manager
Sophia Barcelo
Loan Servicing Specialist
2020 Financials
Total Asset Size:
$602.5MM*
Clearinghouse CDFI Welcomes Executive Team Members:
Taylor Lajoie
Construction Disbursement
Specialist
Ted Chien
Underwriting Manager
of California
AFFORDABLE
HOUSING
CLEARINGHOUSE
Brenda J. Rodriguez
AHC Executive Director
Helen Tran
HUD Certified Housing Counselor
Janell Abarca
HUD Certified Housing Counselor
Shipra Bhatia
Programs Coordinator
“Mr. Mombeleur heads the CCDFI FVLCRUM Fund
Yves M. MombeleurChief Fund Officer
partnership. He has a diverse background in community development, brand risk management, operations, diversity/inclusion initiatives, and business development. He is an expert facilitator with a community awareness critical to advancing CRA/CSR. Mr. Mombeleur holds an MBA from Lake Forest Graduate School of Management and Jurisprudence from Loyola University Chicago School of Law.”
“Ms. Bonney is responsible for the operation and administration of the corporation. She oversees Human Resources, CSR, technology, and compliance. She also manages investor relations, including shareholders, creditors, and New Markets Tax Credits participants. Ms. Bonney earned a Master’s Certification in Human Resources from Cornell University and a Master Certificate in Business Management from Master Class Management.”
Kathy BonneyChief Administrative Officer
“Yves Mombeleur brings a wealth of experience and talent to Clearinghouse CDFI. He understands our mission, real estate and nonprofit lending, banking and CRA. Yves has embraced the challenge of leading FVLCRUM and our goal to reduce the minority wealth gap in this country. He is a strong addition to our executive team.”
Douglas J. BystryCCDFI President/CEO
“Kathy Bonney has played an integral role in our growth and success over the past 17 years. With many responsibilities, demonstrating strong initiative and drive, she has certainly earned this corporate promotion. Clearinghouse CDFI is truly fortunate to have Kathy’s unique perspective and strong presence on our executive team.”
Douglas J. BystryCCDFI President/CEO
” Greatness is often measured by
one’s response to Adversity “
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