1. Prep My CDFI!:
Increase Performance and Impact
and get the CARSTM Rating You Deserve!
Facilitated by:
Jason Friedman * Catherine Meyrat
Barbara Eckblad * Leslie Hoffman

2. Using Goto Webinar
• All participants will be on mute.
• You will see a panel on the right hand
side. Under the Audio tab you will see
the dial in number and access code you
were e-mailed previously. To join the
call, then enter in the Audio PIN
number.
• Q&A: we’ll save 30 minutes for Q&A;
type your questions in the Questions
Tab.
• You may also use the “Raise Hand”
button to alert the presenters that you
have a question or comment.
2

3. Friedman Associates
• We specialize in building sustainable nonprofit
organizations that help low-wealth
individuals & communities create jobs and
small businesses.
• Mission: inspire nonprofit leaders to achieve
their vision for the entrepreneurs and
communities they serve - and demonstrate
the results that lead to increased funding and
long-term success.

4. Areas of Specialization
• Organizational assessment
• Assessment of Financial Products and
Development Services
• Product development and staff training
• Develop systems for client tracking and program
performance
• Strategic planning
• Board development and
• Fund development strategies.

5. Meet the Prep My CDFI! Team

6. Who Is The Prep My CDFI Team?
Project ManagerJason
Strategy & Systems SpecialistCatherine
Loan Program SpecialistBarbara
Operations SpecialistLeslie

7. Catherine Meyrat
• Core expertise: operations assessment; strategies to
improve process and strategy; analyze operational costs;
develop pricing strategies for loan products and earned
income ventures; new loan product development; and using
technology to scale operations.
• Created a new, standardized risk assessment to enable
Accion Texas to increase loans to under-banked and startup
businesses and reduce loan process from 2 months to 1
week.
• Oversaw expansion of Microloan Management Services
(MMS), a loan origination software and underwriting
platform.
• Former VP of Strategy at Accion Texas, the largest
microlender in the U.S.

8. Leslie Hoffman
• Core expertise: Senior-level positions overseeing
microloan and small business lending, client service
and technical assistance, loan underwriting, portfolio
management and loan collections, sales team
development and management, staff recruitment and
training, business development and community
outreach, corporate fundraising.
• Led Accion New Mexico’s expansion into Arizona and
Colorado to become the nation’s 4th largest
microlender.
• Program performance focus with strategic planning and
process improvement expertise.

9. Barbara Eckblad
• Core expertise: scaling loan programs; portfolio
management; aligning of staff, products and systems; new
product development/expansion; earned income strategies;
loan operations systems; technical assistance deployment;
building collaborations.
• Director of Lending for Wisconsin Women's Business
Initiative Corp. where she oversaw all aspects of the loan
fund and grew the loan portfolio by 67% over 3 years and
decreased delinquency rates to below-industry standards.
• Small business ownership experience, including building an
innovative commercial and residential real estate firm from
start-up to largest market share, eventually transitioning the
firm to employee ownership.

10. Agenda
• What is CARSTM?
• What is Prep My CDFI?
• How will it prepare me for CARS?TM
• When is it time for Prep My CDFI ?
• How much does it cost?

11. What Is CARSTM?
 The CDFI Assessment and Rating System (CARSTM) is
the industry’s independent, third-party rating of
impact performance and financial strength.
 A CARS™ assessment includes past performance,
current financial position, and risk factors in the
future. Ratings are based on five years of historical
performance.
 With CARS™, investors have enhanced transparency,
experience greater efficiency, and make smarter
investments. Leading community development
finance institutions CDFIs are rated.

12. Context
• The trend is clear: More investors require CDFIs to
produce positive financial returns and data that
demonstrate long-term impacts.
• Benefits of Impact Measurement*
 Contribution to operational excellence and internal
tracking.
 Influence the policies and practices of government
officials and agencies, banks, foundations, community
development practitioners.
 Contribution to regulatory and investor compliance.
 Competitive advantage.
Solidifying the Business Case for CDFI Nonfinancial Performance Measurement, Ben Thornley, Pacific Community
Ventures in Community Development INVESTMENT REVIEW, Federal Reserve Bank of San Francisco, pg. 53.

13. Are You Ready for CARS™?
• CARS™ is a demanding process, takes a
significant amount of staff time, and takes 6
months to complete.
• A CDFI can be rated only once every three
years.
• With so much on the line, why not invest now to
assess your capacity and strengthen
performance and impact?

14. Prep My CDFI! Process
Understanding
CARSTM
Capacity
Assessment:
impact
performance and
financial strength
Comprehensive
Management
Report and SWOT
Preparing for
the site visit
After the visit:
Implementation
Preparing for a
CARSTM renewal

15. When is the right time for
Prep My CDFI!?
 “We have funders who have asked if we’re going to
get a CARSTM rating.”
 “We think it’s time we go through the rating process
but don’t know where to begin.”
 “We’re signed up for CARS and just got our
document request list. We need help!”
 “We just received our rating and want to quickly
remediate the issues the analysts identified.”

16. Seeking or in the Process of
Obtaining a CARS™ Rating?
• Introduce management and board members to
CARS™ philosophy and goals.
• What CARS™ will analyze and what that means for
your CDFI, including impact, financial strength, and
policy advocacy.
• Scan of your CDFI and its current capacity for
working on CARS™

17. Prepare for CARS™ With Prep My
CDFI!
• Identify and review the documents you need for
CARS™ and your methods for tracking performance
and outcomes.
• Review the questions CARS™ may ask about your
required documents.
• Analyze your loan fund policies, procedures, and
more to ensure that your CDFI has the backup
documentation you need and which CARS™ requires.
• Management report and SWOT analysis (excellent
feedback for strategic planning).

18. Up for CARS™ Renewal and Want
to Improve Your Rating?
• Review CARS™ analysts’ report to identify areas of
improvement.
• Management report and action plan for remediation.
• Review and assess documentation required for
CARS™
• Coordinate a strategy for the CARS™ visit.

19. Pricing
• The minimum fee is $5,000. Does not include a site
visit.
• A one-day site visit is optional, but strongly
encouraged.
• A moderately higher fee for CDFIs with a higher level
of complexity. Determined after initial consultation.
• Additional support to improve or strengthen loan fund
operations and impact/outcomes tracking and staff
training is available.

20. Final thoughts..
• What is my vision for our
CDFI?
• How important is it to meet
and demonstrate industry
standards?
• How can I use a CARS™
rating to our advantage?
• Can I benefit from industry
experts who know the
process and can guide me
through it?

21. Let’s Take Your Questions!

22. Contact
Jason Friedman, Principal
Friedman Associates
jasonj@friedmanassociates.net
319-341-3556
www.friedmanassociates.net