#16: Internal Stakeholders: Who They Are And Why They Matter

You can’t do this work alone. In fact, the best CRA programs are built around key stakeholders working together towards the same CRA goals. As you know, mining for community development loans (CDL) can be a very manual and time-consuming process. This is especially true given that the subjective and technical definitions of a CDL aren’t often necessary within each credit approval memorandum write-up. So, who is key to this work? 1. Key business lending units are the pathway for solid leads and early identification. Depending on the size of your bank, key departments and divisions might be small business banking, commercial lending, corporate banking, commercial real estate division, or many iterations of the same. No matter what your bank calls each lending area, the secret is forming alliances with these departments and their key team members. 2. Even the marketing department might have some insight. Most marketing departments have built relationships with nonprofit organizations through service initiatives and grant making. Sometimes these nonprofits also have banking or credit needs that might just count as community development loans in the end. LinksCRA Today Website: https://cratoday.com/ Register for our upcoming Community Development Loan Workshop: www.cratoday.com/workshopTo sign up for our free course: https://hub.cratoday.com/freecourseFor more information on the CRA Hub, a membership for bankers to connect, inspire, and master the art of CRA: https://cratoday.com/hub/ Copyright © 2021 by CRA Today LLC(No claim to original U.S. government material)All rights reserved. No part of this podcast may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, including electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of the author and publisher.This podcast is a periodic publication of CRA Today LLC and is intended to notify and inspire recipients of new developments in the Community Reinvestment Act. It should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own attorney concerning your situation and specific legal questions you have.Podcast production and show notes provided by FIRESIDE Marketing