#17: 3 Ways to Inspire More Community Development Loan Activities

Last week, we talked about community development loan identification best practices – the low-hanging fruit that may already exist at your institution.Now, we switch our attention to proactive measures! Here are some best practices to increase the number of community development loan prospects that come across your desk. 1. AUTOMATE. Program your core system with community development definition prompts, so business lending units can easily identify potential community development loans at origination and onboarding.2. BUILD. Develop relationships with your loan teams through targeted training and frequent visits to stay “top of mind,” so loan officers will be more apt to alert you when a community development loan prospect presents itself.3. INSPIRE. Encourage and reinforce your loan officer’s involvement in the CRA program by sharing impactful stories and community development examples from their own lending portfolios.Quotes• “You can also work out in the community and even have a community development prospect of your own through your community development work and bring it to your commercial loan officers, so it can be a two-way street.” (2:45-2:59)• “You can come back to [your loan officer] and say, ‘You know that loan you made to this non-profit organization? Let me tell you a little bit more.’ And you can talk about the impact that their loan made in changing lives.” (3:14-3:28)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.