Members of the Lending Committee:
Meet monthly. Zoom or teleconference participation.
Membership consists of three board members plus community members appointed by the board president. Board president is an ex-officio, voting member. The voting members and the board president may exercise the powers of the board. Committee is responsible for overseeing lending activity on behalf of NeighborImpact. Tasks include:
- Implement the lending policy approved by the board.
- Review monthly and annually the performance of the loan portfolio.
- Recommend to the Board threshold criteria below which staff may issue loan approvals.
- Approve loans on behalf of the Board up to limits imposed, if any, by the board.
- Approve the loan rate sheet.
- Quarterly, review and approve all fees to be charged in connection with loans.
- Recommend a bad debt allowance to the board annually.
- Approve thresholds for considering bad debt write off and recommend bad debt write offs above the threshold up to the allowance approved by the board.
- Approve loan modifications.
- Ensure that the lending program is compliant with applicable laws and regulations.
- Work closely with the board, senior staff and Lending Director to ensure the operation of an efficient and effective loan program that meets the needs of the poor and distressed, which meets its ongoing expenses and obligations in a timely manner and which returns income to NeighborImpact for furtherance of its charitable purposes.
- Monitor capital availability and review capitalization strategies to increase lending corpus.
- Recommend new lines of lending to the board of directors.
Interested individuals seeking a seat on the Board of Directors or one of its committees should submit an application describing their qualifications, interests and overall community involvement.