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good afternoon and welcome everyone to the third and final webinar to share an overview of project Q the winning proposal in the CDFI fund Innovation Challenge I'm Tami Halevi from AEO where I lead our new initiatives I've had the good fortune of being part of the project Q team along with Keith patents on Oh Lily Wong and Jason Rosado I will be moderating the webinar this afternoon I'm excited that you all have joined us and I'm especially excited to introduce our guests we have assembled a terrific group to share with you more about the Innovation Challenge the solution our team is built and the expectation of bank referral partners and CDFI users joining us this afternoon are Annie Donovan director of the CDFI fund the sponsor of the project throughout this process Annie and her team have brought clear vision and leadership and strong partnership to our work welcome Annie in the first two webinars about this project we shared with you the process that our team has used to guide the design of a solution and the technology architecture that we've built to support and scale it in this call we will focus on user expectations to do that I'm very pleased to introduce and welcome Doug Shafer executive vice-president for CRA at Wood Forest National Bank and Nancy stark senior manager in the community affairs group at Capital One many of you on the phone know Doug and Nancy and if you don't you really should doug is the thoughtful and committed leader of wood Forest CRA function where he works hand in glove with the bank's executive team to implement the bank's commitment to the communities in which they work under Doug's leadership wood forest is committed to be the first bank partner for the solution and we are just thrilled to be working with Doug and his colleagues at Wood forest Nancy stark manages small business focused community partnerships for capital she's also a member of a iou's board of directors Nancy's tireless commitment to AEO and other organizations in the space along with the work that the CDFIs and other community organizations in Capital One's portfolio is invaluable and really appreciated throughout the project q design process Nancy and her colleagues have shared insightful and practical feedback to help our team ensure that what we built meets the needs of banks so welcomed again Nancy you'll also hear from Keith canzano who serves as the technology lead on the project Q core team he'll take you through the user experience for both refers and receivers Ashley but definitely not least welcome from Celina Ponyo a chief Program Officer from lift fund Celina has been actively involved in the project from the start as one of the four CDFIs that agreed to be in the earliest adopters cohort she'll tell you more about lift fund and their expectations from Project Q and just a bit welcome everyone in today's call you'll first hear from director Donovan about the rationale for the CDFI fund innovation challenge then you'll hear about Project Q we'll share a bit about the problem we're trying to solve and what we've built to do that we'll give you a preview of the user experience and then you'll hear from would forests from Capital One and from with fund about how they think about project Q of course we'll share with you the next steps for your organization to get involved and we'll close with a period of questions and answers two pieces of housekeeping first we are recording this webinar and we'll make it available to all participants after the call and second if you have any questions during the course of the conversation please type them into the chat box in the lower right of your screen and we'll do the best to answer questions at the end of the session so now without any further delay I'm delighted to welcome director of the CDFI fund an eval Annie Thank You Tammi thank you for having us here for this third and final webinar on project Q just by way of background the CDFI fund experimented a year ago now with an Innovation Challenge and the purpose behind it was to seek new ways to create access to capital in underserved markets and in particular markets that are not yet being served or could be better served by CDFIs and so aeo wrote the winning application with the solution proposed project Q and I think one of the there are several things about this solution that made it very competitive one is certainly the market in terms of underserved small businesses and underserved entrepreneurs is an area of great need and we were also very enamored by the solution to build the shared infrastructure to address the problem so the other thing that really excited us about the initiative was the potential to facilitate a larger role for regulated institutions and other kinds of investors and aiding underserved small-business borrowers so for many banks participation in project Q will not be just about CRA obligations but will also be driven by a genuine desire to help their community and as we know through practice that often markets that start off being CRA markets turn into just simply good business so we're hopeful that this technology will not only increase the overall level of technological competency within the CDFI industry but can also help establish stronger partnerships between banks and CDFI in the in those same communities as we approach the end of our contract with a EEO to develop project the project to platform and the end of the CDFI fund direct involvement we want to thank EE o for their leadership in this project as well as their many partners including CDFI CFI banks and technology experts we're very pleased with the progress that has been made and can't wait to see this be put into action so with that Tammy I'll turn it back over to you thanks Annie and we really can't express enough how great it has been to work with you all on your team at the fund we're excited about the opportunities for transformation of small business lending that you describe both bringing regulated institutions to the table and really improving the flow of capital to underserved entrepreneurs and so before taking you all through the Innovation Challenge solution I'm just a little bit of context about AEO we're the national trade association for microfinance and micro business in the United States we're celebrating our 25th anniversary year ao works with our members and partners to create economic opportunity for underserved entrepreneurs our members provide capital and services what we think of as trusted guidance to business owners and aspiring entrepreneurs so that they can start and grow and hire so what is the problem that the project queue solution intends to solve our team set out to address a complex urgent problem and one that we believe won't be solved absent intervention without innovation Treasury secretary Lew named the problem every business day 8,000 applications for credit from small businesses are declined we estimate that that represents a credit gap of between 44 and 50 to billion dollars at the same time CDFI Zoar only serving a small fraction of the 2.2 million small businesses that are located in low wealth communities that are seeking capital in a given year and so we asked ourselves how can we radically improve the path to capital for those business owners that are difficult to serve while at the same time improving the strength of CDFI small business lenders and so with the problems identified we assembled a great core team and extended teams to engage in what has been a year-long problem-solving effort our core team includes Keith canzano and Lilly Huang and Jason Rosado and me and together this group represents a real mix of training and professional experience including deep expertise and technology development product development and community development finance in addition to the core team we recruited for CDFI vests to serve as early adopters Aysen Georgia intersect fund in New Jersey justine peterson in missouri and lyft fund headquartered out of texas um we selected these four CDFIs because all of them are high-performing and distinctive in some ways and as importantly they represent the breadth and depth of CDFI small business lenders on several dimensions and that includes their product mix their target markets their geographic scope and the way that they currently rely on technology and you'll hear directly from Selina who's been part of the team in just a bit our vision for the project cue solution is to create a marketplace of referrals we expect to create value for each of the three stakeholder groups that must participate in and frankly benefit from the marketplace for it to succeed those are our referral partners community lenders and of course small business owners for banks and for non-bank lenders we're creating a scalable referral program that enables them to efficiently and effectively connect the most difficult serve applicants to CDFIs while still retaining their customer relationships and being able to track outcomes for an individual client and their portfolio of referrals preceding Phi's this marketplace is a source of qualified lead generation and most importantly we're building the marketplace to connect small business owners to capital and to services to help them grow and to hire at this point I'm delighted to hand it off to Keith Catanzaro from the project Q core team to take us through the user experience for business owners CD f5s and referral partners Keith over to you mm-hmm Thank You Tammy and thanks for everyone who's joined our conversation this afternoon as you heard a little earlier from director Donovan what we have focused on as part of this Innovation Challenge is creating a set of shared infrastructure that will help to to foster and strengthen partnerships between the key stakeholders in in solving this credit gap that Tammy just described creating partnerships between banks between CDFIs and fundamentally serving the small business clients in need of capital so what I'd like to do over the next few minutes is take a virtual test drive of the the project cue system and I will start from the perspective of that small business owner as a small business owner I've applied for a loan with my mainstream lender my traditional bank or non-bank lender and unfortunately I was not a fit with any of the products that they that they offer at that point I received a referral from from my bank or from my from the non-bank lenders that where I started and the referral was to the my way to credit program in the background what happened was that my bank had shared a little bit of data about my business about my application with the project queue system so that that system could do some preliminary matching with the CDFI files that were already part of the overall infrastructure and so by the time I as a business owner get the referral from my bank to the system we've already done a bit of a look to see that this is a candidate who fits the very CDF eyes that are participating in the program so as a business owner I go to the my wage credit website screenshot is showing up now and enter in the referral ID as you can see the layout is fairly straightforward one large call-to-action in the center which is to enter that referral ID that i got from my from my bank to kick things off a little bit of information at the top to learn more about the program or how it works at that stage I click Next move forward to now get a bit of a lightweight assessment or feedback based on some of the preliminary information that the my weight credit system knows something to give me a bit of context of how lenders look at the applicants and provide a bit of context on how this group of CDFIs will we'll look at the application or look at my need for credit at that stage I'm motivated to continue to go forward I feel comfortable that this is a program that gets me and begin to fill out just a little bit more information so that the preliminary match which was done before I came to the website can be updated and at the end I get a message identifying congratulations you're now on your way to credit at the bottom of the screen if I were to scroll down I would see the organization's the CDFIs with which I was matched I would find contact information and a bit of a description about each of the organisation so that I can take the initiative if I choose to to reach out either by phone or by email included in the description of the organization is not only the contact information but also a point of contact so I can reach out to a real person now in the background what happened for those CDFIs who are participating in the project queue program they had already created a profile that is they had already described the type of applicants that they serve well and when that business owner completed the online form that we just looked at his or her information went into the system and the CDFI received a real-time alert notifying them that somebody was matched to one of the profiles for the products that they offer so now we've created a communication opportunity between the business owner and the CDFI the screenshot you're seeing now is a screenshot of the test system so none of the data that you're going to see none of the campaign's none of the profiles are based on either real customer data or anything from a particular CDFI but it does show you what the interface would look like for CDFI user the top corner you see them my way to credit logo a couple of top-level menu bars around my customers and some reporting and then within it the campaigns which is the place in which a CDFI can look at the applicants matched to their to their products the campaigns created by CDFI is as shown here on this screen it's not just one profile it can be any number of profiles to characterize the clients that you serve and as you can see from this summary view we not only identify how many applicants have been matched to your individual campaign but we also begin to track what's the the progress through the funnel if you will from those who are matched to those initially contacted and ultimately those who are funded in the average loan amount that they received so that we can begin to understand where did we have some traction with respect to these campaigns and how how quickly and how are they moving through the process from an initial match to up we are reaching a decision around funding and within each of those campaigns there's a very specific profile that the CDFIs have created as you can see here on this screenshot the profiles can be based on a range of attributes whether it's the location of the business the credit box of the business the industry a number of other characteristics that allow us in doing the match with the referral partner to be comfortable that there's a high likelihood of a good fit here and at this point I'd like to pause and hand the microphone so to speak over to Selena Selena Pena from live fund to now talk about from the CDFI perspective what are what are her expectations and what are some of the things that she's looking forward to getting out of this system from hi guys how's everyone doing thanks so much for being on the call today MP thanks for the walk through I want to take a moment to thank EE EO and CDFI for allowing us to be part of this movement if you will to create a pathway for folks not only from our lens but also from a banks lens in connecting entrepreneurs to capital LIF fund is a nonprofit community based lender like many of you on the call were based out of Texas and we were founded in 1994 I think one of the things that excites us about this way of connecting digitally to clients and to our amazing bank partners is that there is a seamless approaches Keith walked us through in terms of being able first to see who is seeking capital and seeing their needs as well as by saying if it is a feasible deal that that an organization like listen can participate in when we think about reaching our clients one of our biggest referral partners are banks and so how do we strengthen that relationship as many of us knew on this call technology serves is that digital handshake from a bank to a CDFI and sometimes a client seeking after not being able to access the capital they need and so when we think of Project Q and think of how we see the pie of opportunity in serving communities who are needing capital specifically minority women owned businesses and veteran owned businesses we feel that this tool can serve as a really great solution in our in the already pretty diverse mix of referral opportunities of Lifan so those CDFIs that are on this call and even for the bankers on the call we've partnered with many banks and CDF is in terms of making a deal happen I think it's important to know that Project q just adds to the strength of that as well thank you great thanks Celina and and I think that's really important perspective to think of you know there there is with with everybody on the call there is a set of partnerships that exist and and fundamentally what we're trying to do with this shared infrastructure of Project Q is you know to to strengthen that and to find some ways to use technology for what it's good at but ultimately to improve upon and strengthen some of the partnerships and create new partnerships between banks and CDFIs so that collectively we're supporting the communities and the businesses within them I took a couple of minutes earlier to walk through what is the system and what is the experience for that small business owner and then for a CDFI perspective let me now take a few minutes and walk through a similar view of the system from a referral partners perspective so as as noted earlier cdfi had created a set of campaigns or profiles for borrowers and clients that they serve well that small business owner after being referred over by her bank filled out a little bit more information and was and was matched based on those profiles and based on the information she shared the referral partners have an ability to not only share data into the system but to also use the system as a way of tracking and understanding the flow of those customers through the different CDFI matches that were created and so the screenshot shown here again just from our test system a mock-up it shows a set of campaigns and notional CDFI organizations that have created them and the number of matches in the flow of those matches through initial contact and application completed and ultimately to a funding decision from beginning to end the referral partners have the opportunity to subscribe or unsubscribe from any of these campaigns so if there are banks out there or other referral partners out there who have a set of partners that they would prefer to initially work with your the ability to do that kind of filtering but also you have the ability to see the performance of some of those other CDFI that you may not know of and get to know what they could offer your customer your small business customers as well and then much like with a CDFI you can dive a little bit deeper into the summary of a campaign and see for your particular customers how some of those particular opportunities or deal flow as Selena mentioned are progressing and get a sense of how well your small business customer that you referred into the program are reaching their capital needs and so with that as sort of just a quick snapshot of some of the technology to support these partnerships I'd like to shift gears and introduce Doug Schafer from wood Forest National Bank to share some of his perspectives on their expectations and insights for this program Thank You Keith and thank you director and Tammy Halevy and Connie Evans really great to be here and I'm actually in person with Tammy and the team here in DC having this call so it's really did that because of the energy that I always get from this group and wood forest is really proud and thrilled I'll use Tammy's word to be a partner in this innovative endeavor to create more opportunities for small businesses access Capital for those not familiar with wood forest for a community bank with a very large footprint and we grew out of what started as a traditional banking model exit but we discovered the value of the in-store banking and the call that folks want to still have to engage with the bank when and where they would like to so with a great relationship with Walmart we're in over 500 stores and across 17 states with a lot with a varying gate we know that when it comes to customers we are really engaged in what their needs are what impresses me most about what Forest bankers is they will spend the time to get to know their customers before their customers and I've seen them spend 45 minutes with a customer just to open a checking account explain the option so it's very synchronistic and trying to get beyond and underbanked into the system matched by products such as second-chance checking being open 24 hours a day in some locations were open whenever our stores Walmart's and others are open so really excited about the opportunity here take this and consistent with our goals of being minded with the community advanced this this caught the project Hugh is here so a little bit more about our community what farce with a lot of I'll call them primarily millennial bankers are very engaged in the community and wherever you go and there's a picture of one of our divisional leaders up there with that automatic nail gun so you can see there's this is just the spirit of who we are there's a lot we give to our community we worry about and engage with them on financial wellness we do nearly 15,000 years and services in that regard and we've got a great partner Family Promise who we deliver a lot of those needs through so as we look to this one of the things our leadership team realizes and we're committed to is the value of small businesses in Main Street America and we see that micro and small businesses really there's enhancements that could be made to the ecosystem visibility that can be brought both from a human capital as well as a dollar capital and we're committed to try to help reduce some of that fragmentation and be a valuable partner with these businesses that come through we see a lot of value in this pilot we've worked with a EEO and project Q and the CDFI fund as the first and only Bank through the pilot we're excited to see what comes next and we look forward to seeing you guys in our branches and making better relationships as we go forward Keith I hand it back to you thanks Doug will you it's either way it has been truly a delight working with you and your fantastic team and colleagues we too are excited to continue forward on this journey of transforming business owner experience and the experience for CDFI and let me now hand it over to Nancy dark from capital one to share with us her perspectives on solutions to refer bank customers to CDFI Nancy hi welcome everyone thanks for the opportunity Tammy so just a little introduction about Capital One we are the eighth largest bank in the United States headquartered in McLean Virginia which is in the DC metro area our footprint is primarily in this case of New York Louisiana Texas Maryland Virginia and New Jersey and DC however since our acquisition of ING Direct in 2012 we as we we are really kind of everywhere those of you who might have been ING Direct customers in the past that's the National Direct online bank when it merged in with Capital One they became Capital One 360 so we really do have a full range of products and services by having the acquisition of ing us to Capital One so we offer a broad spectrum of financial products and services to consumers to small businesses and also to larger commercial clients through a variety of channels and an example of what's happening with Capital One and across the financial services industry is that we are incorporating more digital access and digital products and we are also looking at what this means for our consumers so recently we are piloting something called Ready Set bang which is a program that will help seniors to learn how to do online banking and teach them security how to deal with the security issues so they feel comfortable entering into that that Texas Technology age of a banking so that's just a range of the sort of things that we do and we support differences across in this spectrum in every stage to help them to succeed and grow and that's starting with those that have a business idea to the startup to helping business existing businesses to grow further which is often the biggest challenge so in the community and national partnership space we do a lot of work partnering with CDFI to provide see partner with a divisor that they can provide trusted guidance technical assistance but we use that word at a do trust your guidance and credit to businesses better not yet thank able and I'm sure this is familiar to everyone there's so many folks out there that for a variety of reasons are not able to get fighting a student from a financial institution but hopefully they can get it from a CDFI we also are very active engaging our business bankers in 50 our nonprofit partners or classes and workshops this is pitch competitions etcetera that are etc so we are extremely involved on the local level and on the national level we also partner with groups like Kiva Grameen America to help small business organizations so while this owner sorry that do not have a well-established credit history to receive loans are lending to CDFIs of ranges from $100,000 to 1.5 million notable given this call is our loans to lift fund and working closely with with that organization accion Cromie in america and we ought to provide gramm support to the trade association for CDFI switch is the opportunity finance network and then on the more under more core business the line of business side of Capital One like most financial institutions we provide loans and working on lines of credit working capital such we have an array of SBA products we also have an entire street called smart is smart spark business which is especially helpful for smaller businesses and we have a suite of products there spark pay which is it's like square that you can put on your phone makes it easy for small businesses to operate using your just an iPad so there's a whole there's a whole bunch of exciting stuff going on there that I will get into too much detail so going on to the next slide please thank you so why are we at Capital One interested in Suzy asked about what project Hughes about well first I want to say as an area board member that we just really applaud Keo for being out there thinking out of the box being forward an idea and testing it out realizing that parts may work parts may not work tweaking that so we just really applaud aeo for its innovative thinking and I also applaud the CDFI fund for seeing the benefit of such an approach and we are interested in this subject broadly because like other mainstream financial institutions as I said we provide investments or loans to tea deifies so that they can get below market patient capital to lend but what we recognize that there are a lot of PDF eyes that are seeing a need in the community that they cannot fill they just do not have enough funding through these loans from banks and such to real end choose small businesses that are in need and the need is great so that on average and these are statistics funds CDFI fund or from ofn 75% of the CDFI clients are low incomes around 52% mine already 48 percent are female and and there and that helps to define the meet the industry has about 900 GFI groups across the country and they do have 90 billion dollars but as I said it's not quite as much as they need to operate the other thing that we see and why we applaud radio for thinking out of the box is that many CDFIs are in addition to being under path wise they are overwhelmed and they're reliant on manual processes so that you know we see well we support CEO deifies and on a local level here in the DC area works very closely with the p25 in the mid-atlantic we see that many of them are still taking paper applications are relying on a non digital solutions and that slows down the entire process and furthermore there is no system right now for efficiently matching all this reviews that need credit with nonprofit lenders that provide credit and specifically for identifying the kind of music the small business had and the kind of business that it is what sector the entire profile and then matching that with a non-profit lender that can provide that credit kind of like the match.com approach we are also concerned that given that a lot of this PDF eyes are struggling in terms of doing this work quickly and the matching is not occurring as effectively as as you would like it to be meanwhile there are a lot of small business owners who are turning to online marketplace planners because they have a quick easy access to capital and our concern there along with many others in this field is the cost involved in that and the risk to the small business owner so when you take all those things together this is why we are strongly believe in the CDFI industry yet we see a need for other solutions and AEE Oh was coming up with a very interesting idea Thank You Nancy and really thank you for all the time insights and guidance that you've spent during the course of the project introducing you know sharing your perspective introducing us to different functional folks within your organization so that we are sure that what we've built can meet the needs of a range of banks so from outset of this work we've continuously asked ourselves and everyone with whom we've engaged a really seemingly simple question and that's what needs to be true to solve the problem and meet your needs and so let me invite Doug and Selina back into the conversation you know for each of your organization what needs to be true and why don't we start with you Doug okay and thanks again Tammi let's see if I can channel our CEO Cathy Nash well and because it's really how we are as a bank and let me just be clear this is not this goes well beyond CRA the reason we're in this is as we think of it and as Cathy phrases it continuously with our organization and it's simply we have the best lobbying banking we have the opportunity to reach a lot of businesses we know all of them will not meet our credit box so Project Q really excites us because it lets us give them alternatives to get them going get them to the point where they can be where we can be a bigger part of their financial future so the real value to our customers the ability to give them an opportunity where they may otherwise not have won and we've had success with working with organizations and we have a great long-standing organization with Jenny barreras and lift on and Selina that boy this just opens up what we've been working on with them directly in the state of Texas and elsewhere so we're really excited to be here thank you lift fund for being a great partner thanks to all the CDFIs for commitment to this so Selena sure over to you thanks thanks egg and thanks Nancy as well you know going back to Nancy's comments in terms of you know innovation and thinking what I call BOTS before our time I think that the platform of project Q can lead to great potential and data integrity data quality and being able to aggregate it is a super important element of the work that we do is CDFIs we have many customers as CDFIs and many partners thanks from a perspective of sharing information on our impact the CDFI fund from reporting but also to serving our clients and the CRM integration elements and the data integration that the platform provides is very simple and manageable and approachable so if you're dabbing your toe in technology this is a place to dab a little bit more so that you build your impact with some really great partners the second just in terms as I mentioned earlier that PI and the approach of where do our customers come from as we all know is CDF eyes banks at all levels and serve is a really great ambassador for the CBF eyes in each community and being able to have that warm lead which we've done with both Capital One and with would forest and whether it's from a banker perspective or even from a center one of the call centers in terms of referring to a CDFI I think that's really important to think about because that becomes not a cold or digitally that becomes a warm digital handshake for that customer and so I think proje t Q solves for a couple of things that we might not think of every day but in order for us to meet the market demand that Tammy mentioned this technology solutions is a really great opportunity to test our ability to serve as a recipient of referrals and to reduce that demand to more yeses thank you thanks Elena so you'll see that the project queue system is designed to meet the expectations that Selena described of a technology solution that you can I like that phrase gavel your toes in to create a stream of qualified referrals from banks which are frankly the largest source of customers from from any one place and we're able to bring additional value to small business customers that banks can serve in a manner that makes it easier for CDFIs to serve those leads and of course fundamentally we're doing this in a way that brings transparency to all stakeholders so that more funds can flow more effectively to business owners that includes the scalable technology where participants will meet performance criteria and technology will enable both Bank refers and CDFI receivers to report and track inputs and outputs and results in the ways that Keith described earlier so version 1.0 release of the system is nearly complete and the first phase of the project officially ends on September 30th and so by now if you're asking yourself this is kind of cool but what does it mean for my organization our plan is that following this proof-of-concept period with the first cohort of CDFIs the solution will be made available to a next cohort of CDFI that we will select before the end of the year there it will be a standard onboarding process that takes CDFIs through the performance expectations for participation in the system and for use of the system and at the same time referral partners will have a custom onboarding process and we invite interested parties refers or receivers to sign up and let us know of your interest by completing the short expression of interest form that's online the URL appears on the screen in front of you it's the bitly sign up queue our team will then follow up with organizations that express interest so this brings us to the end of the presentation portion again I really want to thank director Donovan Doug Schaefer and Nancy Stark Selena Pena as well as the entire project queue team and frankly everyone along the way who's contributed to this innovation journey as director Donovan said at the beginning of the call innovation is so critical to increase the flow investment to businesses in the communities that we all care so much about we're confident that this proof-of-concept project is invaluable and frankly we're incredibly excited for what's to come next we're now ready to take questions I'm going to hand it over to Keith to moderate the Q&A period you can submit your questions via the chat box in the lower right hand corner and we're standing by to engage in dialogue great Tammy let me bring up the first question which is somewhat operational in nature and that is how will the CBF eyes be able to access and interact with the borrowers and will there be an opportunity for the cdf is to build a direct relationship with these borrowers absolutely it's a great question so first of all applicants are referred as you know by referring institutions so the business owner starts with a relationship with her bank and business owners opt into the system and once matched with the right product fit are connected to the CDFI how are they connected to the CDFI in two ways first the business owner will be presented with a profile of the of the matches and given enough information to be able to make some decisions about who do I want to connect with at the same time that information is also transferred directly to a loan officer in in the match CDFI so that the business owner has the option to connect to proactively connect with the CDFI and the loan officer in the CDFI has the opportunity to connect directly with the business owner once that match is made the business owner has a new relationship she has her existing relationship with the bank that referred her and she has a relationship with the CDFI who she's working with going forward great thanks Tammy another one that just rolled in is a question press does that you could help to begin to address which it from a referral partners perspective what do you look for in a partnership with CDFI that may be on the platform great question I think we're blessed because the partners that are on the platform are either our current partners or were well on our way to establishing them plus we've got a few more that are queued up to come unintended queued up to come in to the next iteration so I think it's great to use our present ones as an example of we just have a collaborative relationship we've done things jointly together in the communities to create real change so we're looking for that meaningful impact on Main Street America in the massive number of markets we serve with 204 CRA assessment or is and even more than that in terms of communities where our 743 branches are we are in and of the community so we just want to make sure we're identifying opportunities to enhance small business and we see it more as a continuum of need at both on a human capital side in terms of providing the trusted guidance and also making it clear the understanding of where capital is and bringing good partners to the table so we look for this to be just one of the pieces of a long-standing relationship not only with the CDFIs but with the community itself great thank you so much next question that has come in is one around the onboarding process could you explain a bit more about how you onboard whether it be a CDFI or referral partner you need us to Tammy not Doug right I'm just so and the onboarding process today has been different than the ongoing onboarding process go forward will be however it's a fairly streamlined or straightforward process from the receiver side there will be a set of a service level agreement and a set of standards to which a receiving organization will commit and these will not be particularly onerous and you will find that they are very close in line with what you already do as a CDFI from there an organization will assign an account owner or a lead on the account and it's and have access to the portal there's a little bit of training practically as to how to engage and operate and then the CDFI creates as Keith described earlier anywhere between 1 and n number of customer profiles um and waits for the flow to begin on the bank side the onboarding is different but not materially more difficult banks have two ways to engage with the system one is more integrated via an API the other is using a secure File Transfer Protocol once the bank makes some choices about how it wants to send data and push and pull data from the system that piece happens the bank then creates the profiles and similarly begins begins the referrals um pretty straightforward process with training and support as appropriate on both sides great Thank You kami I think I have the advantage of moderating questions to cherry-pick the ones that I know I can answer so one that just came in is can a CDFI stipulate to only receive referrals in a certain census tract or other geographical area the yes is the short answer the longer answer is the CDFI have the ability to create profiles and within a profile you can not only define a geographic box or region at the state level census tract level county level or zip code but you can then layer on top of it other characteristics for businesses or applicants within that particular geographic area so now to take a harder question and throw it over to somebody else the people in here Tammy do you expect any of the applicants may be pre-qualified for a loan that is the initial matching may indicate that there is a CDFI that can serve that applicant but ultimately when the business owner fills out additional information they do not qualify for a loan with any of the CDFIs on the platform and if so how would you engage with that applicant the terrific question so let me answer it first by sharing our expectations of what the decline profile will look like before sharing sort of the mechanics of what we expect the system will do so when we look at a universe of decline the expectation is that about 30 percent of those applicants are likely creditworthy from products available within CDFIs we think based on analysis to date that there's another probably 25 to 35 percent of those declines that are what we would call but fours but for one maybe two discrete challenges where a specific intervention could make a difference those business owners could become creditworthy within a fairly short period of time with a discrete intervention and then there's another balance thirty to forty percent of those applicants that are on a quest for capital but their real challenge probably challenges probably lie elsewhere and if they could fix those other challenges they would likely be credit ready or wouldn't be credit constrained and so the expectation is that in the initial phase of project Q the matching will be entirely to credit products but the expectation is that very soon after we will be able to make matches to the range of support services that we think of as trusted guidance support around credit building both personal and business support around financial management mentoring and coaching support around sales and guidance around how do I make myself or more importantly my business financing ready and so we will as we have to date evolve and design and build to meet both demand and the needs of applicants in the platform but the expectation is absolutely that getting folk on the path the capital is as important as getting them capital very quickly great thank you so much Doug I think this next question may be one that you could share some insight into the question is how do you believe banking partners or referral partners in the system would think about matching their customers to more than one CDFI that operate in the same geographical area what I like about the project queue solution is it gives actually a nice framework for everyone to have leads that is trying to assert that are trying to serve the community I think one of the things we're going to learn from this is its rich with data opportunity for us to learn and with what with wood Forest in particular we have such a high volume of applications but also a high decline rate consider our our customer set and lead set you will I think we're going to have to do a little bit of a gut check as an industry and say where are their product gaps and we certainly as I talked about earlier view project Q as exciting because it's not really a it's a win-win for everybody in the sense that what we decline is either going to be fulfilled fulfilled with a but for or need some trusted guidance so I view that as a win for everybody for the community at large so I think all of us will be fine-tuning our model to understand how to what can we learn from the demand that's present that's coming through the system and how can we be more responsive what I don't think is something we are concerned about is this perception of competition in a sense because I think the demand is far outstripping what we're already what we're able to serve currently so I think it would be a nice problem to have if we have it but for from our perspective I think this gives us a marketplace where one doesn't currently exist but that's a great point and it's a great perspective thank you for sharing that Tammy I think we may have time for one or two more questions let me throw one your way which is what do you envision is the promise to a borrower when they are matched what is the CDFI responsible for performing for the match and ultimately afterwards with that borrower a great question and so the expectations for performance are on two dimensions one is frankly process related how quickly or in what timeframe will the borrower be contacted and what can the borrower expect from from the experience we do not we anticipate that the match screening criteria will provide sufficient assurances to the CDFI that the applicant is a good fit but we are careful in the language presented to the borrower and the expectation setting that she's not set up to be frustrated or disappointed and the the second part of that question is building on Doug's point about data the expectation is that in time we will two things will be true one is that we will have additional data generated performance to understand what is the empirical expectation around time to time to touch and close rates and at the same time there's an expectation that we'll be able to refine the methodologies for matching including potentially integrating some elements of actual credit scoring for now the expectation is time and experience not only will we track what Keith described around a business owner mass rates and process will also track feedback from business owners or applicants about their experience and tell me if I may add on I think coming back to my previous answer right I think this puts the customer in a greater focus for an industry that is so fragmented and so our ability to learn from this through the data through the use cases that are coming through gives us an opportunity to put the customer first but those small business and entrepreneurs first get a greater visibility as to the needs and how we can creatively work as the ecosystem here to solve it so excited about it thanks dad and so a couple we have come to the end of the time of our webinar and a few things first please do sign up someone did ask the question whether the different tag in our last call it was a Q CRM and this call is Q sign up if you signed up before using Q CRM we've got that it's the same we just changed the descriptor and the second thing to close with is we note that there were a number of questions that we did not get to we will share back answers on many of them are on on all of them because there are some very good questions that folks want answers to with that let me again thank all of you for participating and following along at home and to our panelists director Donovan Doug Shaffer Nancy Stark Selina and the whole project q team thanks everyone and again we will be distributing the slides and the audio to all of you who have participated thanks and have a great afternoon