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This article explores the challenges that nonprofit lenders are confronting and three innovation myths they should abandon. It follows the Small Business Finance Forum, during which Kate Mirkin of Salesforce’s nonprofit social enterprise Salesforce.org sat down with Prashant Reddy of DemystData, Patrick Davis of Community Reinvestment Fund, and Shaolee Sen of Accion in the U.S. to discuss the common barriers nonprofit lenders encounter as they embark on innovation efforts – and how to overcome them.
Accion is working with DemystData to optimize the evaluation of U.S. small business loan applicants across its national online lending platform, which is enabled by Salesforce and implementation partner Cloud Lending Solutions. Community Reinvestment Fund has developed a marketplace platform known as Connect2Capital, which connects small business owners to responsible lending products offered by a national network of community development financial institutions (CDFIs).