Press release from City of Asheville:
NEW: Mountain Community Capital Fund Operating Committee and Credit Underwriting Sub-Committee
This posting is for the 2 community stakeholders to be appointed by the City of Asheville.
Responsibilities: The Committee shall govern and monitor the Fund:
● Form and appoint members to the Credit Underwriting Subcommittee, as defined herein;
● Form and appoint members to the other subcommittees, as determined to be advisable or necessary by the Committee;
● Review Loans closed, delinquencies, defaults, and Borrower feedback;
● Monitor Loan volume, delinquencies, and defaults;
● Impose a moratorium on the Program if any of the “Trigger Point” measures exceed
● Review and modify Loan underwriting criteria as required;
● Raise capital to augment the Fund; and
● Terminate the Fund.
Composition of Operating Committee: The Operating Committee shall be comprised of: (i) two member of City staff to be appointed by the City of Asheville, (ii) two (2) member of County staff to be appointed by Buncombe County, (iii) two (2) community stakeholders to be appointed by the City of Asheville and two (2) community stakeholder to be appointed by Buncombe County, and (iv) representatives of Participating Lenders.
Term: Members shall serve two (2) year terms. Members may be replaced at any time at the sole discretion of the respective institution or organization. Time commitment is an estimated 2-3 hours each month.
Qualifications: Applicants must be City of Asheville residents. Ideal candidates are community oriented, understand financial and business operations, and small business owners.
Please visit the City’s Boards and Commissions webpage or contact the City Clerk’s Office at 259-5839 or by e-mail at firstname.lastname@example.org for an application form.
These openings are posted until filled.