We use CARS™ to help us evaluate opportunities and monitor our lending to CDFIs. We appreciate that CARS™ emphasizes performance as the primary criterion for making investments in CDFIs and has introduced standardization in reporting and analysis. We also find that CARS™ reports increase our underwriting efficiency and reduce the volume of new reporting that CDFIs must prepare for us.

Our clients care deeply about both social impact and financial performance. CARS™ helps us understand the complexities of individual CDFIs and makes it easier for us to match our clients' social goals and risk criteria. We think CARS™ is a very valuable tool for community investing.

CARS™ reports are an indispensible part of the due diligence process for our program related investments to CDFIs. We get a level of analytic depth and detail that allows the Foundation to reduce costs associated with our due diligence process. We always encourage the CDFIs in which we invest to be rated through CARS™ and in some cases have required it as a capacity building tool.

The CARS™ analysis was the most intensive and in-depth external analysis ever done of The Reinvestment Fund. The analysts really dug deep to understand our complex financial structure and theory of business. It was a helpful process for us and our investors are already using our CARS™ rating and analysis as they structure new deals with us.

The analysts were great, very professional, and did a fantastic job. They focused on the Community First Fund and analyzed us on our merits, without comparing us against other CDFIs. It was a very intense process and, overall, a good experience.

To everyone involved in the CARS™ rating process, we would like to say thanks. This is a daunting process but a valuable one. As we see it, the real advantage of obtaining a CARS™ rating is that it pushes our agency to a higher level of discipline and internal analysis. It also allows us the opportunity to undergo a rigorous review by a highly qualified third party that understands the intricacies of a successful CDFI. This is very meaningful to the THF staff and Board.