September 22, 2016 (Washington, D.C.) – Summit Consulting (Summit) announces that the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund has selected the DC-based firm for a long-term contract to provide a range of financial management services for the CDFI Fund's Bond Guarantee Program, including portfolio monitoring and credit risk management support. Summit will work together with its two teaming partners, CoMetrics and Bryant Miller Olive (BMO), to provide these services.
Summit has been a trusted advisor to the U.S. Department of the Treasury, CDFI Fund since September 2011, when the firm was contracted to support the CDFI Fund in the development of the CDFI Bond Guarantee Program, a Federal Credit direct loan program authorized by the Small Business Jobs Act of 2010. Under the new contract, which represents nearly four more years of work, Summit and its teaming partners will work with the CDFI Fund to continue strengthening the Bond Guarantee Program’s processes for portfolio management and risk monitoring.
"We are delighted to continue supporting the Bond Guarantee Program, which provides an important source of long-term capital to underserved communities across the United States,” says Gob Juntima, Summit’s Director of Federal Credit Modeling and Forecasting.
Through the CDFI Bond Guarantee Program, the Secretary of the Treasury makes debt available to CDFIs from the Federal Financing Bank. The loans provide long-term capital not previously available to CDFIs and inject new and substantial investment into our nation's most distressed communities. With the support of Summit, the CDFI Bond Guarantee Program has guaranteed $852 million in bonds to date.
About Summit:
Summit is a specialized analytics advisory firm that guides Federal agencies, financial institutions, and litigators as they decode their most complex analytical challenges. Summit’s staff of economists, econometricians, and research scientists use quantitative techniques to assist our clients as they model risk, evaluate program performance, and predict future performance.
At Summit, we solve complex analytical challenges with unparalleled customer service and extensive client collaboration. Our distinct capabilities include litigation analytics, federal credit modeling and forecasting, program evaluation, applied statistics and economics, mortgage finance, and financial services.
Summit hosts a solutions-focused academic environment and is dedicated to staying at—and pushing—the forefront of analytics best practices. To that end, our staff members present research at conferences worldwide and partake in intensive in-house technical trainings. Our Principals, Academics, and Research Scientists are recognized experts in their fields and they are capable of leading large and small solution teams. Find out more about Summit by visiting the company website: http://www.summitllc.us/.
