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CDFA Rural Development Finance Update - April 16, 2024

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Rural Development Finance Update
April 16, 2024
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Rural Development Finance Update

Features

Join CDFA for the Return of the Revolving Loan Fund WebCourse Week!
Revolving Loan Fund WebCourse Week is returning with the intro level on May 13-14 followed by the advanced level on May 15-16. Register for one or both of these courses to learn from experts about developing, implementing, and managing efficient and impactful revolving loan fund programs.

SE Minnesota Getting $250K for Solar Power Projects
U.S. Senators Tina Smith and Amy Klobuchar have announced $1.9 million in federal funding for clean energy technology at 27 farms and small businesses throughout Greater Minnesota. The funding is specifically set aside for agricultural producers and rural small businesses to install renewable energy systems or to make energy efficiency improvements. Agriculture currently accounts for roughly one-quarter of Minnesota's greenhouse gas emissions.

Resilient Tennessee RLF Provides Opportunities for Hazard Mitigation
The Tennessee General Assembly passed a bill that provides local governments -- in particular, rural communities -- with some additional disaster relief protection. The Resilient Tennessee Revolving Loan Fund (RLF) provides opportunities for local governments to secure low-interest loans to help them develop projects or to help them come up with a match for funding, Over the past few years, tornadoes and floods have wreaked havoc on Tennessee communities. Rural communities are often most at risk, and access to more funding can help reduce damage in those areas.

U.S. EDA Awards $1.7M to Central Louisiana Regional Port for Resiliency
The Department's Economic Development Administration (EDA) is awarding a $1.7 million grant to the Central Louisiana Regional Port in Alexandria, LA for infrastructure improvements needed to support disaster resiliency and efficiency improvements at the port. This EDA investment will be matched with $2.7 million in local funds and is expected to create or retain more than 80 jobs and generate $600,000 in private investment, according to grantee estimates.

$33M Sewer Project in Washington County, VA Underway
State and local leaders commemorated the start of a $33 million project that will expand sewer treatment capacity in Washington County, Virginia. The expansion will provide sewer to approximately 140 residential and commercial customers who are currently serviced by existing septic tank systems.

Jenkins County, GA Receives Over $800K for Clean Energy Investments
Georgia senators Raphael Warnock and Jon Ossoff have released a list of various counties in Georgia that will receive funding for federal clean energy initiatives. In total, $2 billion was provided to counties in the Peach State.

Arkansas Awarded $300K to Lower Energy Costs, Create Revenue for Rural Businesses
Arkansas has been awarded eight Rural Energy for America Program (REAP) investments totaling more than $307,000 to help lower energy costs, generate income, and create jobs for local farmers, ranchers, agricultural producers, and rural small businesses statewide.

North Dakota Legacy Fund Invested $49M in BND's Infrastructure RLF
The Legacy Fund's in-state investment program targets $700 million for in-state fixed-income investments, such as infrastructure, and $600 million for in-state equity investments, supporting new and expanding businesses. The combined goal is $1.3 billion. More than $395 million of the Legacy Fund's assets are invested in North Dakota through the Bank of North Dakota (BND) and the North Dakota Growth Fund (NDGF). The Legacy Fund has also invested $49 million through BND's Infrastructure Revolving Loan Fund (RLF) to help pay for critical infrastructure.

Upcoming Events
Intro Revolving Loan Fund WebCourse

CDFA Tribal Finance Webinar Series: Empowering Native Entrepreneurs Through Access to Capital
April 23, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, practitioners will present strategies and highlight finance programs that are helping to increase access to capital and aiding the creation of successful small businesses.

CDFA Food Systems Finance Webinar Series: Financing Food Systems with Revolving Loan Funds
April 30, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, panelists will discuss how revolving loan funds can be used to support small businesses, entrepreneurs, and microenterprises to strengthen local and regional food systems. The discussion will also identify how these tools can help unlock affordable capital for socially disadvantaged farmers and ranchers.

USDA Rural Development News

USDA Invests $232M for Schools, Roads, Other Services
The United States Department of Agriculture's (USDA) Forest Service announced more than $232 million to support public schools, roads, and other municipal services through the agency's Secure Rural Schools program. The program was reauthorized for fiscal years 2021 through 2023 through the Bipartisan Infrastructure Law.

USDA Rural Development Announces $28.6M Investment in Rural Iowa
The United States Department of Agriculture (USDA) Rural Development announced that the Agency is investing $4,780,000 in five grants and about $23,830,000 in eight loans to projects in Iowa that promote rural small businesses, support higher education, and improve drinking water and sanitation infrastructure.

Biden-Harris Administration Invests in Clean Energy and Fertilizer Production
The United States Department of Agriculture (USDA) Secretary Tom Vilsack announced that USDA is investing $124 million in renewable energy and fertilizer production projects in 44 states to lower energy costs, generate new income, and create jobs for U.S. farmers, ranchers, agricultural producers, and rural small businesses.

USDA Awards Over $17.8M for Renewable Energy Projects in South Carolina
The United States Department of Agriculture (USDA) continues its investment in rural communities with $124 million going towards clean energy and fertilizer production projects in 44 states, including South Carolina. Money coming into the state includes loans and grants from the Rural Energy for America Program (REAP) to help ag producers and rural small business owners expand their use of wind, solar, and other forms of clean energy and make energy efficiency improvements.

USDA Investing $76.5M for Clean Energy in Navajo Nation
The United States Department of Agriculture (USDA) Rural Development announced that it is investing $76.5 million to expand the Red Mesa Tapaha Solar Farm. The expansion is expected to provide clean energy to approximately 36,000 homes, businesses, and farms — in addition to providing more than 200 local construction jobs. The Red Mesa Tapaha Solar Farm is a 500-acre project that is expected to bring power to nearly 20 communities across Utah.

Application Window Opens for $700M ReConnect Rural Broadband Funding
The United States Department of Agriculture (USDA) has begun accepting applications for $700 million in funding in round five of the ReConnect program, which covers some of the costs of high-speed broadband deployments in rural areas where service is not available. The USDA will be awarding grants, loans, and 50% grant/ 50% loan combinations.


Rural Development Finance News

$600K ROE26 Grant Helping Strengthen Distance Learning in Western Illinois Rural Areas
WGEM | Apr. 12 | Community Development | Education | Rural Development

Maryland Program to Give $500K to Help Rural Counties With Sustainability Projects
WMDT | Apr. 11 | Community Development | Green Finance | Rural Development

Rural America is Losing Affordable Housing at a Crisis Pace
Yahoo! Finance | Apr. 8 | Community Development | Housing Finance | Rural Development

Texas Rural Volunteer Fire Departments Secure $1.3M in Grants
News Channel 6 | Apr. 5 | Community Development | Infrastructure Finance | Rural Development

Northeast Wisconsin Companies Receive Federal Grants for Energy Efficiency Installations
FOX 11 News | Apr. 5 | Community Development | Energy Finance | Rural Development

USDA Rural Development Helps to Break Ground on New Harrison County, MO Hospital
KQ2 ABC | Apr. 5 | Community Development | Healthcare | Rural Development

East Carolina University Joins Professional Development Program for Rural Leaders
WNCT 9 | Apr. 4 | Community Development | Education | Rural Development

Wayne County, WV Projects Awarded Funding Through USDA Grants
Office of U.S. Senator Shelley Moore Capito | Apr. 3 | Community Development | Economic Development | Rural Development

Central Michigan University Using $15M Grant to Recruit Teachers in Rural Areas
WZZM13 | Apr. 2 | Community Development | Education | Rural Development

USDA Invests Millions in Pennsylvania Clean Energy Projects
abc27 | Apr. 1 | Community Development | Energy Finance | Rural Development

Applications Now Open for Louisiana Rural Entrepreneur Program
KATC | Apr. 1 | Community Development | Economic Development | Rural Development

Rural Alaska Community Action Program Receives $150K Grant From KeyBank
Yahoo! Finance | Mar. 29 | Community Development | Education | Rural Development

New Water Reach Project Breaks Ground in Orangeburg County, SC
ABC 25 Columbia | Mar. 28 | Community Development | Rural Development | Water Finance

Michigan Agricultural Preservation Fund Awards $2M to Farmland Preservation Programs
Michigan Department of Agriculture & Rural Development | Mar. 27 | Agriculture Finance | Community Development | Rural Development

Tennessee Bill Would Make Building Affordable Housing Easier if Passed
WATE | Mar. 26 | Community Development | Housing Finance | Rural Development

Rural Maine to Get 105 Affordable Rental Units
News Center Maine | Mar. 26 | Community Development | Housing Finance | Rural Development

State Rep. Faison Pushing for Bill to Bring More Low-Income Housing to Rural Tennessee
WATE | Mar. 25 | Community Development | Housing Finance | Rural Development

Kentucky Agricultural Development Board Approves More Than $1.6M for Projects
Morning AgClips | Mar. 20 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program

More Than $160K Federal Funds Available for Rural Small Business Owners in Louisiana
KNOE | Mar. 18 | Community Development | Energy Finance | Rural Development


The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net.


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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