Implementation of the $1B California Rebuilding Fund Includes 778 Funded Loans to Small Businesses
To help small businesses navigate the impact of the pandemic, the California Small Business Enterprise Task Force, a public-private consortium of legal, financial, and nonprofit professionals, created the $1 billion California Rebuilding Fund. A team from MoFo led the development and implementation, a public-private partnership loan program to support California's small businesses.
SBA Announces $44.8B in Loans Awarded in FY 2021
The U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman announced the agency reached $44.8 billion in funding to small businesses through more than 61,000 traditional loans for fiscal year (FY) 2021.
Altoona, PA City Manager Strohm Lays Out ARP Spending Plan
City Manager Omar Strohm has proposed a tentative plan to City Council for spending all $39.6 million that Altoona will be receiving through the American Rescue Plan. This includes spending $4 million on a revolving loan fund for business development that would be administered by the Altoona Blair County Development Corp.
M&T Bank Outlines $43B Plan to Support Underserved, Communities of Color and Small Businesses
M&T Bank Corporation announced its plan to provide $43 billion in loans, investments, and other financial support to create greater economic opportunity for low-to-moderate income families and neighborhoods, as well as people and communities of color. The bank's five-year Community Growth Plan has been developed in collaboration with the National Community Reinvestment Coalition.
New York Poised to Expand CRA Rule to Nonbank Lenders
New York State is close to approving a bill that expands the requirements of the state community reinvestment act (CRA) to non-depository lenders, following the lead of Massachusetts and Illinois. The CRA rule, enacted in 1977, mandates that banks help meet the credit needs of communities in which they take deposits, specifically in low- and moderate-income neighborhoods. Some states, however, are adopting the same rule for non-depository lenders.
Fall River, MA Manufacturing Company Receives $1M Loan for Major Expansion, 150 New Jobs
MassDevelopment has provided a $1 million equipment loan from the CARES Act Revolving Loan Fund to Merrow Manufacturing, which will use funds to support the first phase of a major expansion and buy equipment that will modernize the company's manufacturing operations.
PPP is Gone, But Federal Help for Small Businesses Isn't
The federal government's Paycheck Protection Program provided small-business owners with just under $800 billion in COVID-19 relief, according to the U.S. Small Business Administration. The PPP concluded on May 31, but as businesses forge ahead in the recovery process, they may find a continued need for affordable financing. Here are some of the government funding options that are still available — and how to get them.
Michigan Senate Weighs $2.5B 'Transformational' Water Plan
Michigan officials are working to iron out the details of a $2.5 billion spending plan focused on replacing lead water lines, improving the safety of dams, and installing filtering systems in schools to make "transformational" improvements to the state's water infrastructure to benefit Michigan residents for generations to come.