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CDFA Revolving Loan Fund Finance Update - June 14, 2022

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Revolving Loan Funds Update
June 14, 2022
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Revolving Loan Fund Finance Update

Features

Check Out CDFA's New Report Debunking Risk in Food System Lending
Food and agriculture-related businesses are often perceived as too risky for traditional lending approaches, yet CDFA research tells a different story. This report, with loan-level data from over a thousand funds nationwide, demonstrates that food system loans perform and that revolving loan funds can successfully support local food system borrowers in their communities.

Texas Water Approves $73M for Wastewater, Stormwater Projects
Texas Water officials announces $73 million for a new wastewater treatment plant, a flood mitigation project, and a stormwater drainage improvements project. Each of the projects received support from either the Clean Water State Revolving Fund or Flood Infrastructure Fund.

Vermont Gov. Scott Signs $84.5M Workforce and Economic Development Legislation
Governor Phil Scott signed into law a comprehensive package of workforce and economic development initiatives first proposed by the Scott Administration and passed by the Legislature this session. The bill invests $84.5 million of both state and federal American Rescue Plan Act (ARPA) funding to address Vermont's workforce shortage and provide local businesses and municipalities with resources to grow in the years ahead.

Dive Into Development Finance with CDFA's Virtual Summer School!
CDFA Virtual Summer School is a week-long series of courses presented by the CDFA Training Institute. CDFA Virtual Summer School will offer three different training courses, all held online. Learn from our expert practitioners and experience CDFA's most interactive educational event of the year. These courses also qualify for the CDFA Training Institute's Development Finance Certified Professional Program!

Solving the Affordable Housing Shortage in Door County, WI
The lack of affordable, quality rental housing has long been identified as a significant issue in Door County, WI in terms of furthering economic development and maintaining community stability and well-being. The county is directing $500,000 in ARPA dollars to a new funding pool that will help solve this problem by loaning money to developers who agree to set aside a few affordable units within new rental developments.

ARPA Final Rule – The "B-sides collection": Seeding Revolving Loan Funds
This updated and revised discussion from Bricker & Eckler addresses capitalizing a local government's new RLF with individual, discrete loans and now incorporates late-April guidance from Treasury. A local government may seed a RLF with its ARPA funds, so long as the resulting loans are for uses that are otherwise eligible under ARPA.

Toledo-Lucas County Port Authority Launches RLF for Businesses in Northwest Ohio
Leveraging its experience in managing various financing programs throughout the state, the Toledo-Lucas County Port Authority has launched its revolving loan fund to assist eligible businesses throughout Lucas, Ottawa, and Wood Counties in Ohio. The RLF will address a regional weakness in access to capital and support the overall goals of the Comprehensive Economic Development Strategy for the region, as one job will be created or retained for every $50,0000 distributed.

City of Boise, ID Exploring RLF for Affordable Housing Financing
The City of Boise is exploring starting a loan fund to help fund the construction or preservation of affordable housing. If the project moves ahead, it would likely be in partnership with local banks, philanthropic donors, businesses, and community development financial institutions to provide financing to developers aiming to address the need for affordable housing.

Upcoming Events
CDFA Virtual Summer School

CDFA // BNY Mellon Development Finance Webcast Series: Racial Equity in the Bond Markets
Tuesday, June 21, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we continue a conversation sparked during last year's series with a look at new initiatives being implemented to encourage more transparency around racial equity in municipal bond offerings.

CDFA EC-Tech Initiative Info Session
June 30, 2022 - 4:00 - 5:00 PM Eastern
CDFA is launching our new Equitable Capital Technology Initiative, which will combine technology solutions with training and technical assistance for lenders to help increase the flow of capital to minority entrepreneurs. Equitable capital technology (or EC-Tech) is emerging as a driver of unlocking capital for small and medium-sized businesses not fit for venture capital, nor large enough for a traditional bank loan.

Headlines

Kentucky Agricultural Finance Corporation Approves $3.5M in Loans
WBKO | Jun. 13 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | State Finance Program

$1M in New Funding Available for Small Businesses in Terre Haute, IN
WIBQ | Jun. 10 | Access to Capital | Community Development | Economic Development | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA)

KeyBank Provides $20M to Advance Racial Equity with Real Estate Development
CSR Wire | Jun. 9 | Access to Capital | Community Development | Economic Development | Housing Finance | Revolving Loan Funds (RLFs) | Social Finance

More Than $35M Approved in Arkansas for Water Projects Statewide
Talk Business & Politics | Jun. 8 | Access to Capital | Community Development | Economic Development | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Western New York to Receive $300M to Help Disadvantaged Neighborhoods
Spectrum Local News | Jun. 2 | Access to Capital | Community Development | Economic Development | Infrastructure Finance | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs)

New Partnership Puts More Housing Money Into Wood County, OH
Sentinel-Tribune | May. 31 | Access to Capital | Community Development | Economic Development | Housing Finance | Revolving Loan Funds (RLFs)

Woman-Led Investment Fund Goes Where Few Black-Led Funds Have Gone Before
NextCity | May. 31 | Access to Capital | Community Development | Economic Development | Revolving Loan Funds (RLFs)

Louisville, GA Awarded Funds to Build Workforce Housing
The Augusta Chronicle | May. 30 | Access to Capital | Economic Development | Housing Finance | Revolving Loan Funds (RLFs) | U.S. Dept. of Housing & Urban Development (HUD) | Urban Development

USDA Makes Available $200M to Strengthen U.S. Food Supply Chain
USDA, Rural Development | May. 26 | Access to Capital | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)

City of Pocatello, ID Awarded Funding for EPA Brownfield Projects
Local News 8 | May. 24 | Brownfield Financing | Economic Development | Redevelopment | Revolving Loan Funds (RLFs)

EDA Invests $2M in ARPA Funds to Capitalize RLF in Groton, CT
U.S. EDA | May. 24 | Access to Capital | Disaster Recovery & Relief | Economic Development | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA)

Nearly $10M in EPA Funding Going to Environmentally Contaminated Sites in Montana
Great Falls Tribune | May. 23 | Access to Capital | Brownfield Financing | Community Development | Economic Development | Infrastructure Finance | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA)

Minnesota Legislature Passes Bipartisan Agriculture, Broadband, & Drought Relief Agreement
Minnesota Senate Republican Caucus | May. 22 | Access to Capital | Agriculture Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program

U.S. Sens. Collins, King Announce $24.2M to Clean Up Brownfields Across Maine
The Piscataquis Observer | May. 20 | Access to Capital | Brownfield Financing | Community Development | Economic Development | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA)

South Dakota Announces More Than $98M for Environmental Projects
South Dakota State News | May. 17 | Access to Capital | Community Development | Economic Development | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance


New Additions to the Online Resource Database

Mobilizing Money & Movements: Creative Finance for Food Systems Transformation
Access to Capital | Food Systems Finance | Revolving Loan Funds (RLFs)
The Global Alliance for the Future of Food and Transformational Investing in Food Systems Initiative (TIFS) released a comprehensive new report that gives investors a roadmap of creative finance strategies that support entrepreneurs, farmers, activists, and social movements, and help to transform food economies towards healthy, equitable, and renewable systems.

Debunking Risk in Food System Lending
Agriculture Finance | CDFA Original Research | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development
Food and agriculture-related businesses are often perceived as too risky for traditional lending approaches, yet CDFA research tells a different story. This report, with loan-level data from over a thousand funds nationwide, demonstrates that food system loans perform and that revolving loan funds can successfully support local food system borrowers in their communities.


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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CDFA National Sponsors

  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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