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.
Bay Area Affordable Housing Loan Program Expands Funding Options
The Bay Area Metropolitan Transportation Commission recently announced new underwriting guidelines for its four-year-old Bay Area Preservation Pilot loan fund, which is designed to help nonprofit housing developers and community land trusts finance the acquisition and preservation of existing multifamily properties that are affordable for lower- and moderate-income renters and located in areas with high-frequency transit service.
South Carolina House Economic Development Bill That Would Create New RLFs
The South Carolina House recently passed Senate Bill 2001, which would create two revolving loan funds. One fund through the Economic Development Authority would fund loans for business and industrial development projects. The other fund through the Department of Transportation would create a $200 million Infrastructure Investment Reimbursement Fund to cover reimbursement for transportation projects.
SBA Community Advantage Program Gets Long-Awaited Expansion
The SBA Community Advantage Pilot Program provides access to SBA loan guarantees for nonprofit loan funds that specialize in serving groups whom the SBA has historically failed to reach. Expansion to this program included lifting the moratorium on new Community Advantage lenders and raising the lending cap to $350,000.
Community Agriculture Alliance Provides Micro Loans for Colorado Ag Projects
Launched in 2019, Community Agriculture Alliance developed a micro loan program focused on providing direct financial support for local agriculture in the Yampa Valley of Colorado. Past loans have been utilized for local food producers to expand their businesses, the purchase of fencing, irrigation and season extension materials, the purchase of cattle, and purchase of a tractor and plow.
General Mills Invests $15M in Funds for Minority and Female Entrepreneurs
General Mills has announced its venture capital arm, 301 INC, will invest a combined $15 million into two early-stage venture capital funds, Fearless Fund, and Supply Change Capital. These investments are part of General Mills' commitment to standing for good and promoting racial and gender equity in representation through economic opportunity for minority and female food entrepreneurs.
Capital Good Fund Launches Rooftop Solar Loan Fund for Rhode Island and Massachusetts
A new loan fund started by a Rhode Island-based financial institution will help low-income borrowers who might not qualify for traditional loans to pay for rooftop solar panels. The DoubleGreen Solar Loan Program was recently announced as a partnership between Capital Good Fund and New England-based solar installers to help make it easier to pay for rooftop solar in Rhode Island and Massachusetts.