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CDFA Revolving Loan Fund Finance Update - May 10, 2022

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Revolving Loan Funds Update
May 10, 2022
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Revolving Loan Fund Finance Update

Features

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.

Upcoming Events
Intro Housing Finance WebCourse

SSBCI Learning Series - Marketing Your SSBCI Program
May 13, 2022 - 1:00 PM Eastern
The third module in the SSBCI Learning Series will provide insight on how to market your SSBCI program. Attendees will hear strategies on how to spread the word, articulate what matters, and how to successfully share program information with small businesses.

Exploring Equitable Capital Technology (EC-Tech) in Development Finance
Tuesday, May 24, 2022 - 2:00 PM - 3:00 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

Moving the Needle: How States Are Investing in Clean Energy
GovTech | May. 3 | Access to Capital | Energy Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Resiliency | U.S. Dept. of Energy (DOE)

Arkansas Organizations Meet with White House to Discuss Investing in Rural Communities
ABC 4029 | May. 1 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development

Economic Development Bill Passes in Virginia
The Weirton Daily Times | Apr. 27 | Economic Development | Federal | Infrastructure Finance | Legislative | Revolving Loan Funds (RLFs) | U.S. Dept. of Transportation (DOT) | U.S. Economic Development Administration (EDA)

Advantage Capital Establishes Empower the Change Fund to Aid Minority Businesses
The Louisiana Weekly | Apr. 25 | Access to Capital | Revolving Loan Funds (RLFs) | Social Finance

Oklahoma Loans $268M to Edmond Water Infrastructure Projects
WaterWorld | Apr. 25 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Hanford Area Economic Investment Fund Provided $25M in Loans to 47 Businesses
Tri-Cities Business News | Apr. 22 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)

Michigan Awards $5M for State Energy Efficiency Projects
Our Midland | Apr. 22 | Access to Capital | Energy Finance | Revolving Loan Funds (RLFs) | Resiliency

Virginia Startup Working with Farmers to Increase Community Access to Local Food
Next City | Apr. 21 | Access to Capital | Community Development | Food Systems Finance | Revolving Loan Funds (RLFs)

Farm Operating Loans Grow Alongside Input Costs
Federal Reserve Bank of Kansas City | Apr. 21 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs)

Maine Ag Department Offers Loans for Underserved Groups, Beginning Farmers
Central Maine | Apr. 21 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | Social Finance | State Finance Program

Gov. Polis and Colorado Lawmakers Have a $200M Plan to Address Homelessness
Colorado Newsline | Apr. 19 | Access to Capital | Housing Finance | Revolving Loan Funds (RLFs)

Farm Credit of Central Florida Provides $30M Credit Facility to Kalera
ABL Advisor | Apr. 19 | Access to Capital | Food Systems Finance | Revolving Loan Funds (RLFs)

SWRPC Launches New $1M RLF in Southwestern Wisconsin
The Monroe Times | Apr. 18 | Access to Capital | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA)

SBA Releases 'Equity Plan' to Better Serve Minority-Owned Businesses
Triad Business Journal | Apr. 15 | Access to Capital | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA)

State Water Board Approves Over $431M for South Dakota Rural Water System Projects
DRGNews | Apr. 14 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | Water Finance

Commissioners in Ravalli County, MT Consider Allocation of Nearly $8.5M in ARPA Funds
Bitterroot Star | Apr. 13 | Access to Capital | Community Development | Disaster Recovery & Relief | Economic Development | Revolving Loan Funds (RLFs) | COVID-19

Minority-Owned Businesses Just Got One More Funding Source
The Ascent | Apr. 12 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)



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

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  • MuniCap, Inc.
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  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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