New Housing, Mortgage Fund Underway for Low-Income St. Louis, MO Neighborhoods
The St. Louis Development Corporation is launching a new $15 million loan fund to spur housing development and residential mortgages across north St. Louis and low-income areas of south St. Louis. $10 million from the American Rescue Plan Act will be combined with federal New Markets Tax Credits to generate another $5 million in equity for the fund.
The SOAR Fund Disburses Over $11M in Loans to Help South's Smallest Businesses
The SOAR Fund, designed to help the smallest businesses and nonprofits across the South rebuild from COVID-19, has deployed an initial $11 million in flexible, low-interest loans across 14 states and Washington, D.C. Created by community lenders to provide affordable capital and free advisory support to entrepreneurs in underbanked urban and rural communities, the Fund now has an additional $53 million available to help small businesses build back from the pandemic.
Buoyed By Federal Funding, Connecticut Makes Big Investments in Transportation and Climate Projects
The Connecticut state bond commission has approved nearly $840 million to fund transportation system upgrades, including highways, bridges, and train stations. It also approved $124 million for downtown redevelopment projects, job-creating grants, and minority business loan programs.
Water Nonprofit to Begin Work in Texas
The Water Finance Exchange (WFX) has announced the launch of a new fund to expand its work throughout Texas and address funding shortages of water infrastructure projects. This revolving fund will issue below-market, low-interest loans and provide advisory support to communities seeking to fund adequate drinking water and wastewater infrastructure.
Urban Redevelopment Authority Forgives More Than $2.9M in Loans Awarded to Small Businesses Hit By Pandemic in Pittsburgh, PA
The URA is using $3.5 million in federal COVID-19 relief funds provided under the American Rescue Plan to forgive $2.9 million in small business loans, with 69% of them going to businesses making less than $500,000 a year in revenues and 66% to women or minority-owned businesses.
New Fund for Rural Businesses Around Madison, WI Announced
The Madison Region Economic Partnership announced the launch of a new revolving loan fund that will help rural businesses gain access to capital and grow. This RLF focuses on entrepreneurs and businesses located in Dane, Dodge, Iowa, Jefferson, Rock, and Sauk counties.
$100K Donation Helps Wichita, KS Expand Microloan Program for Small Businesses
A $100,000 gift from Intrust Bank will allow the city of Wichita to expand its microloan program for underprivileged entrepreneurs into a citywide initiative in 2022. The program was rolled out in May with a narrow focus on women- and minority-owned small businesses in City Council District 1. But officials say it generated the most interest from otherwise qualified business owners who didn't live in the district.
‘A Life-Changing Difference': What Billions in Federal Infrastructure Spending Means for Norwalk, CT
Billions in federal funds are set to go toward improving coastal communities per the recently passed Infrastructure Investment and Jobs Act, for which Norwalk plans to apply. Included in the bipartisan bill is $3.5 billion for the Federal Emergency Management Agency's Flood Mitigation Assistance program, $500 million to establish resilience revolving loan funds, and $492 million to bolster green infrastructure in coastal communities.
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CDFA // BNY Mellon Development Finance Webcast Series: Forecasting the Bond Market's Response to Federal Infrastructure Investments
Tuesday, January 18, 2022 - 2:00 PM - 3:00 PM Eastern
With the passage of the Bipartisan Infrastructure Bill, the U.S. infrastructure sectors are predicting a stable and productive year ahead. Sizeable federal infrastructure investments forecast positive growth. Despite pandemic-related challenges, the municipal bond market is expected to remain resilient in 2022. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore economic insights for 2022, including the impacts of the Bipartisan Infrastructure Bill, the state of the bond market, and an outlook on economic recovery strategies.
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