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CDFA Revolving Loan Fund Finance Update - January 11, 2022

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Revolving Loan Funds Update
January 11, 2022
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Revolving Loan Fund Finance Update

Features

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.

Upcoming Events
Fundamentals of Economic Development Finance Course

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.

Headlines

South Dakota Announces More Than $22M for Statewide Environmental Projects
South Dakota State News | Jan. 6 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | Water Finance | Drinking Water | Sewage & Waste

Deadwood, SD Authorizes $1.3M in Interfund Transfers
Black Hills Pioneer | Jan. 4 | Access to Capital | Economic Development | Historic Preservation | Revolving Loan Funds (RLFs)

How SBA Loans Can Help Small Business
Daily Investor Hub | Jan. 4 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA)

White House Action Plan for a Fairer, More Competitive, and More Resilient Meat Supply Chain
The White House | Jan. 3 | Access to Capital | Agriculture Finance | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)

Lack of Competition in U.S. Meat Industry Amounts to 'Exploitation'
Ag Week | Jan. 3 | Access to Capital | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)

The Case for Investing in Employee Ownership
Stanford Social Innovation Review | Jan. 3 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)

Putting Equitable Development to Work for Erie, PA
Go Erie | Dec. 29 | Access to Capital | Community Development | Economic Development | Revolving Loan Funds (RLFs)

How the Infrastructure Package Could Impact Appalachians Living with Failing Water Systems
North Carolina Health News | Dec. 28 | Access to Capital | Community Development | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | Revolving Loan Funds (RLFs) | Water Finance | State Revolving Fund

Small Business Connector's Pandemic Relief Funding Boosts Businesses in North Las Vegas, NV
Las Vegas Sun | Dec. 28 | Access to Capital | Disaster Recovery & Relief | Economic Development | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs)

$82.5B in Infrastructure Law for Water Projects, with Emphasis on Low-Income Communities
JD Supra | Dec. 27 | Access to Capital | Disaster Recovery & Relief | Federal | Legislative | Revolving Loan Funds (RLFs) | Water Finance | State Revolving Fund

Lake County, CA Water Project to Receive USDA Funds Aimed at Improving Critical Rural Infrastructure
Lake County News | Dec. 18 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | Water Finance | Water Finance

Grand Avenue Market: A 20-Year Quest to Re-establish a Local Grocery Store in Rural Kansas
IFF | Dec. 17 | Access to Capital | Community Development | Food Systems Finance | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Rural Development

Greystone Affordable Development Expands into New Construction in Rural North Carolina
Affordable Housing Finance | Dec. 17 | Access to Capital | Housing Finance | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits

Nonprofit Group Plans Grocery in Downtown Bennington, VT
Bennington Banner | Dec. 17 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs)

Florida Governor Champions Rural Communities by Recommending Unprecedented Funding in the State's 2022-2023 Budget
FL Department of Economic Opportunity | Dec. 16 | Access to Capital | Disaster Recovery & Relief | Economic Development | Infrastructure Finance | Revolving Loan Funds (RLFs) | Resiliency | Rural Development | State Finance Program


New Additions to the Online Resource Database

USDA Advancing Equity in Distressed Rural Communities
Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Economic Development | Federal | Legislative | Revolving Loan Funds (RLFs) | Rural Development
U.S. Department of Agriculture announced that the Department is increasing the maximum loan amount to $400,000 under the Intermediary Relending Program. This change is in accordance with provisions in the Agriculture Improvement Act of 2018 (2018 Farm Bill). USDA is offering priority points to projects that advance key priorities under the Biden-Harris Administration to help communities recover from the COVID-19 pandemic, advance equity and combat climate change.


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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