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CDFA Revolving Loan Fund Finance Update - April 12, 2022

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Revolving Loan Funds Update
April 12, 2022
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Revolving Loan Fund Finance Update

Features

CDFA Launches New Equitable Capital Technology (EC-Tech) Initiative
The Council of Development Finance Agencies (CDFA) is excited to announce the creation of its Equitable Capital Technology (EC-Tech) Initiative, which will develop a comprehensive solution for development finance agencies (DFAs) to implement stronger lending programs for minority business owners. The initiative is made possible through a partnership with Presta Technologies, Inc. (Presta) and with generous support from the Sorenson Impact Foundation.

Sens. Booker, Scott, Kind, Kelly Introduce Bipartisan, Bicameral Bill Reforming Opportunity Zones
U.S. Senators Cory Booker (D-NJ) and Tim Scott (R-SC) and U.S. Representatives Ron Kind (D-WI) and Mike Kelly (R-PA) introduced a bipartisan, bicameral bill reforming Opportunity Zones, the tax incentive for individuals who reinvest unrealized capital gains into high-impact projects in underserved communities.

EDA Invests $3M to Capitalize RLF for Small Businesses in Oklahoma
U.S. Secretary of Commerce Gina M. Raimondo announced that the Economic Development Administration (EDA) is awarding a $3 million CARES Act Recovery Assistance grant to Southwestern Intermediary Finance Team, Inc. (SWIFT) to capitalize and administer a Revolving Loan Fund that supports small businesses in northwest and central Oklahoma.

Birmingham, AL Approves Ordinance to Support Businesses Retention and Growth
Birmingham has approved an ordinance to support the growth and retention of small businesses and legacy businesses. Every time the city has a sales transaction that results from a price in excess of market value, a transaction that is tied to a redevelopment agreement, or is considered a surplus asset, 7 percent will be used to fund two new programs: a cash incentive fund and a revolving loan fund.

Winona County, MN to Promote Little-Used, $1M+ Loan Program
As of this winter, the Winona County Economic Development Authority's (EDA) revolving loan fund had $1.2 million sitting in the bank and three outstanding loans totaling $146,000. To help promote the RLF, the Winona County EDA will soon have support from Community and Economic Development Associates (CEDA), a nonprofit that provides economic development staff for numerous local governments that can't afford their own full-time positions.

URA Launching New Social Impact Pilot Programs to Encourage Minority Entrepreneurship, Business Expansion
The Urban Redevelopment Authority of Pittsburgh (URA) has adopted program guidelines for two new social impact pilot programs aimed at encouraging minority entrepreneurship and business expansion. The URA is hoping to raise $5 million in capital for these programs using a combination of URA funds, American Rescue Plan Act funding, and other public and private funding sources.

New Interim Final Rule Requires Demographic Reporting for SSBCI Recipients
The U.S. Department of the Treasury released an interim final rule requiring new reporting requirements related to the demographics of minority-owned or controlled small businesses that received a loan, investment, other credit or equity opportunity, or technical assistance under the SSBCI that was part of H.R. 1319, the ARPA of 2021.

State of Louisiana Looks to Reallocate $8.3M in Unused COVID Relief Money
Louisiana Treasurer John Schroder recently discussed reallocating $8.3 million of remaining COVID-19 relief funding from the Logger Relief and the Save Our Screens programs. State lawmakers are considering how to allocate these segregated funds for the upcoming fiscal year, which includes the consideration of creating a revolving loan program for infrastructure emergencies.

Upcoming Events
SSCBI Learning Series - Incorporating New Approaches and Financing Products

Intro Tax Increment Finance WebCourse
April 25-26, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Intro Tax Increment Finance WebCourse offers an in-depth look at the guiding principles and appropriate application of TIF. Topics discussed include the basics of TIF, negotiating and structuring TIF deals, understanding various financing structures, and combining TIF with different capital sources.

CDFA-Bricker Webinar Series: Organizing PACE Programs
Tuesday, May 3, 2022 - 2:00 PM - 4:00 PM Eastern
In this session, PACE experts will provide an overview of the different PACE Program models throughout the country and then review the critical aspects of good Program Administration along with how some Programs go "above and beyond".

Headlines

New Law in Michigan Saves School Districts $8M in Interest
The Center Square | Apr. 5 | Bond Finance | Legislative | Revolving Loan Funds (RLFs)

EDA Invests $1.6M to Support Small Businesses in Southwestern Oregon
U.S. EDA | Apr. 1 | Access to Capital | Community Development | Disaster Recovery & Relief | Economic Development | Revolving Loan Funds (RLFs) | U.S. Dept. of Commerce (DOC)

DOE Releases New Study Confirming Strong Performance of Energy Efficiency Loans
U.S. DOE | Apr. 1 | Access to Capital | Energy Finance | Revolving Loan Funds (RLFs) | U.S. Dept. of Energy (DOE)

Farm Credit Lenders Expanding Online Lending Platform
Ohio's Country Journal | Mar. 29 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs)

Fiberglass Manufacturer in Park Rapids, MN to Receive $90K Revolving Loan
Park Rapids Enterprise | Mar. 28 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs) | Rural Development

Kentucky Agricultural Finance Corporation Approves Agricultural Loans
Commonwealth Journal | Mar. 26 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | State Finance Program

Bill Could Create Revolving Loan Fund for Maryland Child-Care Providers
Southern Maryland Chronicle | Mar. 22 | Access to Capital | Community Development | Economic Development | Revolving Loan Funds (RLFs) | Social Finance

Small Business Flex Fund to Help Struggling Businesses in Tri-Cities, WA
NBC | Mar. 22 | Access to Capital | Community Development | Disaster Recovery & Relief | Economic Development | Revolving Loan Funds (RLFs) | COVID-19

Twin Cities, MN Nonprofits Launch Loan Program for Underbanked Businesses
Minneapolis / St. Paul Business Journal | Mar. 21 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)

Decolonizing Capital: A Crucial Step Towards Racial and Economic Justice
Next City | Mar. 21 | Access to Capital | Community Development | Economic Development | Revolving Loan Funds (RLFs) | Social Finance

Southwest Georgia Farm Credit to Provide Food Supply Loans
Albany Herald | Mar. 19 | Access to Capital | Food Systems Finance | Revolving Loan Funds (RLFs) | State Finance Program | U.S. Dept. of Agriculture (USDA)

Rethinking Rural: Leveraging Community Assets By Investing in People and Places
Forbes | Mar. 16 | Access to Capital | Community Development | Federal | Revolving Loan Funds (RLFs) | Rural Development

Strategies to Promote Affordable Commercial Space
Next City | Mar. 14 | Access to Capital | Community Development | Federal | Revolving Loan Funds (RLFs) | Rural Development | Social Finance

TDEC Announce $19M Loan for Chattanooga Water Improvements
TN Department of Environment & Conservation | Mar. 14 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs) | Water Finance

Racine, WI Looking to Replenish Funds Used for Brownfield Cleanup
The Journal Times | Mar. 14 | Access to Capital | Brownfield Financing | Redevelopment | 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

  • 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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