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.
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