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CDFA Revolving Loan Fund Finance Update - October 12, 2021

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Revolving Loan Funds Update
October 12, 2021
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Revolving Loan Fund Finance Update


Restoring Local Economies, Preserving Small Business, and More at the CDFA Virtual National Summit
The past two years have challenged our nation like no other time in our history. From the COVID-19 pandemic, elections, and economic distress to the social, racial, and equity challenges facing many communities, our nation is looking for answers. The CDFA Virtual National Summit will take on these challenges and explore ways development finance can once again rise to the occasion.

Closing the Funding Gap for Housing Developers of Color
To boost minority participation in the industry, U.S. Bank and Enterprise Community Partners (ECP) in July announced a $30 million bond to provide loans to black, indigenous, and other housing developers of color. The bond was issued by ECP's CDFI Enterprise Community Loan Fund and is being touted as the first racial equity bond issued by a CDFI. U.S. Bank served as a structuring agent and advisor, and also agreed to buy the first $10 million of the bond.

Iowa Energy Center Launches Revolving Loan Program for Energy Infrastructure Projects
The Iowa Energy Center board and the Iowa Economic Development Authority have opened applications for a new program that is intended to support energy infrastructure projects. The Energy Infrastructure Revolving Loan Program is available to help projects that facilitate gas generation, transmission, storage, or distribution.

Western & Southern to Invest Millions to Tackle Cincinnati, OH Affordable Housing Shortage
Western & Southern Financial Group is poised to invest millions to tackle Cincinnati's affordable housing shortage, though the company hasn't decided yet whether it will develop housing for very low-income people or people who earn more. Some of the investment could come in the form of a revolving loan fund, or could help finance some of the Cincinnati Development Fund's existing projects.

Petersburg, VA Selects First Projects for $8.8M in ARPA Funds
The Petersburg City Council has outlined how it will spend the first $8.8 million of federal funding from the American Rescue Plan Act. It chose 12 projects from a range of areas, from neighborhood storm drainage to the long-delayed renovations. Included in this, the Economic Development Authority was approved for $2.3 million for a revolving loan fund.

Vermont Farm Fund Launches New Producer Loans
The Vermont Farm Fund, a non-profit revolving loan fund for local farmers and food producers, has launched a new loan program for start-up farmers and food businesses. The VFF's New Producer Loan will provide access to no-hassle, friendly-term loans up to $20,000 at a low 3% interest rate. A true revolving loan fund, as the community of recipients pays back their loans, funds are replenished for the next cycle of borrowers.

Nevada Congressman Horsford Secures $2.75M for Small Businesses to Aid Recovery from Pandemic
Congressman Steven Horsford has announced that his office secured a $2,750,000 award for the Nevada Business Opportunity Fund. This funding will establish a Revolving Loan Fund to provide capital and technical assistance to underserved businesses throughout Clark County.

Opportunity Appalachia Receives Funding to Support OZ Investment in Five States
Appalachian Community Capital today announced receipt of a $1.5M grant from the Appalachian Regional Commission to help bring expanded investment into Central Appalachian communities in five states: Tennessee, North Carolina, Ohio, Virginia, and West Virginia. ACC is the lead partner in Opportunity Appalachia, an initiative designed to provide targeted support for downtown and rural development to build entrepreneurial communities where local businesses can thrive.

$56.5M in New Funding Available to Help California's Smallest Businesses Build Back
California's smallest businesses now have access to an additional $56.5 million through the California Rebuilding Fund, which offers flexible, low-cost loans to support long-term recovery from the COVID-19 pandemic. The California Rebuilding Fund is a public-private partnership that blends capital from private, philanthropic, and public sector organizations to support new lending administered by Community Development Financial Institutions.

Upcoming Events
CDFA Virtual National Summit

CDFA // BNY Mellon Development Finance Webcast Series: Exploring Local Economy Preservation Funds
Tuesday, October 19, 2021 - 2:00 PM - 3:00 PM Eastern
What is a Local Economy Preservation Fund you may ask? They are institutions that use capital for local broad-based wealth creation. They keep businesses locally owned by supporting transitions to employee and community ownership, and in doing so, help underserved populations to build and sustain wealth. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, you will hear from practitioners implementing this model in communities.

SSBCI Learning Series - Module III
October 22, 2021 - 1:00 PM Eastern
The third module of the SSBCI Learning Series will cover Collateral Support Program and Loan Participation Program. It will also discuss insights on engaging financial institutions and FinTech, as well as strategies for meeting the needs of SEDI Businesses, Very Small Businesses, Rural Businesses, and Tribal Businesses.


Maryland Approves $2.6M for Water, Wastewater Infrastructure
Water World | Oct. 7 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | Water Finance | State Revolving Fund

Richmond, VA City Council Signals Support for Plans for American Rescue Plan Money
Richmond Free Press | Oct. 7 | Access to Capital | Community Development | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Social Finance | COVID-19

Local Minnesota Cities Receive Millions for Water Infrastructure Improvements
KNSI | Oct. 7 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | Water Finance

USDA to Launch Loan Guarantee Initiative to Strengthen America's Food Supply Chain
USDA | Oct. 4 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Resiliency | U.S. Dept. of Agriculture (USDA) | COVID-19

Children's Museum of Cheyenne, WY Gets Public Funds
Wyoming Tribune Eagle | Oct. 3 | Access to Capital | Community Development | Revolving Loan Funds (RLFs) | Social Finance

Do Incentives for Entrepreneurial Firms Work?
Smart Incentives | Sep. 28 | Access to Capital | Economic Development | Incentives | Revolving Loan Funds (RLFs) | Tax Credits

Local Food Business Doubles Down After Tough Pandemic Year
NNY 360 | Sep. 27 | Access to Capital | Food Systems Finance | Revolving Loan Funds (RLFs)

Minnesota Governor Proposes $10M Drought Aid Plan for Farmers
MinnPost | Sep. 24 | Agriculture Finance | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Resiliency | Rural Development | State Finance Program

Portland Regenerative Farming Lender Raises $8.8M from Investors
The Business Journals | Sep. 21 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Resiliency

Good Food Markets Open Location in Prince George's County, MD
The Washington Informer | Sep. 21 | Access to Capital | Community Development | Food Systems Finance | Revolving Loan Funds (RLFs)

New USDA Program Would Provide Loans for Precision Agriculture Technology
U.S. Senator Deb Fischer | Sep. 20 | Access to Capital | Agriculture Finance | Federal | Legislative | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)

Developers of Color Still Swimming Against the Current in Commercial Real Estate
Next City | Sep. 17 | Access to Capital | Food Systems Finance | Revolving Loan Funds (RLFs)

$8.5M Awarded for Eastern Kentucky Projects from Appalachian Regional Commission
Lexington Herald Leader | Sep. 17 | Access to Capital | Member News | Revolving Loan Funds (RLFs) | Rural Development

$1.5M Awarded to Kentucky Highlands Investment Corporation
The Lane Report | Sep. 16 | Access to Capital | Revolving Loan Funds (RLFs) | Rural Development

North Las Vegas, NV Approves Funds as Part of ‘Small Business Connector' Program
8 News Now | Sep. 16 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

New Additions to the Online Resource Database

Incentives for Entrepreneurial Firms
Access to Capital | Economic Development | Incentives | Revolving Loan Funds (RLFs) | Social Finance | Tax Credits
Many economic development organizations (EDOs) have embraced the mission to support entrepreneurial firms in their communities. EDOs engage in their entrepreneurial ecosystems, in part, by providing resources, sometimes in the form of business incentives. The purpose of this report is to provide practitioners and policymakers with insights regarding the use of these incentives and guidance for offering incentives to entrepreneurial firms.

Joint Resource Guide to Strengthen and Expand Child Care Facilities in Rural Communities
Access to Capital | Community Development | Disaster Recovery & Relief | Economic Development | Education Finance | Healthcare | Housing Finance | Infrastructure Finance | Innovation Finance | Revolving Loan Funds (RLFs) | Rural Development | Social Finance | Tribal Finance | Urban Development
Together, the U.S. Department of Health and Human Services Administration for Children and Families and the U.S. Department of Agriculture Rural Development mission area have developed this Joint Resource Guide to further our commitment to supporting rural families by expanding childcare facilities.

2021 RISE Miami-Dade Report
Access to Capital | Community Development | Revolving Loan Funds (RLFs) | Social Finance
The RISE Miami-Dade Fund (RISE) grew from an idea proposed by a diverse coalition to an effective team delivering technical assistance, advice, and much-needed capital to Miami-Dade County's hard-to-reach small businesses. This report demonstrates the success of RISE, including the critical ingredients that powered it. In addition, the data collected through the application process offers a window into the long-term needs of Miami-Dade's small business community. Finally, the report offers a new structure for RISE going forward that can begin to address the gaps.

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


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CDFA National Sponsors

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • 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
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor