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CDFA Revolving Loan Fund Finance Update - February 13, 2018

Revolving Loan Funds Update
February 13, 2018
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Revolving Loan Fund Finance Update


Akron's Revitalization Fund Gets Noticed
The Council of Development Finance Agencies has awarded the 2017 CDFA Excellence in Development Finance Award to the Development Finance Authority of Summit County and Development Fund of the Western Reserve for their work in creating the Akron Community Revitalization Loan Fund.

RLFs a Key Part in the Preservation Efforts of Rome, GA
The Georgia Department of Community Affairs Revolving Loan Fund has contributed $5,220,818 since 2000 while the Georgia Cities Foundation Revolving Loan Program has injected $4,341,400 into Rome.

Montgomery County, IA Considers RLF for Housing
"We're proposing leveraging a small amount of county money with private dollars to create a program that would be a catalyst to create some development. This money could generate a $2 million fund to get started," said Terry Lutz, CEO of McClure Engineering.

Erie, PA Considers Using RLF Income to Start Micro-Grant Program
The ordinance would move nearly $340,000 in federal grant funds into what's known as the City of Erie Business Development Fund, a low-interest city loan program for larger businesses. Mayor Joe Schember's administration wants to use interest generated by the loan program to fund the micro-grants to boost economic and business growth within city limits.

EDA RLF to be Used to Support Downtown Rantoul, IL Improvements
The Rantoul Revolving Loan Committee voted to recommend a $120,000 Economic Development Administration loan to a local businessman for upgrade work on five downtown properties. The owner said he wants to upgrade the properties for future growth of downtown.

Mondovi, MN Food Business Pursuing Loan from County RLF
Together Farms in rural Mondovi applied for partial financing of a business project through a Buffalo County revolving-loan-fund program aimed at spurring economic development. A preliminary agreement was for a $35,000 loan to partially fund purchase and outfitting of a food sales trailer.

How Tenants in D.C. Are Preserving Their Affordable Apartments
Since 2016, a new revolving loan fund has aggregated $12 million from around 30 D.C. area investors, including foundations, corporate giving programs, and philanthropic-minded individuals who are interested in supporting the creation and preservation of affordable housing in the region.

State of AK Considering Bill to Allow Seafood Farmers to Use State RLF
The state legislature is working on a bill that passed the House last year and is now awaiting final action in the Senate that would give seafood farmers access to a revolving loan fund now used by operators of fish hatcheries.

RLF Included in Choteau, MT's Plan to Combat Population and Job Loss
The Choteau community has been proactive through the years. The community partnered with Montana State University on an economic development project and with MSU Extension on an anti-poverty initiative. The city has also established a Revolving Loan Fund to help existing businesses and start-ups.

Mapleton, MN RLF Gives Entrepreneurs a Chance
The program started in the 1980s when the county started a revolving loan fund of $250,000. County Administrator Bob Meyer said that with principal and interest repayments, the fund has grown to $700,000 today.

Upcoming Events

CDFA EDA Revolving Loan Fund Webinar Series: Maximizing Revolving Loan Fund Impact
February 20, 2018 - 2:00 PM Eastern
Revolving Loan Funds (RLFs) are finance tools that can be used to help grow small and mid-sized businesses. A RLF is a funding pool that replenishes itself through repayments of principal and grows through the payment of interest. While the majority of RLFs support local businesses, some target specific areas such as health care, technology, and infrastructure. Join our expert speakers as we explore some of the most successful EDA RLF programs in the nation.

CDFA Federal Financing Webinar Series
February 28, April 12, June 14, August 16, and October 18, 2018 - 2:00PM Eastern
The CDFA Federal Financing Webinar Series is an exclusive, five-part online offering that will convene finance experts, federal agencies, and local practitioners to discuss the development finance programs offered by the federal government.


Delaware County, IN Touts Jobs Created, Money Recovered
The Star Press | Jan. 22 | Revolving Loan Funds (RLFs) | Tax Increment Finance (TIF)

Marshall, MN EDA Seeks RLF Exception
Marshall Independent | Jan. 11 | Legislative | Revolving Loan Funds (RLFs)

New Additions to the Online Resource Database

CDFA EDA Revolving Loan Fund Webinar Series: Exploring the Role of Revolving Loan Funds in Economic Development
Revolving Loan Funds (RLFs) | U.S. Dept. of Commerce (DOC) | U.S. Economic Development Administration (EDA)
Revolving Loans Funds (RLFs) are becoming an increasingly popular financing tool, but they are sometimes misunderstood or underutilized. RLFs serve as a gap-financing measure primarily used for the development and expansion of small businesses. While the majority of RLFs support local businesses, some target specific areas, such as healthcare, minority business development, and technology focused companies. Listen as Toby Rittner, Bob Isaacson and Brett Doney explore the role of RLFs in today's economic development landscape.

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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