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.

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.

"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.

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.

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.

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.

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.

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.

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.

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.

CDFA EDA Revolving Loan Fund Webinar Series: Maximizing Revolving Loan Fund Impact
February 20, 2018 - 2:00 PM Eastern

CDFA Federal Financing Webinar Series
February 28, April 12, June 14, August 16, and October 18, 2018 - 2:00PM Eastern

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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.

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