Join Us This Wednesday for an Info Session on the CDFA EC-Tech Initiative
The CDFA EC-Tech (Equitable Capital Technology) Initiative is a comprehensive solution for development finance agencies working to implement stronger lending for minority business owners, pairing the adoption of an online lending platform with direct technical assistance. This informal event is an opportunity for organizations interested in joining the initiative to see a demonstration of the end-to-end lending platform and hear more about participating.
U.S. Department of Commerce Invests $1.6M in ARP Funds to Capitalize RLF in Maryland
U.S. Secretary of Commerce Gina M. Raimondo announced that the Department's Economic Development Administration (EDA) is awarding a $1.6 million grant to the Maryland Department of Commerce, Baltimore, Maryland, to capitalize and administer a revolving loan fund that will serve small businesses throughout Maryland. This grant is funded by the American Rescue Plan.
New Michigan Laws Help Communities Access State Financing for Water Infrastructure
Bipartisan legislation to help cities get money to fix their water systems has been signed by Michigan Governor Gretchen Whitmer. Federal money for water infrastructure is going into the State Revolving Loan Fund, and the new laws make it easier to apply for these funds.
CDFI Fund Offering $1.73B to Help Communities Recover from Pandemic
Credit unions designated as Community Development Financial Institutions (CDFIs) have until August 23 to apply for grants under the CDFI Fund's Equitable Recovery Program. The CDFI Fund is making $1.73 billion available to help eligible financial institutions expand lending, provide grants, and make investments in low-to-moderate-income communities, including minority communities, that need better access to financial services and were disproportionately affected by the pandemic.
Invest in Your Professional Development at CDFA's Virtual Summer School
CDFA Virtual Summer School is offering three different training courses, all held online during August 1-4. Learn from expert practitioners and experience CDFA's most interactive educational event of the year! These courses also qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program and scholarships are available.
Polk County, IA Earmarks $15M in ARPA Funds for Affordable Housing
Polk County will invest more than $15 million in affordable housing projects. The funding is part of $95 million the county received from American Rescue Plan Act funds. The county's decision comes as supervisors and staff develop a process to determine how to ensure ARPA funds are used to the maximum benefit of the community.
New $11M Loan Fund to Support Detroit's Budding Minority Developers
A loan fund was recently announced with a goal of helping Detroit's early stage minority developers gain access to capital and assistance. The initial $11 million fund, known as Ebiara, was launched through a partnership between nonprofit Invest Detroit and consulting firm URGE Imprint, with funding provided by The Kresge Foundation.
Vermont Gov. Scott Signs $84.5M Workforce and Economic Development Legislation
Governor Phil Scott signed into law a comprehensive package of workforce and economic development initiatives first proposed by the Scott Administration and passed by the Legislature this session. The bill invests $84.5 million of both state and federal American Rescue Plan Act (ARPA) funding to address Vermont's workforce shortage and provide local businesses and municipalities with resources to grow in the years ahead.