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CDFA Revolving Loan Fund Finance Update - July 12, 2022

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Revolving Loan Funds Update
July 12, 2022
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Revolving Loan Fund Finance Update

Features

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.

Upcoming Events
CDFA Virtual Summer School

CDFA // BNY Mellon Development Finance Webcast Series: Development Finance and the Cannabis Industry
Tuesday, July 19, 2022 - 2:00 PM - 3:00 PM Eastern
In this webcast, we will explore the creative financing approaches that are providing capital to the emerging cannabis industry, and the economic benefits to states that have legalized the sale of recreational and medical marijuana.

SSBCI Learning Series - Aligning your SSBCI Strategy with Federal Funding Priorities
July 29, 2022 - 1:00 PM Eastern
The fifth and final module of the SSBCI Learning Series will focus on how to align your SSBCI programs with other economic initiatives.

Headlines

Millions Available in Small Business Grants, Revolving Loans, and Tax Credits
Small Business Trends | Jul. 9 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs) | Tax Credits

HIDC Provides Loan to Missouri Butcher Shop
Courier Post | Jul. 5 | Access to Capital | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development

AgChoice Farm Credit and MidAtlantic Farm Credit Merge, Forming Horizon Farm Credit
Yahoo! Finance | Jul. 1 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | Rural Development

Niagara County, NY Receives $3.9M from EPA to Address Brownfield Sites
The Buffalo News | Jun. 29 | Access to Capital | Brownfield Financing | Community Development | Economic Development | Federal | Redevelopment | Revolving Loan Funds (RLFs)

Battle Creek Unlimited Secures $7.5M in Michigan State Funds for McCamly Plaza Hotel Renovation
Battle Creek Enquirer | Jun. 29 | Access to Capital | Community Development | Economic Development | Redevelopment | Revolving Loan Funds (RLFs)

Brownfields' Revolving Loan Fund to Be Launched This Year in Williamsport, OH
The Express | Jun. 28 | Brownfield Financing | Revolving Loan Funds (RLFs)

Coachella Valley's Housing Catalyst Fund in California Could Receive $15M
Uken Report | Jun. 28 | Access to Capital | Community Development | Housing Finance | Revolving Loan Funds (RLFs) | Social Finance

Ortt Announces Revolving Loan Fund for Niagara County, NY
Niagara Frontier Publications | Jun. 27 | Access to Capital | Brownfield Financing | Revolving Loan Funds (RLFs)

New Hampshire DFA Announces $5M in Tax Credits to Fund Housing, Affordable Childcare, and Community Revitalization
Ink Link | Jun. 23 | Community Development | Economic Development | Education | Historic Preservation | Housing Finance | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits

Small Businesses in Montgomery County, MD Now Eligible for Casino Fund
Minority News Network | Jun. 22 | Access to Capital | Community Development | Economic Development | Revolving Loan Funds (RLFs)

Innovative Food Holdings, Inc. Announces Refinancing and New Credit Facilities
Yahoo! Finance | Jun. 21 | Access to Capital | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | U.S. Dept. of Agriculture (USDA)

BFA Announces $61M in New Lending Programs for New Hampshire Businesses
InDepthNH | Jun. 20 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs) | Rural Development | Social Finance | State Finance Program

USDA Invests $770M to Expand Market Opportunities for Rural Businesses, People in 36 States and Puerto Rico
Highland County Press | Jun. 16 | Access to Capital | Community Development | Economic Development | Revolving Loan Funds (RLFs) | Rural Development

$500K Community Loan Fund Established to Revitalize Central Providence, RI
PBN | Jun. 14 | Access to Capital | Community Development | Economic Development | Revolving Loan Funds (RLFs)

Kentucky Agricultural Finance Corporation Approves $3.5M in Loans
WBKO | Jun. 13 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | State Finance Program

Texas Water Approves $73M for Wastewater, Stormwater Projects
WaterWorld | Jun. 10 | Access to Capital | Community Development | Economic Development | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance


New Additions to the Online Resource Database

Stronger Together - Federal Funding and Planning Strategies for Rural America
Access to Capital | Federal | Rural Development | Agriculture Finance | Community Development | Economic Development | Energy Finance | Housing Finance | Infrastructure Finance | Innovation Finance | Revolving Loan Funds (RLFs) | Tribal Finance | Water Finance
U.S. Department of Agriculture (USDA) Rural Development and U.S. Economic Development Administration (EDA) launched a joint resource guide to help community organizations access USDA and EDA resources to build strategies to boost economic development in rural America. The guide outlines programs and services that can be used to advance community and economic development in rural communities through four key focus areas and features information and links to USDA and EDA key priorities and resources.


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
info@cdfa.net

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CDFA National Sponsors

  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • 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
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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