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CDFA Revolving Loan Fund Finance Update - January 8, 2019

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Revolving Loan Funds Update
January 8, 2019
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Revolving Loan Fund Finance Update


State RLF Bill Gains Momentum in Congress
The bill, which is in both the U.S. House and Senate, would establish a revolving loan fund in every state, territory or tribal government that agrees to participate. The RLF would be seeded by FEMA and a contribution from the state government, and would make low-interest loans, and in some cases grants, for a range of activities proven to reduce flood risk.

Boston, MA Residents Launch New Social Equity Fund
Facing a major racial wealth disparity, hundreds of Bostonians are raising $5 million for the Ujima Fund — an unconventional approach to investment finance which puts working class Black, Indigenous, and other communities of color at the center, as the primary investors and decision-makers.

State Future Funds: Investing in Community Resilience Across the U.S.
Modeled on the highly successful Drinking Water State Revolving Loan Fund (DWSRF) and Clean Water State Revolving Fund (CWSRF), State Future Funds would provide low-interest or interest-free loans and loan guarantees, while leveraging philanthropic and private capital, to expand investments in critical future-ready investments.

Racine, WI's Micro-Business Loan Program Accepting Applications
The Micro Fund program was established to provide up to $15,000 in low-interest loans to early stage, owner-operated Racine-based businesses. The Micro Fund is made possible through federal funding from the CDBG program and supports the city's 2014-2019 comprehensive plan for economic development. 

Energize DE Provides Loan for School's Solar Array
Energize Delaware loaned $981,500 to project developer Edison Power to make the project possible. The Energize Delaware Revolving Loan Fund provides low-interest loans to Delaware businesses, non-profits, and local governments to make their energy efficiency and renewable energy projects a reality.

PA EDA Funded RLF Supports Local Manufacturer
In March of 2017, the company utilized an RLF loan to acquire and install new equipment. The total project cost was $127,000 and costs were matched with $63,500 from the Pennsylvania Industrial Development Association. In July of 2017, J.I.T. accessed the Commission's EDA RLF once again to transfer ownership and continue the legacy of this well-established business.

Loan Program Supports Growth for Troy, OH's Small Businesses
Since its inception in 2007, the Small Business Development Revolving Loan fund has awarded nearly $2 million to a variety of companies, from manufacturers to restaurants. In all, 20 loans have been allocated to these businesses to support expansion efforts, equipment purchases and renovations, along with other forms of investment to help companies grow.

Village of Rantoul, IL Recommends Approval of Two Microloans
The village board will vote on a recommendation to loan $30,000 to a local lawn care company and $10,000 to a local floral shop. In total the micro loan fund has a balance of $434,754, with the bulk of the 29 loan recipients being current on their payments.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse

CDFA EDA Revolving Loan Fund Webinar Series: Staffing and Day to Day Management Approaches
January 22, 2019 - 2:00 PM Eastern
During this webinar expert speakers will discuss strategies for developing RLF staff and implementing effective management policies.


Seneca County, NY Considers Transferring CDBG Funds to Regional Land Bank
Finger Lakes Times | Jan. 3 | Revolving Loan Funds (RLFs) | U.S. Dept. of Housing & Urban Development (HUD)

Evansville, IN Closes on $77.2M Loan for Water Infrastructure
Plainview Daily Herald | Jan. 2 | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA)

Terre Haute, IN Closes on $63M Sewer Bond
Tribune Star | Dec. 22 | Bond Finance | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | Water Finance

Douglas County, NV Receives $5.55M Loan from SRF
The Record-Courier | Dec. 21 | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | Water Finance

Hillsboro, IL Approves $100K Revolving Loan For Atlas 46
The Journal-News | Dec. 21 | Revolving Loan Funds (RLFs)

New Additions to the Online Resource Database

CDFA EDA Revolving Loan Fund Webinar Series: Developing a Loan Committee and Monitoring Their Involvement
Revolving Loan Funds (RLFs) | U.S. Dept. of Commerce (DOC) | U.S. Economic Development Administration (EDA) | Webcasts
Revolving Loan Fund committees are essential to a program's success. If properly leveraged, the RLF Committee can be a key resource in finding borrowers for your RLF program and making good decisions for sustainability of the fund. Many successful loan committees are made up of bankers, non-traditional lenders, city officials and small business owners alike. It is essential that RLF staff have guidelines in place to monitor and encourage board involvement. Speakers on this webinar included Terry Hegle with Business Oregon, Ken Pearson with Northwest Regional Planning Commission, and Tricia Wilson and Carol Meredith with the City of Newport News, VA.

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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