Tune In for Analyzing the Impact of COVID-19 Emergency Loan Funds
On February 22, 2022, join us for the next installment of the CDFA // BNY Mellon Development Finance Webcast Series where we will take a look at some takeaways from the deployment of CARES Act funds and other emergency pandemic response programs, including how communities designed emergency loan funds and what impacts the funds had on small and micro businesses.
USDA Unveils Resource Guide to Help Rural Entrepreneurs Start and Grow Businesses
USDA Rural Development unveiled a resource guide to help people in rural America start and grow businesses, create good-paying jobs in their communities and strengthen America's economy. The guide features information on how rural entrepreneurs can use USDA and other Federal programs to access financing and other assistance to help start and expand their businesses.
USDA Invests $1.4B to Support Rural Businesses and Economies
The funding will help people and businesses in diverse communities and industries throughout 49 states, the Virgin Islands, and Puerto Rico. It will help companies hire more workers and open the door to new economic opportunities for communities and people who have lacked access to critical resources and financing. And it will help entrepreneurs, business cooperatives, and farmers in nearly every state create jobs, grow businesses and find new and better markets.
New Bipartisan Bill Would Increase Capital at Rural Community Banks
Bipartisan legislation introduced by U.S. Sen. Tim Scott (R-SC) would help community banks meet the credit needs of the local families, workers, and small businesses they serve by clarifying existing Federal Deposit Insurance Corporation (FDIC) policy to state that under safe circumstances, well-capitalized community banks, minority deposit institutions, and community development financial institutions may accept custodial deposits without facing additional regulatory requirements or scrutiny.
Financing Complete for Landfill-Gas to Renewable Natural Gas Projects in North Carolina
Greater Commercial Lending (GCL), which provides loans to businesses and organizations in under-served and rural communities, has completed nearly $73 million in financing for two facilities in North Carolina that will turn a natural byproduct of landfills into renewable natural gas. The financing is guaranteed by the USDA and has made an important difference for the projects, from both business and efficiency standpoints.
Senators Aim to Refine Rules for $2B ReConnect Program to Better Target Rural Areas
Four U.S. Senators sought to amend the recently passed infrastructure bill to ensure funding from the USDA's ReConnect program aids only the most rural areas of the country. The proposal would also compel federal agencies to more closely cooperate to see to it that support doesn't fund overbuilds in areas that already have broadband access.
Community Reinvestment Fund and Conduit Capital Partner to Help Rural Small Business Communities
Community Reinvestment Fund – a national non-profit organization with a mission to improve lives and strengthen communities through innovative financial solutions – and Conduit Capital, a leading impact alternative investment business that innovates, incubates, and radically collaborates to create products that push the boundaries of the financial sector, have partnered to help rural small businesses catalyze economic opportunity in their communities.
Colorado Advanced Industries Tax Credit
The Advanced Industries Investment Tax Credit encourages investments in Colorado advanced industries businesses by providing tax credits to investors. Investors can earn a state income tax credit for 25% of their investment in a qualified business up to $50,000 on an investment of $200,000 or more. If the advanced industries business is in a Colorado enterprise zone or rural area, investors can earn a state income tax credit of 30% of their investment.
USDA Invests $1B to Improve Community Infrastructure for Rural Towns
USDA Deputy Secretary Dr. Jewel Bronaugh announced that USDA is investing $1 billion to build and improve critical community facilities in 48 states, Puerto Rico and Guam. This infrastructure funding will increase access to health care, education, and public safety while spurring community development and building sound infrastructure for people living in rural communities.
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