Coming Up This Month: CDFA's Intro and Advanced Revolving Loan Fund Courses!
Revolving Loan Fund Week is happening this month, with CDFA's Intro RLF course on March 28-29 and the Advanced RLF course March 30-31. Register for one or both of these trainings to learn from experts about developing, implementing, and managing revolving loan fund programs that are efficient and impactful.
Nearly $18M in Projects Proposed for La Crosse, WI with Remaining ARPA Funds
A committee in La Crosse has approved appropriations totaling nearly $18 million in proposed projects for remaining federal funds under the American Rescue Plan Act. Projects have been proposed for affordable housing, child care facilities, small business supports, and down payment assistance.
ECAP Program Helps Nebraskans Create Communities They Want
Through a series of surveys, townhall meetings, and the creation and execution of locally designed projects, the Entrepreneurial Communities Activation Process program helps rural Nebraska communities revitalize their towns through entrepreneurship and business development.
NC Rural Center Prepares to Deploy $202M for Small Businesses Through Loans, VC Fund Investments
Nearly $202 million in federal funding coming to North Carolina is planned to support small businesses throughout the state through lending initiatives and equity investments in venture capital funds. The NC Rural Center has been allocated this allotment of State Small Business Credit Initiative (SSBCI) funding to continue these programs by the US Treasury Department through the NC State Legislature's recently passed budget.
Philadelphia, PA Bill Would Establish First Ever Municipal Public Bank Entity
The mission of the proposed Philadelphia Public Financial Authority is to support Black-owned businesses and other businesses in neighborhoods that have historically lacked access to credit. The bank partners with private banks and credit unions all over the state to finance economic development, making loans to support everything from huge infrastructure projects to small local businesses.
Tucson, AZ IDA Works to Broaden Reach for Small Businesses, Homebuyers
Created by the city mayor and council in 1979, the Tucson Industrial Development Authority is charged with supporting affordable housing and downtown and neighborhood small businesses and nonprofits. The IDA recently appointed its first CEO to oversee changes to the financing organization, with plans to hire additional dedicated staff to advance these goals.
Chautauqua County, NY IDA Announces New Round of Low-Interest CARES Act Loans
The Chautauqua County Industrial Development Agency (CCDIA) in New York will once again accept applications to provide low-interest loans to both businesses and non-profit organizations as a means to respond to economic injury resulting from the COVID-19 pandemic. Remaining funds from the initial award from the EDA's CARES Act Recovery Assistance will be deployed through CCIDA's revolving loan fund.
Minnesota Rural Finance Authority Expedites Disaster Funds
Minnesota Rural Finance Authority provided a status report on the drought disaster loans with current requests approaching $1.2 million. The state drought relief can be used for a variety of things, including a feed bill or the cost of hauling water.
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.
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