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CDFA Revolving Loan Fund Finance Update - March 8, 2022

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Revolving Loan Funds Update
March 8, 2022
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Revolving Loan Fund Finance Update

Features

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.

Upcoming Events
Intro Revolving Loan Fund WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Capitalization Strategies & Funding from the American Rescue Plan
Tuesday, March 15, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will discuss capitalization strategies that communities can use to leverage federal funding to drive long-term private investment.

SSBCI Coalition Meeting - March 18 (Virtual)
March 18, 2022 - 1:00 PM - 2:00 PM Eastern
SSBCI Coalition meetings will be held once a month to provide an interactive forum for CDFA members during the State Small Business Credit Initiative (SSBCI) application period. CDFA will facilitate discussions that allow for networking, peer knowledge sharing, and problem solving.

Headlines

USDA Announces March 2022 Lending Rates for Agricultural Producers
USDA | Mar. 1 | Access to Capital | Agriculture Finance | Federal | Revolving Loan Funds (RLFs) | U.S. Dept. of Agriculture (USDA)

California Rolls Out Forest Biomass Initiatives
California Forward | Feb. 24 | Access to Capital | Energy Finance | Revolving Loan Funds (RLFs) | Resiliency | Rural Development

Ernst Sponsors Bill Increasing Federal Loans for Specific U.S.-Based Small Businesses
The Ripon Advance | Feb. 22 | Access to Capital | Agriculture Finance | Federal | Legislative | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA)

Baltimore, MD Market Redevelopment Project Thinks Local
Next City | Feb. 21 | Access to Capital | Community Development | Food Systems Finance | Revolving Loan Funds (RLFs) | Social Finance | Urban Development

Illinois Conservation Fund Launches Program to Help Young Farmers
The Center Square | Feb. 21 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | Rural Development

New CRA Boundaries and Rules Approved in Salem, OH
Salem News | Feb. 19 | Access to Capital | Community Development | Economic Development | Revolving Loan Funds (RLFs) | Rural Development | Community Reinvestment Act (CRA)

Investing in Culturally Sensitive Medical Care: How Mission-Based Financing Fills a Gap
The Daily Yonder | Feb. 18 | Community Development | Healthcare | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits | Tribal Finance

Drought Loans Available to Idaho Residents
MagicValley.com | Feb. 18 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA)

How to Equitably Fund and Support Underrepresented Founders
Forbes | Feb. 17 | Access to Capital | Revolving Loan Funds (RLFs) | Social Finance

This Loan Fund Couldn't Find Affordable Housing to Support, So They're Building It
Next City | Feb. 16 | Community Development | Housing Finance | Revolving Loan Funds (RLFs) | Rural Development | Tribal Finance

Financing Complete for Landfill-Gas to Renewable Natural Gas Projects in North Carolina
PR Newswire | Feb. 10 | Access to Capital | Energy Finance | Revolving Loan Funds (RLFs) | Resiliency | Rural Development | U.S. Dept. of Agriculture (USDA)

Arkansas Governor's Order Sparks Hope of Energy Conservation
KUAR | Feb. 10 | Access to Capital | Energy Finance | Revolving Loan Funds (RLFs)

A Refreshed Approach for Young, Beginning, and Small Farmers in Michigan and Wisconsin
MI Farm News | Feb. 9 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | Rural Development

Affordable Housing Community for Farm Workers Flourishes in Oahu, HI
Next City | Feb. 9 | Access to Capital | Agriculture Finance | Community Development | Revolving Loan Funds (RLFs) | Rural Development

Small Business Administration Loans Available to Michigan
WILX10 | Feb. 8 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Rural Development | U.S. Small Business Administration (SBA)


New Additions to the Online Resource Database

Equitable Pathways to Small Business Recovery: An All-Hands Approach
Access to Capital | Community Development | Economic Development | Revolving Loan Funds (RLFs)
LISC partnered with Next City to develop a playbook for equitable small business recovery that is tailored to government audiences in different kinds of economic and regional contexts both urban and rural. Drawing on original research and diverse cohorts of public officials and practitioners, all of the playbook's strategies are supported by a series of five mutually reinforcing principles that they call "equitable pathways to recovery."

Investing in Rural Prosperity
Access to Capital | Agriculture Finance | Community Development | Economic Development | Federal | Housing Finance | Infrastructure Finance | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits
The Federal Reserve has created this book to bring together community and economic development researchers, practitioners, philanthropists, and others to showcase the great work happening across this country and to outline a framework for conducting community and economic development that, if applied, can help more communities achieve shared economic prosperity.


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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