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CDFA Revolving Loan Fund Finance Update - April 9, 2024

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Revolving Loan Funds Update
April 9, 2024
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Revolving Loan Fund Finance Update

Features

Join CDFA for the Return of the Revolving Loan Fund WebCourse Week!
Revolving Loan Fund WebCourse Week is returning with the intro level on May 13-14 followed by the advanced level on May 15-16. Register for one or both of these courses to learn from experts about developing, implementing, and managing efficient and impactful revolving loan fund programs.

Chautauqua, NY Revolving Loan Funds to Support Local Small Businesses
A crowdfunding company in Buffalo, Common Owner, aims to level the playing field for the average investor while diversifying the pool of funding for projects and bringing more capital overall into the system. Investors can participate by taking equity stakes in projects, loaning money, or both. Three businesses in Chautauqua County will receive a total of $725,000 in low-interest loans to support upgrades and job growth. The CCIDA backed the loans at 4% interest to businesses in Jamestown, Gerry, and Silver Creek, using its AL Tech, EDA Cares Act, and Chautauqua revolving loan funds.

Colorado's MCEDC's RLF Receives $5M From USDA
The Morgan County Economic Development Corporation (MCEDC) launched the Mobile VR (Virtual Reality) Lab through ROOTS76. This innovative program has brought attention state-wide and is poised for national recognition. The MCEDC's Revolving Loan Fund (RLF) experienced a significant transformation, bolstered by a $5 million grant from the U.S. Department of Agriculture (USDA), that enables reinvestment in community and long-term sustainability.

South Dakota DANR Announces More Than $172M for Environmental Projects
The South Dakota Department of Agriculture and Natural Resources (DANR) announced the Board of Water and Natural Resources has approved $172,554,815 in grants and loans for drinking water, wastewater, stormwater, and solid waste projects in South Dakota. The $172,554,815 total consists of $20,007,550 in grants and $152,547,265 in low-interest loans, including $10,986,600 in principal forgiveness to be administered by DANR. Funds were awarded from DANR's Drinking Water State Revolving Fund Program, Clean Water State Revolving Fund Program, Solid Waste Management Program, Consolidated Water Facilities Construction Program, and the Water Environment Fund.

North Dakota Legacy Fund Invested $49M in BND's Infrastructure RLF
The Legacy Fund's in-state investment program targets $700 million for in-state fixed-income investments, such as infrastructure, and $600 million for in-state equity investments, supporting new and expanding businesses. The combined goal is $1.3 billion. More than $395 million of the Legacy Fund's assets are invested in North Dakota through the Bank of North Dakota (BND) and the North Dakota Growth Fund (NDGF). The Legacy Fund has also invested $49 million through BND's Infrastructure Revolving Loan Fund (RLF) to help pay for critical infrastructure.

California RLF Supports GoGreen Home Energy Financing Program
GoGreen Home, administered by the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA), enables lenders to offer low interest rates, extended terms for affordable monthly payments, and broader eligibility, including accepting borrowers with lower credit scores. GoGreen Home manages a loan loss reserve fund that serves as a backstop for lenders, providing up to 90% reimbursement in the event of default by the borrower. The $100 million in GoGreen Home projects were funded with $15.7 million in credit enhancement funds from utility ratepayers. The program's credit enhancement facility operates as a revolving loan fund (RLF).

Village of Oswego, IL Uses RLF to Fund Nash Vegas Saloon
Oswego trustees have authorized approval of a loan and a development incentive grant for a new restaurant and entertainment venue aiming to open in the village's downtown. The developer applied for a $340,000 loan and a $40,000 economic development grant to modify the interior of 61 Main St. for a new venue to be called Nash Vegas Saloon. The site formerly housed the Oswego Brewing Company. The loan will come through the village's revolving loan program which was developed to build a stronger economic base and expand job opportunities in the village.

$100M Nevada Facilities RLF Supports Charter Schools in Under-Resourced Communities
The Nevada Facilities Fund (NVFF) is a $100 million revolving loan fund (RLF) set up by the State Infrastructure Bank to provide long-term, low-cost facility financing for charter schools that serve under-resourced communities. NVFF was seeded with $15 million in public funding approved by the State Infrastructure Bank, $80 million from national donors through the Equitable Facilities Fund, and $5 million from local philanthropists.

U.S. EPA Awards Wayne County, NY $1M to Fund Brownfields RLF
Wayne County has been awarded $2 million in grants from the U.S. Environmental Protection Agency (EPA) to support its efforts in cleaning up and repurposing unused and polluted lands, known as brownfields. This funding is a significant boost to the county's mission to turn these neglected sites into valuable community spaces. The grants include a $1 million Brownfield Coalition Assessment Grant, aimed at helping Wayne County identify and prepare for the redevelopment of these sites. Another $1 million will fund a Brownfield Revolving Loan Fund (RLF), offering loans for cleaning up and developing these areas.

City of Chase, KS Hopes for RLF Funding for Sewer Improvements
There's a commonly held belief that small, rural Kansas communities are evaporating from the windswept plains, plagued by a dwindling, aging population. However, spurred by an influx of new families, the city of Chase - population 390 in Rice County and Pawnee Rock, and population 190 in Barton County - hopes to cobble together Kansas Department of Health and Environment Revolving Loan Fund money and a $650,000 Community Development Block Grant to pay for a $3.6 million project to improve their sewers.

Upcoming Events
Intro Revolving Loan Fund WebCourse

CDFA Tribal Finance Webinar Series: Empowering Native Entrepreneurs Through Access to Capital
April 23, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, practitioners will present strategies and highlight finance programs that are helping to increase access to capital and aiding the creation of successful small businesses.

CDFA Food Systems Finance Webinar Series: Financing Food Systems with Revolving Loan Funds
April 30, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, panelists will discuss how revolving loan funds can be used to support small businesses, entrepreneurs, and microenterprises to strengthen local and regional food systems. The discussion will also identify how these tools can help unlock affordable capital for socially disadvantaged farmers and ranchers.

Headlines

Rural Healthcare Infrastructure Gets Boost From American Lending Center Participation
Street Insider | Apr. 2 | Access to Capital | Healthcare | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA) | Loan Guarantees

Farm Credit Distributing $79M to Members Through Unique Patronage Program
Morning AgClips | Apr. 2 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs)

Urban League Works to Accelerate Northeast Ohio Black Business Growth
Ideastream Public Media | Apr. 1 | Access to Capital | Community Development | Economic Development | Revolving Loan Funds (RLFs)

Co-op Economic Development Fund's $1B Impact Includes Housing, Child Care
NRECA | Mar. 27 | Access to Capital | Energy Finance | Revolving Loan Funds (RLFs)

Colorado's Greeley Water Receives $21M for Lead Water Line Replacement RLF
Greeley Tribune | Mar. 25 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Northeast Georgia Communities Awarded RLFs for Infrastructure Projects
Access WDUN | Mar. 21 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Recent Investments Fuel Local Food Systems
National Sustainable Agriculture Coalition | Mar. 20 | Access to Capital | Agriculture Finance | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Resiliency | U.S. Dept. of Agriculture (USDA)

Medford, OR Considering a Middle-Income RLF to Support an Urban Renewal District
Daily Tidings | Mar. 19 | Housing Finance | Redevelopment | Revolving Loan Funds (RLFs)

Lendistry Brings Fintech to Government Program for Maryland Small Businesses
Newswire | Mar. 19 | Access to Capital | Community Development | Revolving Loan Funds (RLFs) | Social Finance | State Finance Program

Indiana Begins First Loan Program for Small Meat Processors
Meat + Poultry | Mar. 19 | Access to Capital | Food Systems Finance | Revolving Loan Funds (RLFs) | State Finance Program | U.S. Dept. of Agriculture (USDA)

EPA and Pennsylvania RLF Funds Veterans Memorial Park Project to Address Flooding
Daily Times | Mar. 18 | Community Development | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Proofing Station Invests $1M to Protect Midwest Independent Farms
Proofing Station | Mar. 18 | Access to Capital | Agriculture Finance | Innovation Finance | Revolving Loan Funds (RLFs) | Resiliency | Seed Capital | Venture Capital

Riverside, CA Launches $2.8M Loan Program for Local Non-Profit Organizations
Hey Social | Mar. 14 | Economic Development | Local Finance Program | Revolving Loan Funds (RLFs) | Resiliency

The Town of Canton, NY Boasts Two RLFs Available to Local Businesses
North Country Now | Mar. 14 | Access to Capital | Revolving Loan Funds (RLFs) | Resiliency

With $1B in Farm Operating Lines, FBN Sees ‘Greater Need for Financing' on the Horizon
AFN | Mar. 14 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs)

Biden Requests $325M for CDFI Fund and $4M for CDRLF
CUInsight | Mar. 12 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)

Michigan RLF Providing $150M to Reduce Risks from Natural Disasters
Sooleader.com | Mar. 12 | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Resiliency



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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