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CDFA Revolving Loan Fund Finance Update - January 12, 2021

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Revolving Loan Funds Update
January 12, 2021
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Revolving Loan Fund Finance Update

Features

It's Back: Paycheck Protection Program 2.0
On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act was signed into law. Among other things, the Act restarts the Paycheck Protection Program with some updated guidelines. It provides borrowers with greater flexibility in using PPP loan proceeds and expands the types of expenses eligible for loan forgiveness.

Illinois Finance Authority, State EPA Close $500M Clean Water Initiative Green Bonds
The Illinois Environmental Protection Agency and the Illinois Finance Authority closed their joint $500 million Clean Water Initiative State Revolving Fund Revenue Bonds. The bonds maintained the highest rating, "AAA" from both Fitch and S&P. The proceeds of the Green Bonds will be used to deliver clean water and fund wastewater treatment at a lower cost while putting people to work.

USDA Opens Loan, Grant Applications to Support Rural Microenterprises
The USDA has opened a call for applications for loans and grants to support rural microenterprises through its Rural Microentrepreneur Assistance Program. The program provides loans and grants to a nonprofit entity or institution of higher education to establish revolving loan funds. These funds then provide loans or training and technical assistance to rural microloan borrowers and microentrepreneurs.

Minority Businesses: Wounded by COVID, But Key to Inclusive Revival
Black-owned businesses, which are vital to inclusive growth, have taken a much harder hit from the pandemic than companies overall. If states are to achieve an inclusive recovery from the crippling pandemic, minority-owned businesses must be a part of it and many communities are rising to the challenge.

HUD Announces $10M in Capacity Building Grants for Rural America
HUD has awarded $10 million in capacity-building grants to five national non-profit organizations which will, in turn, fund rural housing development organizations, Community Development Corporations, Community Housing Development Organizations, local governments, and Indian tribes to carry out affordable housing and community development activities in rural areas for hard-working, low-income families and individuals.

Building a Deeper Toolbox to Help Beginning Farmers and Ranchers
During a panel at the virtual Emerging Research on Beginning Farmers and Ranchers Conference hosted by Farm Foundation and the USDA's Economic Research Service, information was shared for some of the tools passed along from earlier generations. But what happens when a prospective agricultural producer is the first generation to have an interest in farming or ranching? What if a farmer or rancher doesn't have land to inherit or family members to learn the business from?

Resilience Loan Fund Measure Passes in Congress
Both houses of Congress passed a measure long sought by flood-vulnerable towns and rivers bordering the Mississippi River: the Resilience Revolving Loan Fund Act. The bill authorizes the Federal Emergency Management Agency (FEMA) to enter into agreements with any state or Indian tribal government to make capitalization grants for the establishment of hazard mitigation revolving loan funds.

Green River Area Development District in Kentucky Streamlines Microloan Process
The Green River Area Development District (GRADD) has streamlined its microloan process geared toward aiding small businesses and nonprofits affected by COVID-19. GRADD was awarded $3.3 million through the U.S. EDA as part of a total of $11.6 million announced by the department in to address the woes of small businesses impacted by the pandemic.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Forecasting the Bond Market Amid the Recovery
Tuesday, January 19, 2021 - 2:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast, we will hear from experts for a forecast on the economic recovery and how it will affect the bond market.

Intro Revolving Loan Fund WebCourse
December 8-9, 2021 - Daily: 12-5 PM Eastern
The Intro Revolving Loan Fund Course offers an in-depth look at RLF program development, implementation, and management. This course demonstrates how an RLF program can complement your economic development strategy, encourage investment, and assist traditionally underserved businesses. During this course, attendees learn the essential elements needed to operate a successful RLF program and discuss programs making a difference in communities throughout the country.

Headlines

How to Get a Small Business Loan from New $284B PPP Launch
Seattle Times | Jan. 10 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | COVID-19

New PPP Guidance Issued by SBA, Treasury
Journal of Accountancy | Jan. 7 | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | U.S. Dept. of Treasury | U.S. Small Business Administration (SBA) | COVID-19

New Jersey Governor Signs Economic Recovery Legislation
Insider NJ | Jan. 7 | Brownfield Financing | Disaster Recovery & Relief | Economic Development | Food Systems Finance | Incentives | Revolving Loan Funds (RLFs) | Tax Credits | COVID-19

Albion Economic Development Corp. Offering $30K to Help Struggling Small Businesses
Battle Creek Enquirer | Jan. 6 | Disaster Recovery & Relief | Revolving Loan Funds (RLFs)

Henry County Loan Program to Benefit Geneseo, IL Businesses
Geneseo Republic | Jan. 6 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA) | COVID-19 | EPA Revolving Loan Fund Grants

Blanchard, LA Awarded $3.7M to Improve Water Network, Merge with Smaller System
KTBS | Jan. 5 | Revolving Loan Funds (RLFs) | Water Finance | State Revolving Fund

Minority-Owned Companies Waited Months for PPP Loans, Data Shows
Progressive Farmer | Jan. 3 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Social Finance | COVID-19

Black Farmers Look to Next Congress, Biden to Dismantle 'Culture of Discrimination'
Politico | Jan. 1 | Access to Capital | Agriculture Finance | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Social Finance | U.S. Dept. of Agriculture (USDA)

Will Restaurants Survive Winter with New Loans from U.S. Government?
CBS News | Dec. 31 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | COVID-19

Manitou Springs, CO Offering Grants for Local Restaurants, Bars Impacted by COVID-19
Fox21 | Dec. 30 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

Understanding How California's Climate Catalyst Fund is Intended to Function
AgNet West | Dec. 23 | Access to Capital | Food Systems Finance | Green Finance | Revolving Loan Funds (RLFs) | State Finance Program

Revolving Loan Fund Can Help Meet Vital Housing Needs
McCook Gazette | Dec. 22 | Access to Capital | Housing Finance | Revolving Loan Funds (RLFs)

North Carolina Nonprofit Groups Offer COVID-19 Relief Options
Winston-Salem Journal | Dec. 19 | Disaster Recovery & Relief | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

Colorado Springs Downtown Development Authority Rolls Out New Small Business Loans
The Gazette | Dec. 17 | Disaster Recovery & Relief | Economic Development | Food Systems Finance | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Making Small Business Lending Work for More People
Next City | Dec. 15 | Access to Capital | Revolving Loan Funds (RLFs)



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

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  • Z. The Bond Buyer
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