The Akron Community Revitalization Fund (ACRF) is announcing its sixth loan of $1.67M, which is an interim construction loan for the Bowery re-development project in downtown Akron. The Bowery is a proposed six building, $40M mixed use development project which is anchored by the historic Akron Civic Theatre.

Butler City Council has approved a $35,000 loan to Scott and Kristine Taggart for the purpose of building out the first floor commercial space at 118-120 East Jefferson Street. Although the second and third floors of this building are currently apartments, renovations to the first floor are currently being made to accommodate Mac's Brick Oven Pizza. 

The Preston County Health Department is considering a revolving waste water loan fund similar to one in Mon County. The Mon County fund provides low interest loans of up to $10,000 to repair or replace failing on-site sewage systems. Interest on the loan does not exceed 3 percent and the loan must be repaid within 15 years.

The Leasburg Volunteer Fire Department received a $70,000 zero-interest loan to purchase a new fire truck. Piedmont Electric Membership Corporation is playing a supporting role in this purchase by facilitating this loan funded from the United States Department of Agriculture's (USDA) Rural Economic Development Loan and Grant (REDLG) program revolving loan fund.

The Excel Boat Company in Mountain View, Arkansas, will expand to Lake County, Tennessee with a planned 100,000-square foot manufacturing facility that will include an office space, showroom, and visitor area. A $200,000 RLF loan will support the venture.

The $515,000 investment to clean up Kitson Mill is the latest round of money being poured into the site. Funding sources include $200,000 from an EPA grant, a $275,000 allocation from the state Department of Health and Environmental Control's revolving loan fund and $40,000 from local CDBG dollars.

Acknowledging that many communities throughout the state were having difficulty deploying their State MIF funds, the Legislature decided this spring to allow a one-time exception permitting flexibility in the use of those funds. There is a region-wide need for more child care capacity and businesses are having trouble finding people to work which can be exacerbated if people can't find child care.

Loans ranging from $255,000 to $300,000 were authorized for five charter schools. Charter schools can use the funds to meet school building construction and renovation needs, and to pay for expenses related to the start-up of a new charter school or school expansion.

A pair of initiatives across Southwest Michigan have a similar goal: supporting entrepreneurs starting small businesses in their respective cities and urban cores. One effort provides an online portal that small businesses in Kalamazoo can use to approach several banks at once for credit. Another seeks to build a $10 million revolving fund for small businesses in Battle Creek.

CDFA EDA Revolving Loan Fund Webinar Series: Solutions for Revolving Loan Fund Servicing
October 16, 2018 - 2:00 PM Eastern

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