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CDFA Revolving Loan Fund Finance Update - April 14, 2020

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Revolving Loan Funds Update
April 14, 2020
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Revolving Loan Fund Finance Update

Features

Key COVID-19 Response Strategies for Development Finance Agencies
Development finance has always been at the forefront of recovering from natural disasters and economic challenges. The emergence of the COVID-19 crisis requires a unique and targeted response by the federal government, state and local development finance agencies (DFAs), private banks, and philanthropy. The following set of strategies and recommendations is designed to help DFAs evaluate their portfolios and determine whether modifications are needed for their bonds, tax increment finance, and revolving loan fund programs.

COVID-19 Federal Rural Resource Guide
USDA and its Federal partners have programs that can be used to provide immediate and long-term assistance to rural communities affected by the COVID-19 outbreak. This resource matrix organizes funding opportunities identified in the CARES Act and other federal resources that can help support rural America.

Small Business Relief Tracker: Funding, Grants, and Resources for Business Owners
Some 30 million American small businesses are high on the coronavirus' list of victims. Nearly half of these companies say the pandemic is to blame for unprecedented revenue declines, and with no clear end in sight, the possibility of temporary closures has become a reality for many. In an effort to help business owners find financial relief, Forbes has rounded up all of the government agencies, private companies and nonprofit organizations that are extending support.

COVID-19 Legislative Relief Provisions for Small Businesses
Two recent pieces of legislation, the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contain provisions intended to provide assistance to small businesses affected by the COVID-19 pandemic.

OFN Announces 'Grow With Google' Small Business Fund
The Opportunity Finance Network announced that we are working with Google to launch the Grow with Google Small Business Fund. The $125 million fund will deliver responsible financing to CDFIs to help thousands of small businesses and nonprofits hardest hit by the COVID-19 pandemic. In addition, Google will make a $5 million grant to OFN to help CDFIs to grow and build their capacity.

CDFA Publishes COVID-19 Resource Center, Will Host Weekly Briefings
CDFA developed the COVID-19 Resource Center to serve as a central hub of everything the development finance world is doing to mitigate the impacts of COVID-19. CDFA's Weekly Development Finance COVID-19 Briefings will highlight these mitigation and recovery efforts.

Senators Introduce Reauthorization of the State Small Business Credit Initiative
CDFA is pleased to announce that Senators Gary Peters (D-MI), Debbie Stabenow (D-MI), Jeanne Shaheen (D-NH) and Maggie Hassan (D-NH) have introduced a bill to reauthorize the State Small Business Credit Initiative (SSBCI) in the U.S. Senate as S. 3551.

Additional $5M In Brownfield RLF Funding
The Small Business Liability Relief and Brownfields Revitalization Act authorizes the EPA to make additional funds available in any year based on the demand for the funding. Due to high demand, the EPA announced that it is offering an additional $5,000,000 to recipients of its Brownfield revolving loan fund agreements in fiscal year 2020.

State of Massachusetts Providing $10M Coronavirus Relief Fund for Small Businesses
Gov. Charlie Baker has announced a $10 million relief fund for Massachusetts small businesses affected by the coronavirus. The recovery loan fund will provide emergency capital of up to $75,000 for businesses with fewer than 50 full-time and part-time employees, and is available for nonprofits.

SBA to Provide Disaster Assistance Loans for Small Businesses Impacted by Coronavirus
SBA's Economic Injury Disaster Loans offer up to $2 million in assistance for a small business. These low-interest federal disaster loans are available to designated states and territories for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19) to provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

Upcoming Events
Intro Property Assessed Clean Energy (PACE) Finance WebCourse

CDFA-ARI Rural Finance Webinar Series: COVID-19 Response Resources for Local Leaders
Wednesday, April 15, 2020 - 1:00 PM - 2:30 PM Central
During the first installment of the CDFA-ARI Rural Finance Webinar Series, we will explore the immediate response and resources at the state, local, and national levels that local leaders can use to reduce the impact of this crisis.

CDFA Food Systems Finance Webinar Series: Disaster Recovery for the Food System
Thursday, April 16, 2020 - 2:00 PM Eastern
During the first installment of the CDFA Food Systems Finance Webinar Series, we will explore creative financing efforts being launched to support our local food economies during this time of unprecedented crisis.

CDFA // BNY Mellon Development Finance Webcast Series: The Performance of Social Impact Bonds
Tuesday, April 21, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore if the performance of Social Impact Bonds (SIBs) is living up to the hype and how SIBs can be used as a powerful tool for community development.

Headlines

Preston, MN EDA Local Emergency Revolving Loans
Fillmore County Journal | Apr. 14 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA) | COVID-19 | EDA Revolving Loan Fund Grant Program

McCook, NE Council OKs LB840 Loan for Daycare Center
McCook Gazette | Apr. 9 | Access to Capital | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs)

Coshocton Port Authority Is Looking to Offer Assistance Through an Emergency Fund
Coshocton Tribune | Apr. 8 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

COVID-19 Business Continuity Resources
Access Plus Capital | Apr. 7 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | COVID-19

Louisville, KY Small Business Resources COVID-19
Louisville Forward | Apr. 1 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | COVID-19

New Rapid Loan Program For Indianapolis, IN Small Businesses
WYFI Indianapolis | Mar. 31 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

New Jersey Economic Development Authority Announces New Initiatives to Support Businesses Impacted by COVID-19
NJEDA | Mar. 26 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Member News | Revolving Loan Funds (RLFs) | COVID-19

COVID-19 Business Support and Resources for Long Beach, CA
City of Long Beach | Mar. 26 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | COVID-19

North Carolina COVID-19 Rapid Recovery for Small Businesses
NC Rapid Recovery | Mar. 25 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | State Finance Program | COVID-19

CRF COVID-19 Support
Community Reinvestment Fund | Mar. 25 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | COVID-19

Salt Lake City, UT Launches Emergency Loan Program
Salt Lake City | Mar. 25 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

St. Louis Region Launches Zero-interest Loan Fund for Small Businesses
St. Louis Post Dispatch | Mar. 24 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Member News | Revolving Loan Funds (RLFs) | COVID-19

Franklin County, OH Approves $1M to Help Small Businesses, Out-Of-Work Residents
The Columbus Dispatch | Mar. 24 | Access to Capital | Development Finance Toolbox | Incentives | Local Finance Program | Revolving Loan Funds (RLFs) | Microenterprise & Microloans | Revolving Loan Funds (RLFs) | COVID-19

Minnesota Replenishes Farm Loan Fund
Aberdeen News | Mar. 23 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Legislative | Revolving Loan Funds (RLFs) | COVID-19

A List of Resources for Coronavirus-Affected Restaurants in Los Angeles, CA
LA Eater | Mar. 20 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Microenterprise & Microloans | COVID-19

Kansas Starts Loan Program to Aid Bars, Restaurants, Motels
Salina Post | Mar. 20 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | State Finance Program | COVID-19

Denver, CO Launches $4M Relief Fund for Small Businesses Impacted by COVID-19
Colorado Politics | Mar. 19 | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | COVID-19

Rochester City Council Approves Measures Aimed at Easing Impact of COVID-19
Med City News | Mar. 19 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | COVID-19

City of San Diego, CA Announces $4 Million COVID-19 Relief Package for Businesses
CBS 8 | Mar. 19 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | COVID-19

Florida Emergency Bridge Loan Program for Small Businesses Impacted by COVID-19
WTVY | Mar. 19 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | COVID-19

Chicago, IL Announces $100M Loan Fund for Businesses Hit by Coronavirus
Crains Chicago Business | Mar. 19 | Access to Capital | Disaster Recovery & Relief | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | COVID-19

Montana Announces Over $850K in Grants and Loan Awards for Ag Program
Tri-State Livestock News | Mar. 19 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Programs


New Additions to the Online Resource Database

COVID-19: Comprehensive Recovery Strategy
Access to Capital | Agriculture Finance | Bond Finance | Community Development | Disaster Recovery & Relief | Economic Development | Federal | Housing Finance | Infrastructure Finance | Legislative | Resiliency | Revolving Loan Funds (RLFs) | Rural Development | State Small Business Credit Initiative (SSBCI)
Based on the input of our 500+ members, CDFA has developed a set of policy proposals that would allow state and local governments, through development finance agencies, to be immediate problem solvers that can help alleviate the extreme economic challenges facing small businesses and communities to put America securely on the path to recovery.


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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