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.
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