CDFA Revolving Loan Fund Finance Update - November 14, 2017

Revolving Loan Funds Update
November 14, 2017

Features

Vilas County, WI Considers RLF for Economic Development

Under a revolving loan system, Vilas County would have a loan account for economic development in the area which uses interest on its deposited money to self replenish. According to committee chairman Steve Doyen, officials in Vilas County decided to consider the proposal due to frustrations with an existing multi-county account.

Buffalo County, MN RLF Reactivated

The county's economic development committee was told that revised revolving-loan-fund rules made it possible to assist new start-ups or expanding businesses. A loan fund fueled by federal start-up money can offer up to $35,000 at low interest for each job created by a business venture. The county has over $400,000 in the account.

Washington County, OR Considers New RLF for Affordable Housing

One estimate put the shortage of "affordable" housing at 14,000 units, although Commissioner Greg Malinowski said he thinks the real figure is much higher. A new levy could combat this by supporting a continuous revolving-loan fund for housing.

$75K Loan Helps Finance Langdon, ND City Hall Improvements

The loan was provided through the Rural Development Finance Corporation's (RDFC) Community Capital Loan Program. This program provides loans to any local development group or political subdivision located in a North Dakota community with 10,000 or fewer in population. The monies can be used for a variety of purposes including micro-loans and revolving loan funds.

Dryden, NY Pursues Renewed RLF Program

The program would make use of $213,000 in federal funding to help small businesses expand, hire more workers and grow the economy in Dryden. Students at Cornell University have developed a business plan for the new fund and city leaders are in talks with local financial institutions to set up the fund.

RLFs Could be Tapped to Preserve Community Grocery Store

To help provide incentives to prospective grocers, the Port Washington Common Council voted on Oct. 17 to help either Sanfilippo or a new store owner with a low-interest loan through either the city or county revolving loan fund, according to City Administrator Mark Grams.

New EDA RLF Will Assist HI Agriculture Businesses

The funding is expected to create and retain 120 jobs in Hawaii and help to expand Hawaii's agricultural job market, contribute to the development of a growing, self-sufficient food system throughout the state, and increase access to locally sourced, healthy food.

Baxter, MN Debates Expanding RLF

This fall, the council heard a presentation from the Brainerd Lakes Area Economic Development Corp. to add the money into a unified fund that could create a pool of nearly $4 million. Representatives from BLAEDC and business leaders said the Baxter's current funds can be difficult to access because of requirements tied to federal Minnesota Investment Fund dollars.

San Mateo, CA Considers Financing $900M Sewer Project

Officials were initially hopeful low-interest state revolving loans would be the primary source of much needed capital for the project. But steep competition for funding is prompting the city to consider traditional, and more costly, financing options.

Upcoming Events

Intro Property Assessed Clean Energy (PACE) Finance WebCourse
December 5-6, 2017 - 12:00 - 5:00 pm Eastern

The Intro Property Assessed Clean Energy (PACE) Finance WebCourse will delve into the process of creating a PACE program for a community from start to finish. Over the span of two days, all the pieces of PACE financing are analyzed including the bond issuance needed, enhancing investor appeal, discerning the regulatory matters, the realm of market potential and more. In the long run, the lowered utility bills and increased local jobs from PACE financing will benefit residents and businesses.

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