EDA Revolving Loan Fund Legislation Signed Into Law
Congress enacted the Reinvigorating Lending for the Future Act of 2020. The legislation reforms the Economic Development Administration's Revolving Loan Fund program by eliminating the burdensome "in perpetuity" reporting requirements, and instead releases the federal interest in EDA RLFs after seven years.
USDA Looks to Conservation Finance to Deliver More Working Lands Conservation
The U.S. Department of Agriculture's Natural Resources Conservation Service is the nation's largest funder of conservation on private land. Conservation finance and conservation partnerships have become an increasingly popular tool for NRCS and private investors alike.
Senator Brown Announces Over $1.1M for Rural Development in Southeast Ohio
U.S. Senator Sherrod Brown announced that the United States Department of Agriculture's Community Facilities Direct Loan and Grant Program has awarded a total of $1,127,000 to 13 counties in southeast Ohio. The funds for this program are a part of the USDA's Rural Development initiative, which provides affordable funding to develop essential community facilities in rural areas.
VEDA Secured $75M in Loans and $11.7M in PPP
The Vermont Economic Development Authority approved $75 million in financing assistance for 439 Vermont businesses and farms during its fiscal year. VEDA also approved $11.7 million in Paycheck Protection Program forgivable loans for 264 Vermont businesses and farms as part of its support of federal and state economic disaster relief programs.
Main Street Loan Demand Surges on Cerebro Capital's Platform
Cerebro Capital, a commercial loan platform, announced that middle-market borrowers have been actively using Cerebro's platform to help secure over $300 million of the Federal Reserve's Main Street Lending Program (MSLP) loans over the past five months. In October alone, Cerebro clients have closed over $60 million in MSLP loans, representing the largest increase in MSLP loan activity Cerebro has seen.
Trenton, NJ Launches New Job Creation Loan Program
Mayor W. Reed Gusciora announced that Trenton businesses that want to expand or have lost workers due to COVID-19 can now access Trenton's new Job Creation Loan Program, managed by N.J. Community Capital. It offers a 50% matching loan at three% interest, with a maximum loan amount of up to $250,000.
Fresno, CA to Take Applications for $830K in CARES Funding
The City of Fresno's Economic Development Department announced Wednesday that it will begin accepting applications for a Revolving Loan Fund that will provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic in Fresno.
Innovative Water Quality Improvement Program in Kennett Township, PA
Kennett Township will be the first municipality in Pennsylvania to enter into the Revolving Water Fund program, which will help them meet the regulatory mandates of the federal government and the Pennsylvania Department of Environmental Protection.