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CDFA Revolving Loan Fund Finance Update - April 13, 2021

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Revolving Loan Funds Update
April 13, 2021
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Revolving Loan Fund Finance Update

Features

How Should Local Leaders Use Their American Rescue Plan Funding?
Among the $1.9 trillion worth of federal COVID-19 relief in the newly signed American Rescue Plan Act is $350 billion for "Coronavirus State and Local Fiscal Recovery Funds." For many cities and counties, the American Rescue Plan's state and local funds are not just a $350 billion lifeline; they represent the largest positive fiscal jolt to their budgets in decades. Now, a scramble is underway to determine how best to deploy the money.

Big Sky Economic Development Receives $1.8M for Revolving Loan Fund in Montana
The U.S. Department of Commerce has awarded a $1.8 million CARES Act Recovery Assistance grant to establish a revolving loan fund for businesses through Big Sky Economic Development. A match of $200,000 in local investment will be added for a $2 million revolving loan fund. The EDA revolving loan fund will be used to help businesses recover from the COVID-19 pandemic, as well as help businesses with entrepreneurial efforts.

USDA Increases Funding Limits for the Revolving Fund Program
The U.S. Department of Agriculture (USDA) announced that it is doubling the funding limit for loans financed under the Revolving Fund Program to support water and wastewater infrastructure projects in rural America. The maximum loan amount will now be $200,000 up from the previous loan limit, which was $100,000. This change will help expand access to safe, reliable drinking water, and sanitary sewage treatment for households in rural communities.

Affordable Housing Fund in Franklin County, OH Has Loaned $22.3M So Far
A housing fund created in 2019 to loan $100 million to create affordable housing in Franklin County has so far financed projects to construct or rehab more than 1,000 units. But officials say the need for more affordable housing goes beyond what the fund can do even once all the money is loaned out. The Housing Action Fund had loaned $22.3 million through the end of 2020. Money has gone to support nine projects across the county, including five new developments and four rehabilitations.

SBA Issues Interim Final Rule to Implement the Modifications to PPP
The American Rescue Plan Act of 2021 infused another $7.25 billion into the Paycheck Protection Program and expanded the program to additional 501(c) non-profit entities, digital news publishers, and shuttered venue operators.  It also earmarked $28.6 billion for relief to the restaurant industry through a new grant program. The SBA published a new Interim Final Rule to begin implementing the statutory changes and conform previously issued rules to the new legislation.

New Revolving Loan Funds in Kansas to Aid Small Rural Business Recovery
U.S. Sen. Roger Marshall announced that $800,000 from the U.S. Economic Development Administration (EDA) will go to the Kansas Center for Entrepreneurship to help address the impacts of the COVID-19 pandemic on small businesses in rural Kansas communities. The Kansas Center for Entrepreneurship will use this funding to establish the revolving loan fund to help address the financial needs of existing and new small businesses

How New York is Allocating Its $100B in Relief Funding
New York is getting about $100 billion from the $1.9 trillion American Rescue Plan, according to Sen. Chuck Schumer, who says it's a sign that "help is on the way" for the state. Here is a breakdown of how Schumer says the money will be allocated. As part of the deal, more than $23.8 billion will go directly to state and local governments.

North Dakota Gov. Burgum Signs Legacy Fund Investment Bill
Gov. Doug Burgum has signed a bill that is aimed at creating a broader investment policy for the state's voter-approved oil tax savings account. House Bill 1425 sets targets for investing a greater portion of the Legacy Fund principal in North Dakota and requires that the State Investment Board give preference to qualified investment firms with a presence in the state. Under the proposed legislation, earnings from investments would be used to establish a revolving loan fund.

Upcoming Events
Intro Opportunity Zones Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Social Impact Investing Credit Ratings for CDFIs
Tuesday, April 20, 2021 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, we will explore how CDFIs, by obtaining a credit rating, can demonstrate the value of making social impact investments.

CDFA-TEDC Webinar: Putting RLFs to Work: Focusing on Access to Capital for Small & Minority-Owned Businesses
Tuesday, April 27, 2021 - 1:00 PM - 2:30 PM Central
Join CDFA, in partnership with the Texas Economic Development Council, for the CDFA-TEDC Webinar: Putting Revolving Loan Funds to Work: Focusing on Access to Capital for Small & Minority-Owned Businesses. Connect with development finance experts from around the state for an exclusive, 90 minute-long webinar discussion focused on practical guidance for RLFs aiming to expand access to capital for small and minority-owned businesses.

Headlines

Sacramento, CA COVID Small Business Loans Struggle to Reach Underserved Neighborhoods
The Sacramento Bee | Apr. 7 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Social Finance | Revolving Loan Funds (RLFs) | COVID-19

Minority Entrepreneurs Struggled to Get Small-Business Relief Loans
The New York Times | Apr. 4 | Access to Capital | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | COVID-19

The American Rescue Plan Provides Significant Debt Relief to Minority Farmers
JD Supra | Apr. 2 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Legislative | Revolving Loan Funds (RLFs) | Social Finance | COVID-19

House Bill Would Bar 'Racial Favoritism' at USDA
Successful Farming | Apr. 2 | Agriculture Finance | Legislative | Revolving Loan Funds (RLFs) | Social Finance | U.S. Dept. of Agriculture (USDA)

How Addressing Hawaii's Affordable Housing Crisis Could Help Farming Efforts
Honolulu Civil Beat | Apr. 2 | Access to Capital | Agriculture Finance | Community Development | Housing Finance | Revolving Loan Funds (RLFs)

How New York's New Marijuana Law Plants Seeds of Fairness
The City | Mar. 31 | Agriculture Finance | Revolving Loan Funds (RLFs) | Social Finance

Rural New Jersey Hospital Receives $88M USDA Community Facilities Loan
NJ.com | Mar. 30 | Access to Capital | Healthcare | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)

Organic Valley Launches $1M Loan Program for Clean Energy Projects on Farms
Wisconsin State Farmer | Mar. 26 | Access to Capital | Agriculture Finance | Energy Finance | Revolving Loan Funds (RLFs)

$235M Rural Development Loan Will Improve Navajo Tribal Utility Authority
Flagstaff Business News | Mar. 26 | Energy Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | Tribal Finance | U.S. Dept. of Agriculture (USDA)

USDA Invests $266M to Improve Rural Community Facilities and Essential Services
USDA | Mar. 23 | Access to Capital | Community Development | Healthcare | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)

Vermont House Endorses $150M Broadband Bill
Bennington Banner | Mar. 23 | Infrastructure Finance | Legislative | Member News | Revolving Loan Funds (RLFs) | Rural Development | Broadband

USDA Invests $598M to Improve and Modernize Rural Electric Infrastructure
USDA | Mar. 18 | Energy Finance | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)

Beaufort, NC Moves Forward with $23.6M Package from USDA for Infrastructure Improvements
Carteret County News-Times | Mar. 10 | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA) | Water Finance

North Carolina Nonprofits Affected by Tropical Storm Eta Eligible for SBA Loans
WXII 12 | Mar. 8 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA)

Dickinson County, MI Healthcare System Secures $16.9M USDA Loan
Iron Mountain Daily News | Mar. 5 | Healthcare | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)


New Additions to the Online Resource Database

American Rescue Plan: Federal Investment Guide
Access to Capital | Agriculture Finance | Brownfield Financing | Community Development | Disaster Recovery & Relief | Economic Development | Education | Energy Finance | Food Systems Finance | Healthcare | Housing Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | Social Finance | Urban Development
This report from Drexel University's Nowak Metro Finance Lab provides a guide to federal funding in the American Rescue Plan (ARP). The authors place a special emphasis on formula funds received by local anchors, competitive grants, and funds distributed to public authorities that city leadership can leverage to boost their recovery. They clarify which entities are responsible for applying for grant funds, when funding expires, and what role city and county leadership can play even when they will not be the primary applicant for funds.

Summary of State and Local Funding Sources in the American Rescue Plan
Access to Capital | Agriculture Finance | Brownfield Financing | Community Development | Disaster Recovery & Relief | Economic Development | Education | Energy Finance | Food Systems Finance | Healthcare | Housing Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | Social Finance | Urban Development
This table includes all the federal-to-local funding streams in the American Rescue Plan that reach cities and their residents. It does not include appropriations to Tribal Governments or Agency appropriations focused on program operations at the federal level with no further sub-allocation. It is a dynamic summary to be paired with the Federal Investment Guide produced by Accelerator for America, Drexel University, and the US Conference of Mayors.

Superfund Redevelopment Program Webinar Series - Opportunity Zones and Superfund Sites
Brownfield Financing | Opportunity Zones | Redevelopment | Webcasts | Revolving Loan Funds (RLFs) | Tax Credits
There are over 300 Superfund National Priorities List sites and thousands of Superfund removal sites located in or partially in Opportunity Zones. This webinar discussed Opportunity Zone tax benefits in the context of redeveloping Superfund sites and other types of contaminated properties and how communities, local governments, and developers can utilize these benefits.

Reimagining Rural Policy: Organizing Federal Assistance to Maximize Rural Prosperity
Access to Capital | Agriculture Finance | Economic Development | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits
The federal programs and tools available today to help generate social and economic development in rural communities serve as a reminder of active and broad federal involvement in the 20th century, and the possibilities for federal leadership to help rural communities meet the current moment. Yet they are outdated, fragmented, and incoherent. This report identifies over 400 programs open to rural communities for economic and community development, spanning 13 departments, 10 independent agencies, and over 50 offices and sub-agencies.

Revolving Loan Fund De-federalization – Implementation of the RLF Act
Access to Capital | Legislative | Revolving Loan Funds (RLFs)
This presentation from the EDA discusses Revolving Loan Fund de-federalization and implementation of the RLF Act passed in late 2020.


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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CDFA National Sponsors

  • Baker Tilly
  • BNY Mellon
  • Bricker & Eckler LLP
  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
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  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
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  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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