Join CDFA for the Return of the Fundamentals of Economic Development Finance Course
Join CDFA as we kick off the new year with the return of the Fundamentals of Economic Development Finance Course on January 25-26, 2023! This course is the foundation for all of CDFA's educational offerings and will help attendees understand the variety of development finance tools available including bonds, tax credits, tax increment financing (TIF), federal financing programs, RLFs, Opportunity Zones, and access to capital lending resources.
'Green Banks,' Poised for Billions in Climate Funds, Draw States' Attention
Congress last year approved a Greenhouse Gas Reduction Fund of $27 billion, largely to pour money into green banks and similar financial institutions. Newly established green banks from Nevada to Illinois are readying for federal support that could supercharge their efforts, while bipartisan leaders in places such as New Mexico and Alaska are pushing to create their own state green banks.
Apply for CDFA's Equitable Capital Technology (EC-Tech) Initiative!
The CDFA EC-Tech (Equitable Capital Technology) Initiative is a comprehensive solution for development finance agencies (DFAs) working to implement stronger direct lending programs for minority business owners. EC-Tech approaches work to create new lending environments that proactively reach underserved minority business owners and increase access to capital. The deadline to apply is January 31.
Two Iowa Projects Receive $1M in USDA Funding to Boost Meat Supply
Two western Iowa operations will receive about $1 million in financing from the U.S. Department of Agriculture (USDA) to expand local meat production. Jordan's Meat Market, a startup, will receive an $800,000 loan guarantee to cover construction and provide working capital for the northwest Iowa project. Waubonsie Ridge Beef, a family-owned cattle operation, will receive a $210,000 grant to support expanded beef processing and marketing.
Behind the Spartanburg, SC Plan to Boost Small and Minority-Owned Businesses
Spartanburg officials are working to increase opportunities for small and minority-owned businesses through $6 million in American Rescue Plan funds. The comprehensive strategy is designed to build up small and minority businesses in the county by reducing racial equity gaps in entrepreneurship and small business, and create a supportive small and minority business environment.
Rhode Island Infrastructure Bank Closes $9.8M in Loans for City of Smithfield
The Rhode Island Infrastructure Bank recently closed on $9.8 million in low- and no-interest loans for energy, water, and septic system improvements in Smithfield. The financing includes a $6.6 million loan through the bank's Efficient Buildings Fund to pay for energy efficiency upgrades at Smithfield High School and Vincent Gallagher Middle School.
Berks, PA Commissioners, IDA Create $5M Infrastructure Investment Fund
The Berks County Commissioners unanimously voted to work with BerksIDA to create an Infrastructure Investment Fund for the County through an initial contribution of $5 million. The Infrastructure Investment Fund ties into the County's IMAGINE Berks plan and will serve as a revolving loan fund to support new or expanded infrastructure that leads to job creation or property tax growth.
JPMorgan Chase Commits $7.45M to Miami-Dade, FL Affordable Housing Push
JPMorgan Chase announced a commitment of $7.45 million to help increase the supply of climate-resilient affordable housing in Miami-Dade County, particularly in underserved neighborhoods. Nonprofits Miami Homes for All and Solar and Energy Loan Fund will share the funding. Miami Homes For All received a commitment of $4.45 million, while the energy loan fund will get $3 million.
U.S. Treasury Awards Louisiana $113M to Support Small Business Growth Through SSBCI
The U.S. Department of the Treasury approved Louisiana's application for up to $113 million in federal support for small business owners and entrepreneurs as part of the $10 billion State Small Business Credit Initiative (SSBCI). The majority of this allocation will be used for venture capital and seed programs. Disbursement of the full amount is dependent on hitting federal funding benchmarks for very small businesses and socially and economically disadvantaged individuals.