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CDFA Revolving Loan Fund Finance Update - January 10, 2023

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Revolving Loan Funds Update
January 10, 2023
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Revolving Loan Fund Finance Update

Features

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.

Upcoming Events
Fundamentals of Economic Development Finance Course

CDFA // BNY Mellon Development Finance Webcast Series: Forecasting the Bond Market
Tuesday, January 17, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will discuss bond market trends to help investors and communities make informed decisions in the year to come.

SSBCI Learning Series - Compliance: Program Reporting Requirements
February 16, 2023 - 2:00 PM - 4:00 PM Eastern
During the 2023 SSBCI Learning Series, CDFA will elevate conversations and host sessions geared toward successfully implementing new SSBCI programs and financial products, reaching targeted small businesses and business sectors, and effective program reporting and compliance strategies.

Headlines

Mercer County, NJ to Provide $500K to Small Businesses Through Investment Program
Tap Into | Jan. 9 | Access to Capital | Disaster Recovery & Relief | Economic Development | Revolving Loan Funds (RLFs) | COVID-19

Oregon, OH to Receive Funds from EPA for Wastewater Improvements
The Press | Jan. 8 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | Water Finance

The Future of Homebuilding May Soon Be Here in Santa Barbara, CA
Santa Barbara Independent | Jan. 7 | Access to Capital | Housing Finance | Revolving Loan Funds (RLFs)

Crestline, OH Eyes Solar Project to Help Pay for New Wastewater Plant
Bucyrus Telegraph-Forum | Jan. 7 | Access to Capital | Energy Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

$255M in Funding Approved to Support New Jersey Small Businesses
Trenton Daily | Jan. 6 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs) | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury

New Jersey Receives $500M Water Infrastructure Loan Under EPA's SWIFIA Program
Insider NJ | Jan. 5 | Access to Capital | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | Water Finance | State Revolving Fund | WIFIA | Water Infrastructure Finance and Innovation Act (WIFIA)

New Infrastructure Fund Encourages Infill, Redevelopment in Lexington, KY
City of Lexington | Jan. 5 | Access to Capital | Infrastructure Finance | Redevelopment | Revolving Loan Funds (RLFs)

$312M from Federal Spending Bill Allocated to 18 Projects in South Alabama
WKRG | Dec. 27, 2022 | Access to Capital | Economic Development | Healthcare | Infrastructure Finance | Legislative | Revolving Loan Funds (RLFs) | Transportation

Virginia Looks to Loan Fund to Replace Lost Flood Aid as State Exits Climate Alliance
Local Today | Dec. 23, 2022 | Access to Capital | Green Finance | Revolving Loan Funds (RLFs) | Resiliency

Youngstown, OH City Council OKs $3M to Assist Businesses
The Vindicator | Dec. 23, 2022 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)

$1.7T Federal Spending Bill Includes Over $10M for Aiken County, SC Projects
Yahoo! Finance | Dec. 23, 2022 | Access to Capital | Healthcare | Infrastructure Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development | Water Finance

Missoula, MT Applies EPA Brownfield Funds to Redevelopment Urban Properties
KPAX | Dec. 21, 2022 | Brownfield Financing | Federal | Redevelopment | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | Revolving Loan Funds (RLFs) | Local Brownfield Programs | EPA Revolving Loan Fund Grants | EPA Revolving Loan Fund Grants

Closed Loop Partners Provides New Funding for Midwest Recycling Program
Closed Loop Partners | Dec. 19, 2022 | Access to Capital | Food Systems Finance | Green Finance | Innovation Finance | Revolving Loan Funds (RLFs)

Lycoming County, PA Announces Program to Cleanup Contaminated Sites
North Central PA | Dec. 15, 2022 | Brownfield Financing | Economic Development | Local Finance Program | Redevelopment | Revolving Loan Funds (RLFs)

Major Banks are Setting Climate Targets and the Agricultural Finance Sector Needs to Know
EDF | Dec. 14, 2022 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | Resiliency



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

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor