An Update on the WIFIA Loan Program
The U.S. EPA's Water Infrastructure Finance and Innovation Act Loan Program (WIFIA) was enacted in 2014 and became operational in 2017. WIFIA has now completed three solicitation rounds over the period 2017-2019, generating 90 competitively selected applications totaling $13.6 billion of loan volume, of which more than $5 billion has been closed.
EDA Invests $35.5M in CARES Act Funding to Capitalize RLF in Pennsylvania
The Economic Development Administration is awarding $35.5 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs that have been adversely affected by the coronavirus pandemic across Pennsylvania.
More Than $2.3M Awarded Through New York Forward Loan Fund
Governor Andrew M. Cuomo today announced that more than $2.3 million has been awarded to support 61 businesses and residential landlords with COVID-19 related costs and expenses through the New York Forward Loan Fund. Of the 61 loans, 54 were provided to minority- and women-owned businesses; ten loans were provided to residential landlords; two loans were awarded to veteran-owned businesses; and one loan supported a non-profit organization.
Small Businesses Got Emergency Loans, but Not What They Expected
The SBA's disaster relief program allows for loans of up to $2 million. But now they're capped at $150,000 — and agency officials are saying little about why. For nearly 70 years, the Small Business Administration's disaster relief program has helped companies recover from catastrophes including wildfires, hurricanes, and earthquakes. But it has never faced anything like the coronavirus crisis.
Program Focuses on Opportunities for Erie, PA's African American Entrepreneurs
With funding provided by ECGRA, the Erie Urban Entrepreneurship Program is managed by Bridgeway Capital which helps entrepreneurs of color develop and launch businesses through its Erie Minority-Owned Business Accelerator (EMOBA). According to ECGRA officials, the Erie Urban Entrepreneur Program offers a streamlined process, including a loan checklist with more relaxed lending standards.
SBA Announces New Community Advantage Recovery Loan Program
The Small Business Administration (SBA) recently announced a new COVID-19 recovery program, the Community Advantage (CA) Recovery Loan Program, that allows eligible CA Lenders to provide technical and financial assistance to assist small businesses located in underserved areas, as defined by SBA. Loans can be approved through September 27, 2020, and must be fully disbursed no later than October 1, 2020.
R.I. Infrastructure Bank Announces $1M for Aquatic Ecosystem Restoration Project in Westerly
Rhode Island Infrastructure Bank announced $1 million of financing to the Town of Westerly for an Aquatic Ecosystem Restoration Project which calls for the dredging of Winnapaug Pond and the planting of eel grass to restore the marsh. The loans are being financed through the Bank's Clean Water and Stormwater Infrastructure Fund (CWSIF) and are expected to reduce the Town's debt service by 33% throughout the duration of the loan.
How $659B in PPP Loans Are Being Spread Across Lenders, States, and Industries
The PPP represents an extraordinary step to solve an unprecedented challenge faced by small businesses, and banks that act decisively in deploying PPP loans stand to earn new clients and goodwill from regulators, as well as a slice of billions in loan fees. But banks are expected to process and approve a flurry of loans on a rapid timeline. On top of that, banks must now dedicate significant resources to processing loan forgiveness applications, a task that might be even more strenuous than approving loans.
Delaware County, OH Creates Small Business Revolving Loan Fund
A revolving loan fund authorized by the County Commissioners to assist Delaware County small business owners has grown to $3.25 million. The fund was recently launched with a $2.5 million infusion by the Delaware County Board of Commissioners.
|