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CDFA Revolving Loan Fund Finance Update - February 11, 2020

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Revolving Loan Funds Update
February 11, 2020
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Revolving Loan Fund Finance Update

Features

Building a Community: Residents of a Manufactured Home Park Go Co-Op
The $1.17 million transaction was finalized in June, financed by Genesis Community Loan Fund, which has a revolving loan fund of $27 million with more than 100 investors. Genesis works with investors and lenders to put together traditional mortgage financing for the transactions. Additional loans have come from Camden National Bank for three of the projects, and Bangor Savings Bank for another. MaineHousing has been involved in two.

MVEDC Creates $2M EDGE Revolving Loan Fund
The Mahoning Valley Economic Development Corp. was awarded a $1.6 million EDA grant to create a $2 million revolving loan fund. They were able to obtain this grant largely because of a relationship with Common Wealth Inc. and bank partners who contributed toward the required $400,000 in matching funds. As a result, the EDGE – Economically Disadvantaged Grow into Entrepreneurs – Fund was created.

Richmond Hill, 7 Others Among Communities to Receive Infrastructure Loans
Eight Georgia communities were awarded financing totaling $41,323,000 for water, wastewater, and stormwater infrastructure improvements by the Georgia Environmental Finance Authority (GEFA) board of directors. The CWSRF provides low-interest loans for wastewater and water pollution control infrastructure. These projects conserve and improve water resources and facilitate economic development. The program is jointly funded by the U.S. Environmental Protection Agency and the state of Georgia.

Abell Foundation to Invest $4M in Local Small Business Loan Fund
The Abell Foundation and the local Neighborhood Impact Investment Fund will contribute $5 million toward a new program to assist startups in needy Baltimore communities. The investments will be part of a $25 million "Arctaris Baltimore" fund launched this week by Cambridge, Massachusetts-based Arctaris, an impact investment group. The Arctaris fund will make loans between $1 million and $5 million to small and mid-sized businesses to boost their growth potential. As loans are repaid, additional new loans will be made on a revolving basis.

More Investors Could Mean Increased Affordable Housing in HI
The Hawaii Low Income Housing Tax Credit program has resulted in approximately 13,600 units of affordable housing since its inception. Banks can invest in affordable housing and then get a tax break when the project is move-in ready. It's one of the only state programs aimed at building new units for renters making 60% or less of the area median income. For families of four, that's $72,300.

Capital Access Group Helps Secure $11.5M SBA 504 Loan for Paper Goods
Capital Access Group, a commercial real estate lender specializing in U.S. Small Business Administration 504 loans for growing businesses, recently helped Maple Trade Corporation, a wholesaler of "to-go," eco-friendly, plastic and paper food storage containers, buy its own building as it expands operations in the U.S. Capital Access Group worked with Maple Trade to secure $11.5 million in financing to purchase the 53,413-square-foot warehouse located at 2851 McCone Avenue, Hayward, CA.

Sharing a Legal Template for Investing in Racial Justice
The BII Fund-Building Cohort members are at various stages of readiness to take in some of those private investor dollars. The Hmong American Partnership, for example, celebrates its 30th anniversary this year. In 2016, it created a small business revolving loan fund that currently has a $1.5 million portfolio.

Miami's Plan to Survive Impacts of Climate Change: Figure out a Way to Pay for It
Miami has a strategy to survive climate change, and a big part of it is finding a way to pay for it. The city's new comprehensive plan includes concrete ways to adapt to sea level rise — like planting mangroves along the waterfront and raising sea walls — and to cut down on emissions, including plans to swap out city cars for electric vehicles. It also considers a touchy subject, the possibility of abandoning certain parts of the city to rising seas.

Upcoming Events
CDFA Federal Policy Conference

CDFA // BNY Mellon Development Finance Webcast Series: P3s That Fuel The Economy
Tuesday, February 18, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast, we will explore how major projects are able to access private and public capital to construct extra large P3 deals in the U.S.

Intro Bond Finance WebCourse
February 26-27, 2020 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

Headlines

Calcasieu Water District Gets $8.5 M Loan From State
KATC News | Feb. 6 | Revolving Loan Funds (RLFs) | Water Finance | Revolving Loan Funds (RLFs)\EPA Revolving Loan Fund Grants | Water Finance\Drinking Water

Legislation Would Create Loan Fund to Help Combat Erosion in WI
The Journal Times | Feb. 5 | Revolving Loan Funds (RLFs)

Knoxville Chamber Hoping to Help Local Businesses With Revolving Loan Program
KNIA-KRLS | Feb. 4 | Access to Capital | Revolving Loan Funds (RLFs)

Grand Forks, ND Approves Loans for 2 Start-Up Businesses
Grand Forks Herald | Feb. 3 | Access to Capital | Food Systems Finance | Revolving Loan Funds (RLFs)

New Waterford Gets $500K for Waterline Extension
Salem News | Feb. 1 | Revolving Loan Funds (RLFs) | Water Finance | Revolving Loan Funds (RLFs)\EPA Revolving Loan Fund Grants

Morgan County Economic Development Council Gives Loan to Local Pet Groomer
The Fort Morgan Times | Jan. 31 | Access to Capital | Revolving Loan Funds (RLFs)

Building a New Student Union Will Cost the University of Arkansas at Pine Bluff $20 M
Arkansas Democrat Gazette | Jan. 31 | Revolving Loan Funds (RLFs)

Richfield Economic Development Authority Launches Two New Programs
Sun Current | Jan. 30 | Access to Capital | Revolving Loan Funds (RLFs)

Lamont, Lehman Chart New Path For Economic Incentives
CT News Junkie | Jan. 30 | Access to Capital | Opportunity Zones | Revolving Loan Funds (RLFs)

The Greene County Economic Development Authority Discusses Loan Options and Bonding Opportunities
Greene County Record | Jan. 30 | Access to Capital | Revolving Loan Funds (RLFs)

Closing The Small Business Financing Gap: Invoice Factoring Basics
Forbes | Jan. 30 | Access to Capital | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs)

Loan Approved in Sale of M&R Contracting INC.
The Express | Jan. 24 | Access to Capital | Revolving Loan Funds (RLFs)

How More Colleges Achieve Carbon Neutrality
University Business | Jan. 24 | Energy Finance | Revolving Loan Funds (RLFs)

Food Co-Ops Catalyzing Local Farm and Ranch Loans
The Union | Jan. 21 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development

Reed City, MI Bakery to Receive Loan From City
Big Rapids News | Jan. 21 | Access to Capital | Community Development | Local Finance Program | Revolving Loan Funds (RLFs)

Horry County Council Member Is Looking to Bring Resilience Fund for Flooded Homeowners in SC
WPDE | Jan. 20 | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Resiliency

Mass Clean Water Trust Defaults ARRA Wind Turbine Loan
Patch | Jan. 20 | Energy Finance | Revolving Loan Funds (RLFs)

VEDA Closed $16.6M in New Loans Last Quarter
Vermont Biz | Jan. 15 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs)

Stark County Community Redevelopment Fund Established
CantonRep | Jan. 15 | Access to Capital | Revolving Loan Funds (RLFs)


New Additions to the Online Resource Database

Moving America and the Environment Forward Framework
Bond Finance | Brownfield Financing | Community Development | Energy Finance | Federal | Green Finance | Housing Finance | Infrastructure Finance | Innovation Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits | Water Finance
"Moving America and the Environment Forward" is a House Ways and Means Committee statement of principles on how the committee wants to approach an infrastructure bill. It includes $760 billion of proposals.


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
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  • MuniCap, Inc.
  • NW Financial Group, LLC
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  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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