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CDFA Revolving Loan Fund Finance Update - December 12, 2017

Revolving Loan Funds Update
December 12, 2017
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Revolving Loan Fund Finance Update


EDA Releases Final Rule Updates for RLF Program
EDA has released their final rule in response to the 103 comments received on the proposed rules from November, 2016. The new rules will go into effect on January 2, 2018.

EDA Releases New Guidelines on Risk Analysis System for RLF Grantees
EDA has released a notice of proposed performance measures and request for comments. This document explains the performance measures in detail. Comments will be accepted through the Federal Register for document 2017-25276 until January 2, 2018.

Franklin County, PA RLF is a Model of Success
Franklin County received around 1,500 acres from the army in the 1990's which it later sold to capitalize a revolving loan fund to support economic development in the county. "We netted between $1 and $1.5 million and have been able to loan that money to businesses across the county," says Mike Ross, executive director of the Franklin County Area Development Corporation.

Brownfield RLF Will be Used to Support the Old Reid Hospital Redevelopment in IN
Two loans have been secured for the site. One would be a 20-year, zero-percent-interest loan from the Indiana Brownfields Program's Revolving Loan Fund. The second would be a 20-year, 2-percent-interest loan from the State Revolving Fund for demolition of the buildings.

$200K Loan Supports Lynchburg, VA Grocery Co-op
Grassroots Local Market says it's ready to build after it got the funding to move forward with construction. They got an approval of a $200,000 loan through the Lynchburg Economic Development Authority's Revolving Loan Fund and secured the funding necessary to build their cooperatively owned grocery store.

RLF Key to Janesville, WI's Downtown Revitalization Efforts
After two downtown tax increment financing districts closed, the city had about $50,000 left over. The money was used to open the revolving loan fund, and five local banks donated to bring the total up to $100,000. Residents can use the fund for low-interest loans to spruce up their properties.

Baxter, MN Agrees to Join United Fund to Better Leverage RLF Dollars
In the 15 years since the Minnesota Investment Fund dollars were first used, the city made one additional loan. After a vote, the council entered into an agreement for a local development organization with BLAEDC. Administration of the $436,500 will move to BLAEDC and the Unified Fund with the goal of improving the use of the funds.

Whitestown, IN to Start Microloan Program for Local Businesses
The Whitestown Town Council has appropriated $50,000 for the new revolving fund program, which will provide loans of up to $10,000 to town businesses in an attempt to improve infrastructure and foster economic development.

Fort Pierre Development Corp. Utilizes RLF Revenue for Grant Program
Up to $10,000 in "Fix Up, Clean Up, Paint Up" grants will be awarded to Fort Pierre, South Dakota businesses early next year by the Fort Pierre Development Corporation. Both geography and type of project will be considered when determining award winners.

Buffalo County, WI Activates New Loan Fund for Business Development
The Buffalo County Economic Development Committee re-activated a revolving-loan-fund to help promote growth and new jobs. The county has an estimated $375,000 in an account that was set-up with seed money from a government community development block grant administered by the State of Wisconsin.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse

CDFA // BNY Mellon Webcast Series: Crowdfunding Small Business Development
December 19, 2017 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, our expert speakers will discuss the basics of crowdfunding, provide legislative updates, and even provide examples of successful programs from around the nation.


$200K Loan Approved for Downtown Aurora, IL Building
Daily Herald | Dec. 4 | Revolving Loan Funds (RLFs)

$500K Loan From Erie, PA RLF Supports New U-Haul Complex
GoErie | Dec. 2 | Redevelopment | Revolving Loan Funds (RLFs)

Galesburg, IL Biz Seeks $75K from RLF
The Register-Mail | Nov. 22 | Access to Capital | Revolving Loan Funds (RLFs)

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