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CDFA Revolving Loan Fund Finance Update - June 9, 2020

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Revolving Loan Funds Update
June 9, 2020
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Revolving Loan Fund Finance Update

Features

President Signs Bill to Ease Guidelines on PPP Loans
President Trump signed a bill to give recipients of government small business loans during the coronavirus more flexibility in how they spend the money. The measure eases the conditions small businesses have to meet to get the Paycheck Protection Program loans forgiven, as some struggled to meet key thresholds during the pandemic.

Applications Open for Community Loan Recovery Fund to Help Small Businesses, Contractors in Suburban Cook County, IL
Cook County Board President Toni Preckwinkle on Monday announced that applications have opened for the Community Loan Recovery Fund – which offers one-time, zero-interest loans of up to $20,000 for small businesses and up to $10,000 for independent contractors based in suburban Cook County.

Kentucky Bill to Assist Rural Hospitals in Financial Distress Becomes Law
A measure that will assist rural hospitals in financial distress at a time when the state is battling COVID-19, which would allow the Cabinet for Economic Development to provide loans to struggling hospitals, has become law and is codified.

Groups Pool $900K to Help Wayne County, IN Small Businesses
The city, county, Wayne County Revolving Loan Fund Board, Economic Development Corporation of Wayne County, and the Economic Growth Group have come together to create a $900,000 pool of money to be doled out in loans of up to $25,000 to eligible small businesses.

Miami-Dade County, FL Launching $25M Revolving Loan Fund for Businesses Hurt by COVID
Approved by county commissioners this week, the Rise Miami-Dade program uses community groups to screen applicants for the low-interest loans capped at $30,000. The loans are limited to Miami-Dade businesses with less than $2 million in sales and fewer than 25 employees.

West Virginia Governor Backs Projects for Appalachian Regional Commission Investment
Governor Jim Justice and West Virginia Department of Commerce Secretary Ed Gaunch have recommended 12 projects totaling more than $11.7 million in grants from the Appalachian Regional Commission Investment Program. Gaunch says he's enthused about the funding, some of which will impact small businesses affected by the recent COVID viral outbreak.

Senate Passes House Bill H.R. 7010 - PPP Borrowers Breathe A Great Sigh Of Relief
This Bill containing only 7 pivotal provisions which will forever change how PPP borrowers can make expenditures to facilitate the maximization of forgiveness of their loans, and best position themselves to survive the economic tsunami that we find ourselves in. Here are more details on the 7 provisions of this laser-tuned new law that is expected to be signed by the President soon.

Colorado Lending Source Secures $5M in Funding from ZOMALAB, Gates Family Foundation
Colorado Lending Source, in partnership with ZOMALAB and the Gates Family Foundation, has established the Eastern Colorado Small Business Loan Fund to protect jobs and invest in our communities in the short, medium, and long-term. This fund was created to offer affordable loans to rural Colorado businesses and non-profits in eastern Colorado affected by the COVID-19 crisis.

New York Governor Unveils $100M Small Business Loan Program for Those Impacted by COVID-19 Shutdown
NY Governor Andrew Cuomo announced over the weekend the launch of the $100M New York Forward Loan Fund to provide flexible and affordable loans to help small businesses, focusing on minority and women owned small businesses, that did not receive federal COVID-19 assistance. He says the state will focus on businesses with 20 or fewer employees and less than $3 million in gross revenues.

Upcoming Events
CDFA Virtual Summer School

CDFA // BNY Mellon Development Finance Webcast Series: Financing Rural Healthcare
Tuesday, June 16, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will discuss financing programs that support healthcare development and showcase successful projects that have increased access to healthcare for rural communities.

CDFA Federal Financing Webinar Series: Recovery Resources from the USDA
Friday, June 19, 2020 - 1:00 - 3:00 PM Eastern
During this webinar, experts from multiple USDA offices will dive into how the department has tailored its many financing programs to assist with the recovery while noting what we can learn from the pandemic to better prepare rural America for tomorrow.

Headlines

Resilience Fund Set to Help South Tahoe, CA Businesses; City Invests $100K
Tahoe Daily Tribune | Jun. 5 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Emergency Loans Offered to Small Businesses in Grand Island, NE
River Country - News Channel Nebraska | Jun. 5 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

29 Small Businesses Apply for Mankato, MN COVID Loans
Mankato Free Press | Jun. 5 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA) | Revolving Loan Funds (RLFs) | COVID-19

Logansport, IN to Offer Loans to Small Businesses Hurt by COVID-19
Pharos-Tribune | Jun. 4 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Lewiston, ME Council Passes Emergency Business Loan Program
Sun Journal | Jun. 4 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Jackson County, IA to Offer Loans to Small Businesses
Bellevue Herald-Leader | Jun. 4 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Colorado Coronavirus Relief Package Introduced
Denver Post | Jun. 4 | Disaster Recovery & Relief | Food Systems Finance | Healthcare | Housing Finance | Legislative | Revolving Loan Funds (RLFs) | State Finance Program | COVID-19

Small Banks and Small Businesses Were a Good Combination for PPP Loans
USA Today | Jun. 2 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | COVID-19

Three Cities Get Low-Cost Interest Loan for $10M in Road Work
Warwick Beacon | Jun. 1 | Access to Capital | Infrastructure Finance | Member News | Revolving Loan Funds (RLFs)

Morgan Stanley to Invest $10M in NY Loan Fund: Coronavirus Aid Roundup
ThinkAdvisor | Jun. 1 | Access to Capital | Community Development | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | State Finance Program | Community Development Financial Institutions (CDFIs) | COVID-19

Baraboo, WI Expands Business Loans to City Nonprofits
The Baraboo News Republic | May. 26 | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Tax Increment Finance (TIF) | COVID-19

Marshall, TX Utilizes COVID Relief Funds to Create New Small Business Loans Program
The Marshall News Messenger | May. 19 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

How $659B in PPP Loans Are Being Spread Across Lenders, States, and Industries
Business Insider | May. 19 | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | COVID-19

Sylvester, GA Receives $1.25M GEFA Water System Loan
Albany Herald | May. 18 | Revolving Loan Funds (RLFs) | Water Finance

Restaurants Fear Loans' Future Burdens
Arkansas Democrat Gazette | May. 17 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

Marshall, TX Creates Revolving Loan Program to Assist Businesses Impacted by COVID-19
ArkLaTex | May. 15 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Energy Chief Said Administration Asked Fed to Expand Lending for Oil Companies
The Hill | May. 12 | Disaster Recovery & Relief | Energy Finance | Federal | Revolving Loan Funds (RLFs) | COVID-19

Brownfield Clean-Up Funding Approved for Montpelier Granite Works Site
Vermont Biz | May. 12 | Brownfield Financing | Revolving Loan Funds (RLFs)


New Additions to the Online Resource Database

Federal Financing Webinar Series - Federal Recovery Resources from the EDA
Access to Capital | Disaster Recovery & Relief | Webcasts | Community Development | Economic Development | Infrastructure Finance | Revolving Loan Funds (RLFs)
In this webinar, CDFA convened financing experts from the EDA to discuss how their respective financing and grant programs can aid with COVID-19 recovery efforts as well as preparedness for the future.


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
  • Bricker & Eckler LLP
  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
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  • Kutak Rock LLP
  • McGuireWoods
  • 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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