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CDFA Revolving Loan Fund Finance Update - April 11, 2023

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Revolving Loan Funds Update
April 11, 2023
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Revolving Loan Fund Finance Update

Features

Join CDFA for the Return of the Revolving Loan Fund Training Course Week!
Revolving Loan Fund Week is coming up next month, with the Intro Revolving Loan Fund Course on May 1-2 followed by the Advanced Revolving Loan Fund Course on May 3-4. Register for one or both of these courses to learn from experts about developing, implementing, and managing revolving loan fund programs that are efficient and impactful.

Alliance for Rural Impact Reveals Loan Fund to Help Mississippi Delta Region
Arkansas-based nonprofit Alliance for Rural Impact (ARI) recently unveiled the Rural Impact Fund, a revolving loan fund with a focus on lending to diverse small businesses, micro-enterprises, and entrepreneurs in rural communities. The new loan fund targets projects which result in the creation or retention of quality high-paying jobs and improvement of quality of life in the Mississippi Delta region. ARI will provide recipients with expertise in helping businesses achieve innovative technical assistance.

Florida Senate President Highlights $3B in State Investments in Hurricane Recovery
Florida Senate President Kathleen Passidomo recently highlighted elements of the Senate's proposed budget and other legislative efforts totaling $3 billion that have aided in hurricane relief across the state. This includes making the Local Government Emergency Bridge Loan Program a revolving program and authorizing the federal Safeguarding Tomorrow through Ongoing Risk Mitigation (STORM) Act, a revolving loan program for local government hazard mitigation projects.

Rhode Island Bill Would Create $50M RLF for Public Housing
Legislation filed by Rep. June Speakman, D-Bristol, would establish a $50-million revolving fund to finance the development of mixed-income public housing. House Bill 6168, would allow Rhode Island's new Department of Housing to issue $50 million in bonds to establish a housing production revolving fund.

$10M Statewide Loan Fund for Michigan Small Businesses Targets Flint, Saginaw Entrepreneurs
Managed by Michigan Women Forward, the Michigan Economic Opportunity Fund is a microbusiness loan program funded by the Michigan Economic Development Corporation, Huntington Bank, and the Ballmer Group. Entrepreneurs from historically disadvantaged communities, including minority-, women- and veteran-owned small businesses, can apply for up to $50,000 in loans through this program.

Illinois Climate Bank Announces Over $250M in Climate Finance Achieved in First Year
The Illinois Finance Authority (IFA), in its role as the State Climate Bank, today announced a landmark year of deploying over $250 million in private capital to further clean and sustainable development projects. Additionally, the IFA Climate Bank is holding public hearings and stakeholder meetings as it crafts applications for up to $1.3 billion in federal funds to advance clean energy, climate, and equity goals as outlined by Illinois' Climate and Equitable Jobs Act (CEJA) through climate finance and program deployment.

St. Louis, MO Creates Fund, Other Programs to Direct Capital to Disinvested Areas
The city has formed an Economic Justice Accelerator, a fund designed to leverage public funding, private equity, and philanthropic investment to continue the economic justice action plan beyond the 2026 deadline when all $150 million from the federal government will have been spent. Counting city commitments, the economic justice action plan currently has $246 million attached to it.

New Jersey Bill Setting Up Hazard Mitigation Program Clears Budget Committee
Legislation to establish a Community Hazard Assistance Mitigation Program (CHAMP) Revolving Loan Fund in the New Jersey Infrastructure Bank (NJIB) and authorize the issuance of bonds to fund certain hazard mitigation and resilience projects was released by the Senate Budget and Appropriations Committee.

Upcoming Events
Intro Revolving Loan Fund Course

CDFA Food Systems Finance Webinar Series: Access to Capital Tools & Food Systems
April 25, 2023 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, we will explore how these tools can be used in strengthening local and regional food systems and address some of the challenges that come with financing this sector.

2023 Equitable Lending Learning Series: Evaluating Risk
May 23, 2023 - 1:00 PM - 4:00 PM Eastern
During this event in the Equitable Lending Learning Series, speakers will provide an overview of the history of risk assessment in lending, discuss technical strategies and best practices for conducting more equitable evaluation of borrowers while maintaining sustainability, and share examples of how these approaches can be put into action.

Headlines

Macon, GA has $7.5M for Affordable Housing
The Macon Newsroom | Apr. 7 | Access to Capital | Housing Finance | Revolving Loan Funds (RLFs)

Small Government Fire Department Services Revolving Loan Program in Ohio
The Highland County Press | Apr. 7 | Access to Capital | Community Development | Revolving Loan Funds (RLFs)

$3.2M Announced to Support Connecticut's Housing Partners
State of Connecticut | Apr. 4 | Access to Capital | Housing Finance | Revolving Loan Funds (RLFs)

Gov. Lee, TDEC Announce $1.6M Loan for Tullahoma, TN Utilities Authority Water Improvements
State of Tennessee | Apr. 4 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | State Revolving Fund

Valley Partners in Youngstown, OH Awarded $1M From EDA
Tribune Chronicle | Mar. 31 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | COVID-19

Northern Illinois Community Initiatives to Provide $1M in Small Business Loans
PR Newswire | Mar. 29 | Access to Capital | Revolving Loan Funds (RLFs)

How Businesses and Start-Ups in the Philadelphia, PA Area Can Tap Into $584M in New Federal Funding
The Philadelphia Inquirer | Mar. 28 | Access to Capital | Revolving Loan Funds (RLFs) | State Small Business Credit Initiative (SSBCI)

Vermont Treasurer Pumps $100M Into Housing Fund
Bennington Banner | Mar. 24 | Access to Capital | Revolving Loan Funds (RLFs)

Fresno County, CA Raw Milk Dairy Rebuilding With $10M USDA-Backed Loan
The Business Journal | Mar. 22 | Access to Capital | Agriculture Finance | Federal | Revolving Loan Funds (RLFs) | U.S. Dept. of Agriculture (USDA)

Black Farmer Fund Launches $20M Integrated Capital Fund
EIN Presswire | Mar. 21 | Access to Capital | Agriculture Finance | Innovation Finance | Revolving Loan Funds (RLFs) | Social Finance

$30M in Federal Financing Announced for Nonprofits in Nebraska, Meat Processors
Norfolk Daily News | Mar. 17 | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development

Greater Commercial Lending Obligated More Than $811M in USDA-Guaranteed Loans
Cision | Mar. 13 | Access to Capital | Federal | Food Systems Finance | Redevelopment | Revolving Loan Funds (RLFs) | Social Finance | U.S. Dept. of Agriculture (USDA)


New Additions to the Online Resource Database

American Rescue Plan Second Anniversary Report
Access to Capital | Disaster Recovery & Relief | Economic Development | Federal | Healthcare | Historic Preservation | Housing Finance | Infrastructure Finance | Legislative | Revolving Loan Funds (RLFs) | State Finance Program | Tax Credits | Tribal Finance
The American Rescue Plan has helped to power one of the strongest and most equitable recoveries on record while making investments that position our nation for economic success in the coming decades. Over the last year, American Rescue Plan programs administered by Treasury continued to make a significant difference in the lives of millions of Americans and contribute to the strengthening of local communities and an expansion of economic opportunities.


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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