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CDFA Revolving Loan Fund Finance Update - September 8, 2020

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Revolving Loan Funds Update
September 8, 2020
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Revolving Loan Fund Finance Update

Features

City of Providence, RI Announces Additional Resources for Small Businesses Impacted by COVID-19
Mayor Jorge O. Elorza today announced the Providence Business Loan Fund received $836,000 in additional resources from the Economic Development Administration through the CARES Act Recovery Assistance grant program to administer emergency loans for local small businesses affected by COVID-19.

Boston Local Development Corporation Receives $693K CARES Grant
the Boston Local Development Corporation has received a $693,000 CARES Act Recovery Assistance grant from the U.S. Department of Commerce's Economic Development Administration (EDA) to capitalize and administer a Revolving Loan Fund (RLF) to provide loans to coronavirus-impacted small businesses in Boston.

Montana Launches Loan Program as Unemployment Remains High
Gov. Steve Bullock announced on Thursday a new loan program to spur economic recovery in the wake of the coronavirus, as applications for unemployment assistance increased in Montana for the third consecutive week.

Decarbon8-US Fund Offers 3 New Climatetech Investment Opportunities Open to Everyone
E8, an angel investor community committed to cleantech for both profit and ecological sustainability, announced today that its new Decarbon8-US (D8) philanthropic impact fund will make its first equity investments in three startups that will boost electric vehicle adoption, carbon capture and hydrogen fuel infrastructure.

Farmers Increasingly Turning to Non-Traditional Lenders
A Kansas State University agricultural economist says that non-traditional lenders are becoming a bigger part of doing business in farm country. The majority of farmers use farm credit lenders and commercial banks to finance purchases of land, equipment, crop insurance, or other expenses. But there are three categories of lenders that producers are now turning to as alternatives.

Is This the End for America's Mom and Pop Stores?
Now economists fear that the economic shock of coronavirus will prove ruinous for tens of thousands of mom-and-pops, with dire consequences for not only the businesses affected but also the independent, entrepreneurial streak that is hard-wired into the nation's psyche.

Michigan Racial Equity Lender Issues First RACE4Progress Loans
Rende Progress Capital is deploying the first five loans in its RACE4Progress Loan Fund for entrepreneurs of color impacted by COVID-19. The Grand Rapids-based racial equity lender said that it immediately began processing applicants, approving funds, and deploying relief loans from its RACE4Progress fund established in June, which provides progressive, low-interest loans and a flexible application process for Kent County's "excluded entrepreneurs."

Legislation Introduced to Create New Soil Health Transition Loan Program
U.S. Representative Abigail Spanberger — Chair of the U.S. House Agriculture Committee's Subcommittee on Conservation and Forestry — announced the introduction of her legislation to establish a "Soil Health Transition Loan Program" at the U.S. Department of Agriculture (USDA) to support farmers and producers looking to start or strengthen existing conservation efforts on their farms.

Upcoming Events
Intro Infrastructure Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Understanding The Municipal Liquidity Facility
Tuesday, September 15, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, finance experts will discuss the Municipal Liquidity Facility's requirements, market trends since the MLF's launch, and what can be done to make the MLF an attractive option for issuers.

CDFA-Bricker PACE Webinar Series: PACE Program Capitalization
Tuesday, September 22, 2020 - 11:00 AM - 1:00 PM Eastern
PACE program financing can be provided through private third parties, public bonds, or a combination of both, and within those options, there are many creative approaches being implemented across the nation. In 2017, The Kresge Foundation made a $3 million program-related investment into the St. Paul Port Authority's "Trillion BTU" and "MinnPACE" loan programs. This was a first of its kind PRI to help the community on-board PACE. This webinar will explore this and other creative methods that communities can utilize to capitalize their PACE program.

Headlines

Washington County, WI Board to Vote on Creating Microloan Program
GMToday | Sep. 4 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Microenterprise & Microloans | COVID-19

Columbia, MO Micro Business Loan Application to Launch Sept. 15
Missourian | Sep. 4 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Wellness Business "Nourish u" Opens New Location With Help From Midwest Electric Loan
Hometown Stations | Sep. 3 | Food Systems Finance | Revolving Loan Funds (RLFs)

Santa Maria, CA Contributes Funds for Grants to Small Businesses
Santa Maria Times | Sep. 3 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

USDA Funding Aims to Help Barren County, KY Businesses
Bowling Green Daily News | Sep. 3 | Access to Capital | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | U.S. Dept. of Agriculture (USDA) | COVID-19

USDA is Investing $345K in South Dakota Rural Businesses
DRGNews | Sep. 3 | Access to Capital | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | U.S. Dept. of Agriculture (USDA) | COVID-19

Wisconsin and Minnesota Fuel Movement to Get More Black Farmers on Land
Duluth News Tribune | Aug. 31 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits

New Co-op Grocery Opens in Downtown Kansas City, KS
Wyandotte Daily | Aug. 31 | Bond Finance | Food Systems Finance | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Tax Credits | Tax Increment Finance (TIF) | Case Studies

EPA Awards $38.4M to Maryland for Water Quality Improvement Projects
EPA | Aug. 27 | Brownfield Financing | Revolving Loan Funds (RLFs) | Water Finance

Longview, WA Revolving Loan Fund Gets $540K CARES Funding Boost
The Daily News | Aug. 27 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

RESTAURANTS Act Gains Momentum
JD Supra | Aug. 25 | Disaster Recovery & Relief | Food Systems Finance | Legislative | Revolving Loan Funds (RLFs) | Tax Credits | COVID-19

Black Restaurateurs Always Had a Tough Road, Pandemic Has Made Money More Scarce
The Washington Post | Aug. 19 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

Farm Credit Quality Remains Solid in Pandemic
Capital Press | Aug. 13 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

City of Whitefish, MT Approves $11M in State Revolving Fund Loans for Water Project
Whitefish Pilot | Aug. 12 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program | Water Finance | Water Finance | Case Studies | Case Studies | Drinking Water

Dismantling Structural Racism in Community Development Finance
Impact Alpha | Aug. 11 | Community Development | Revolving Loan Funds (RLFs) | Tax Credits | Tribal Finance | U.S. Dept. of Treasury CDFI Fund


New Additions to the Online Resource Database

Financing Resilient Agriculture
Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | Tribal Finance
There are several existing agricultural lender initiatives that can inform the development of lending programs or products for resilient agriculture. This report derives five key lessons from these initiatives, including the need to understand the financial benefits of and barriers to resilient agricultural practices, design loan structures and requirements that correspond with the financial characteristics of those practices, utilize loan support to launch initial products, collect data on financial and environmental performance to show results and adjust credit rating processes, and consider other forms of support farmers may need to ensure successful practice adoption.


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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