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CDFA Revolving Loan Fund Finance Update - December 13, 2022

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Revolving Loan Funds Update
December 13, 2022
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Revolving Loan Fund Finance Update

Features

Announcing the Return of CDFA's Fundamentals of Economic Development Finance Course
CDFA is proud to kick off the new year with the return of the Fundamentals of Economic Development Finance Course on January 25 and 26! This course will help attendees understand the variety of development finance tools available including bonds, tax credits, tax increment financing (TIF), federal financing programs, RLFs, Opportunity Zones, and access to capital lending resources.

JPMorgan Chase Commits $7.45M to Miami-Dade, FL Affordable Housing Push
JPMorgan Chase announced a commitment of $7.45 million to help increase the supply of climate-resilient affordable housing in Miami-Dade County, particularly in underserved neighborhoods. Nonprofits Miami Homes for All and Solar and Energy Loan Fund will share the funding. Miami Homes For All received a commitment of $4.45 million, while the energy loan fund will get $3 million.

Treasury Awards Louisiana Up to $113M to Support Small Business Growth Through SSBCI
The U.S. Treasury has approved Louisiana's application for up to $113 million in federal support for small business owners and entrepreneurs as part of the $10 billion State Small Business Credit Initiative (SSBCI). The majority of this allocation will be used for venture capital and seed programs. Disbursement of the full amount is dependent on hitting federal funding benchmarks for very small businesses and socially and economically disadvantaged individuals.

EPA Awards $105M to Oklahoma Water Infrastructure Improvements
The U.S. Environmental Protection Agency (EPA) has announced over $105M in Bipartisan Infrastructure Law (BIL) funding to the Oklahoma Department of Environmental Quality, Oklahoma Water Resources Board for water infrastructure improvements. The Oklahoma Drinking Water State Revolving Fund (DWSRF) capitalization grant is being awarded to the Oklahoma Department of Environmental Quality in the amount of $71M for its drinking water program.

New Daycare Facility in Brasher, NY Set to Receive $50K IDA Loan
A new daycare facility in Brasher is set to receive a $50,000 loan through the St. Lawrence County Industrial Development Agency. For the funding, $20,000 is slated to come from the LDC Microenterprise Revolving Loan Fund, with $30,000 set to come from the town of Brasher Microenterprise Revolving Loan Fund.

New Small-Business Loans Aimed at Northern Wisconsin
A Minnesota non-profit is expanding loans, grants, and consulting services to small businesses across much of northern Wisconsin. Entrepreneur Fund, of Duluth, says the effort has been fueled by $8 million from the state of Wisconsin initially aimed at seven northwest counties. Another five counties in the northern part of the state will be added by 2025, and five Native nations are included as well.

Cumberland County, PA Approves Additional $5.4M in ARPA Funding
The Cumberland County Housing & Redevelopment Authorities were allocated $500,000 in ARPA funds to address affordable housing and $250,000 for the creation of a land bank. The Cumberland Area Economic Development Corporation will receive $750,000 in recovery grants including $500,000 to reinstate a tourism product development grant program and $250,000 to develop a small business revolving loan fund program.

CDFA Food Systems Finance Best Practices Guidebook, Available Now!
Linking development finance and food systems can be a daunting undertaking for any community. Research on the current ecosystem of food systems finance has positioned CDFA to identify key strategies for the path ahead in this work. The Food Systems Finance Best Practices Guidebook defines how traditional development finance tools can be used to launch and expand food and agricultural-related businesses and projects and create successful food systems finance programs at the local and regional levels.

Black Business Investment Fund Inc. Receives $2M from Truist to Provide Capital for Small Businesses Across Central Florida
Truist Foundation and Truist Charitable Fund announced a $2 million grant to Black Business Investment Fund Inc. (BBIF), a community development financial institution built to foster the creation and expansion of Black businesses by providing loans, education, and training services. The grant will help create BBIF's Revolving Loan Fund that will provide loan capital for small business lending, targeting BIPOC and underserved small businesses across Central Florida.

Upcoming Events
Fundamentals of Economic Development Finance Course

CDFA Federal Financing Webinar Series: Tools for Economic Growth with Treasury and SBA
Tuesday, December 13, 2022 - 2:00 PM - 3:30 PM Eastern
This session will highlight the resources available at the U.S. Department of the Treasury and Small Business Administration to finance economic growth in distressed communities. Featured programs include the State Small Business Credit Initiative, the CDFI Fund, New Market Tax Credits, and other small business financing programs like SBA 504 and 7a.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Approaches to Meet Affordable Housing Needs
Tuesday, December 20, 2022 - 2:00 PM - 3:00 PM Eastern
Both urban and rural places in the U.S. are experiencing housing shortages, and affordability remains a major issue across much of the country. Public officials, development finance professionals, and private developers alike are working to address gaps in housing types and price points, but financing such projects often requires creativity. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, a panel of housing finance experts will discuss the tools, programs, and strategies that can be used to meet local demand for affordable housing options.

Headlines

Access to Capital for Entrepreneurs Receives $3.75M from Truist Foundation to Support Expansion Into South Georgia
Accesswire | Dec. 9 | Access to Capital | Revolving Loan Funds (RLFs) | Social Finance

Kansas to Invest $7M Into Rural Market Communities
KZRG | Dec. 8 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development

Revolving Loan Fund Program Provides 'Faire' Opportunities in Delaware
EDA | Dec. 6 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19 | Case Studies

Kent County, MI Approves $18M Toward Housing Fund
Grand Rapids Business Journal | Dec. 6 | Access to Capital | Community Development | Housing Finance | Revolving Loan Funds (RLFs)

Housing Trust Fund of Johnson County, IA Offers $1.2M for Affordable Housing
Corridor Business Journal | Dec. 2 | Access to Capital | Community Development | Housing Finance | Revolving Loan Funds (RLFs) | Rural Development

City of Eutaw, AL Awarded $5.6M in Funding for Water and Sewer Upgrades
ABC News | Dec. 2 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | State Revolving Fund

Vermont Officials Address Wastewater Infrastructure Needs in ARPA Spending Report
Bennington Banner | Dec. 1 | Community Development | Housing Finance | Revolving Loan Funds (RLFs) | Water Finance

CDA Launches Program to Diversify Colorado Ag Financing Options
Ark Valley Voice | Nov. 28 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | State Finance Program

FSA Microloans an Opportunity for Small, Beginning Farms
Ohio's Country Journal | Nov. 28 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | U.S. Dept. of Agriculture (USDA)

Minnesota Starts New Meat Processing Loan
Meat+Poultry | Nov. 28 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | State Finance Program | U.S. Dept. of Agriculture (USDA)

Conservation Fund Program Supports Local Farms, Local Food Near Metro Areas
Forbes | Nov. 27 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs)

Maine Farm Loans for Underserved Groups, Beginning Farmers
centralmaine.com | Nov. 27 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | Social Finance | State Finance Program

Construction Underway at Penacook Affordable Housing Site in Concord, NH
Concord Monitor | Nov. 25 | Access to Capital | Housing Finance | Revolving Loan Funds (RLFs)

$250M Texas Facilities Fund Created to Support Charter Schools in Underserved Communities
Houston Business Journal | Nov. 18 | Access to Capital | Community Development | Education | Revolving Loan Funds (RLFs) | Social Finance

Enterprise Zone Expansion Opens Loan Fund to Projects Throughout Mercer County, PA
Business Journal Daily | Nov. 17 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)


New Additions to the Online Resource Database

CDFA Food Systems Finance Best Practices Guidebook
Access to Capital | Agriculture Finance | Bond Finance | CDFA Original Research | Community Development | Development Finance Toolbox | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs) | Social Finance | Special Assessment Districts | Tax Credits | Tax Increment Finance (TIF)
Linking development finance and food systems can be a daunting undertaking for any community. Research on the current ecosystem of food systems finance has positioned CDFA to identify key strategies for the path ahead in this work. The Food Systems Finance Best Practices Guidebook defines how traditional development finance tools can be used to launch and expand food and agricultural-related businesses and projects, and create successful food systems finance programs at the local and regional levels.


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

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
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  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
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  • NW Financial Group, LLC
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  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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