CDFA to Host Webinar on Federal Capital Access Tools for Preserving Small Businesses
COVID-19 has left many small businesses struggling to identify and obtain capital to retain employees and pay bills. Many have been forced to lay off workers or close altogether. During the March 9 installment of the CDFA Federal Financing Webinar Series, experts from the SBA, EDA, and USDA will provide an analysis of its small business support programs and discuss strategies for distributing capital to small businesses in disadvantaged areas.
New Mexico Sens. Heinrich, Luján, and Leger Fernández Announce $2.24M in CARES Assistance
U.S. Sens. Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.) and U.S. Rep. Teresa Leger Fernández (D-N.M.) are announcing $2.24 million in CARES Act Recovery Assistance grants that will be dispersed to northwest New Mexico. Of this, $990,000 will be used to capitalize a Revolving Loan Fund (RLF) to address the economic development needs of small businesses and entrepreneurs adversely affected by the pandemic in Cibola, McKinley, and San Juan counties.
How the Utah Legislature is Planning to Spend Another $915M in Upcoming Budget
Education, rural infrastructure, transportation, affordable housing, and homelessness were among the big winners in Utah's budget this year. The upcoming budget includes $115 million to create revolving loan funds to help cities and counties fund project areas, with $75 million set aside for Utah Inland Port Authority project areas and $40 million mostly for loans for rural broadband infrastructure.
CDFA to Host National SSBCI 2.0 Call - Thursday, March 11 at 3:00 pm ET
In anticipation of SSBCI being signed into law, CDFA will be hosting a National SSBCI Call with interested stakeholders to discuss SSBCI 2.0. During the call, we will discuss key SSBCI 2.0 questions and timelines. We will also discuss CDFA's plans for SSBCI education and future engagement. Several states have agreed to speak concerning their efforts to re-launch SSBCI programming. This call is open to anyone interested in learning about SSBCI 2.0.
Madison, WI Urban League Launches Loan Fund for Minority-Owned Businesses
The Urban League of Greater Madison is leading the effort to build an incubator for minority-owned businesses, which will also involve creating a revolving loan program to provide funding to businesses that plan to use the hub. The fund will begin with $250,000 in seed money from American Family Insurance Institute for Corporate and Social Impact, and the Urban League aims to grow the fund to at least $1 million by June 30.
New Affordable Housing Community in Arlington, VA Welcomes Residents
A leading developer of affordable housing in the Washington-Baltimore metro region has completed a $100 million development with 265 apartments for low- and moderate-income residents. The project's financing includes up to $20.9 million in revolving loan funds from Arlington County's Affordable Housing Investment Fund. The redevelopment also won $2.5 million in 9% Low-Income Housing Tax Credits (LIHTC) and approximately $1 million in 4% LIHTC tax credits.
Missouri Dept. of Natural Resources Awards $15M to Springfield for Wastewater Upgrades
The Missouri Department of Natural Resources awarded a $15 million low-interest loan to the city of Springfield through the Clean Water State Revolving Fund. Funding will cover the total cost of improvements to the city's wastewater collection system, including public sewer rehabilitation and inflow and infiltration reduction. These changes are expected to reduce sewer overflows and save the city's ratepayers an estimated $2.9 million in interest over its 20-year term.
Toledo-Lucas County Port Authority Receives $2.4M in CARES Funding
The EDA announced last week the award of a $2.4 million CARES Act Recovery Assistance Grant to the Toledo-Lucas County Port Authority to create a Revolving Loan Fund for businesses in Northwest Ohio. The EDA grant will be matched with $600,000 in local investment in establishing a $3 million loan fund.