CDFA Revolving Loan Fund Finance Update - July 10, 2018

Revolving Loan Funds Update
July 10, 2018

Features

Dixon, IL Group to Offer Microgrants to Businesses

The Dixon Chamber of Commerce and Main Street is looking to give a financial bump to start-ups and growing businesses. In addition to microgrants, a revolving loan fund also will be available to those businesses to fill a financing gap in a development project working with a chamber member bank.

Galveston, TX RLF Supports Historic Rehabilitation

The Galveston Historical Foundation's revolving fund, a long-standing revitalization initiative targeting vacant, under-utilized and endangered historic properties, has supported the restoration of more than 40 historic residences and 35-plus commercial structures.

Federal Tax Credits and Local Dollars Keeping Akron, OH Lively

The New Markets Tax Credits program, alongside ambitious local funds like the Akron Community Revitalization Fund, are helping Akron, OH build itself back up after suffering a decades-long decline in jobs and population.

Milwaukee, WI Common Council Approves $1M Minority Business Fund

The fund is particularly aimed at minority contractors, to help them with commercial development and business development. The loan fund is available for small businesses, particularly subcontractors, to use toward business operations such as payroll reimbursement, bonding and equipment purchases.

Eleven Projects Receive Better Buffalo Funding

The Governor has committed $40 million to the Better Buffalo Fund, via $30 million in Buffalo Billion I and $10 million in Buffalo Billion II. Through three rounds of the program, the Better Buffalo Fund has awarded more than $28 million to 46 projects.

What Congress Will Appropriate for Water Infrastructure

State revolving funds that finance local sewer and drinking water projects would receive $2.86 billion in federal funds in fiscal 2019 under a spending bill unanimously approved by the Senate Appropriations Committee.

Paxton, IL Seeks Approval to Use RLF Money for Streetscape

By the end of this year, the city of Paxton hopes to have secured the state's approval for the city to use its remaining $1.2 million in revolving-loan funds toward the improvement of Paxton's downtown streetscape.

New Loan Program Will Support ME Farmers

The maximum loan amount is $25,000, and loans can be taken out at a one percent fixed interest rate for a term of up 30 years. Loans can fund up to 90 percent of projects costing $100,000 or less, and up to 75 percent of projects costing over $100,000.

Upcoming Events

CDFA EDA Revolving Loan Fund Webinar Series: Strategies for Addressing Non-Performance and Loan Defaults
August 14, 2018 - 2:00 PM Eastern

Successful RLF programs always make every attempt to craft a good loan. Some businesses, though, will inevitably struggle to repay. How your fund handles loans and borrowers during this difficult period can help minimize losses and maximize recovery. As part of the CDFA EDA RLF Best Practices Program, this webinar will highlight a variety of corrective action strategies and proactive approaches that can successfully reduce defaults.

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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

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