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CDFA COVID-19 Recovery & Relief Update - November 3, 2020

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COVID-19 Recovery & Relief Update
November 3, 2020
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COVID-19 Recovery & Relief Update


Last Chance to Register for CDFA's Virtual National Summit: Financing Our COVID Recovery
As Americans cast their ballots, CDFA believes this is the time to facilitate conversations focused on community improvement and combating the impact of COVID-19. There is still time to register for the 2020 CDFA Virtual National Summit as we explore the financing programs and resources available to mitigate the impacts of COVID-19. Join us, along with expert speakers from across the country, as we discuss, plan, and prepare for the development finance industry to lead the charge with our recovery.


As COVID-19 Cases Surge, the Country's Economic Recovery Is Losing Steam
Leading up to Election Day, the last glimpse many American voters will have of economic recovery across U.S. metropolitan areas is one of tepid and uneven progress. COVID-19 infections have been rising over the past few weeks, hitting a seven-day record of more than 500,000 cases last week. Alongside this alarming trend, monthly indicators point to rising uncertainty around the pace of economic improvement.

What An Equitable Pandemic Recovery Looks Like: Part 1
COVID-19 has highlighted the inequities that prevail in communities throughout the nation. In Kansas City, the Black-white wealth gap has not improved in 20 years, despite the (often inadequate) attempts to bolster Black Americans' participation in the American dream. In fact, the gap has widened.

Main Street Loan Demand Surges on Cerebro Capital's Platform
Cerebro Capital, a commercial loan platform, announced that middle-market borrowers have been actively using Cerebro's platform to help secure over $300 million of the Federal Reserve's Main Street Lending Program (MSLP) loans over the past five months. In October alone, Cerebro clients have closed over $60 million in MSLP loans, representing the largest increase in MSLP loan activity Cerebro has seen.

Economic Stewardship in Times of Crisis
The COVID-19 pandemic has illustrated what happens when the government fails to deliver on what Americans expect and need. Americans believe that it is the responsibility of the U.S. government to keep its people safe and sound, invest for the future, and be good stewards of taxpayer dollars and well-regulated markets—in short, to create a fair system that gives everybody a shot at the American dream.

Ability to Address ESG Risk Will Increasingly Differentiate Credit Quality After Pandemic
The effects of the coronavirus pandemic will leave municipal market issuers facing competing priorities in their efforts to address the growing challenges posed by environmental, social, and governance (ESG) issues. The need to prepare for long-term future risks such as climate change will continue to grow, even as a more austere budget environment intensifies funding challenges.

Vermont Economic Development Authority Secured $75M in Loans and $11.7M in PPP in 2020
 The Vermont Economic Development Authority (VEDA) approved $75 million in financing assistance for 439 Vermont businesses and farms during its fiscal year. VEDA also approved $11.7 million in Paycheck Protection Program (PPP) forgivable loans for 264 Vermont businesses and farms as part of its support of federal and state economic disaster relief programs.

Oakland County, MI Lays Out Ambitious Economic Development Plan for COVID-19 Pandemic Recovery
Oakland County unveiled its economic plan to recover from the impact of the coronavirus recession and revitalize its largest city. The strategic action plan is built around the strategies of stabilizing businesses impacted by the recession, policies that aid in business recovery, diversifying the county's industries, and ongoing implementation of those economic development efforts, the county said in a press release.

Upcoming Events
CDFA Virtual National Summit: Financing Our COVID Recovery

CDFA // BNY Mellon Development Finance Webcast Series: Financing Resilient Infrastructure
Tuesday, November 17, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will analyze how to finance the built environment to mitigate disaster and protect human life.

CDFA-PFM Capital Markets Webinar Series: An Advanced Discussion on Ratings
November 19, 2020 - 2:00 - 3:30 PM Eastern
During this installment of the CDFA-PFM Capital Markets Webinar Series, we will gather experts from the leading rating agencies for a timely discussion on ratings, long-term outlooks, and how municipal advisors determine the importance of rating deals.

State & Local Programs

Business Relief Programs Offered by the State of Ohio
Holbrook & Manter | Oct. 31 | Access to Capital | Disaster Recovery & Relief | State Finance Program | COVID-19

$2M in COVID Relief Grants Now Open for Washington State Nonprofits
Washington State Dept. of Commerce | Oct. 29 | Access to Capital | Crowdfunding | Disaster Recovery & Relief | Social Finance | State Finance Program | COVID-19

Trenton, NJ Launches New Job Creation Loan Program
Insider NJ | Oct. 28 | Access to Capital | Disaster Recovery & Relief | Economic Development | Food Systems Finance | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Federal Financing Programs

Agency Seal U.S. Dept. of Agriculture (USDA)

Distance Learning & Telemedicine Grants
The Distance Learning and Telemedicine program helps rural communities use the unique capabilities of telecommunications to connect to each other and to the world, overcoming the effects of...

Agency Seal U.S. Dept. of Commerce (DOC)

Scaling Pandemic Resilience Through Innovation and Technology (SPRINT) Challenge
This $25 million national competition is designed to support the development, creation, or expansion of programs that accelerate technology-based economic development in pursuit of vibrant,...

Agency Seal Export-Import Bank of the United States (EXIM Bank)

Working Capital Loan Guarantee Program
Working Capital Loan Guarantees can empower exporters to unlock cash flow and take on new business abroad. Exporters can borrow more with the same collateral, secure performance, bid bonds needed to...

The Council of Development Finance Agencies 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 CDFA.net or email info@cdfa.net

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300


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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
Become a Sponsor