Effective management approaches are necessary for an RLF to reach its full potential. Join CDFA and our panel of RLF experts in Denver, CO on November 3 for a discussion about best practices for borrower intake, evaluation, decision-making, servicing, and other aspects of loan fund management.

Bank of America Corp plans to deposit an additional $100 million into banks that focus on minority communities. The program doubles Bank of America's earlier pledge to deposit $100 million in minority depository institutions, or MDIs, that are mostly owned by minority individuals.

Pittsburgh is offering up to $3 million to help grow minority businesses through the city's Urban Redevelopment Authority. Despite a 30% growth in Black businesses from pre-pandemic levels in the past two years, many still struggle with things like access to capital and make up less than 5% (2.4%) of all U.S. businesses. The Minority Business Recovery & Growth Loan Fund provides access to capital to existing businesses in Pittsburgh.

Residents in Saginaw could soon see action taken related to affordable housing concerns and blight elimination. City Council members approved using $5 million in American Rescue Plan Act funds to create a revolving loan fund to address blighted homes and commercial buildings.

The Dayton City Commission approved the creation of the First Floor Fund (FFF) as one of Dayton's first investments from its nearly $140 million Dayton Recovery Fund. Through the program, the city plans to invest millions of dollars in startups and existing businesses that may have struggled to land traditional financial loans or other funds as a result of the COVID-19 pandemic.

Roughly $8.28 billion in relief funds have been disbursed to 162 community financial institutions across the country, through Treasury's Emergency Capital Investment Program. The funding regime is one of several pandemic relief programs meant to support community financial institutions — which provide loans, grants, and other assistance to small and minority-owned businesses that have difficulty getting funding from traditional banks.

Six Southern California financial institutions were named Wednesday recipients of nearly $330 million in federal funds aimed at providing loans and other assistance to small and minority-owned businesses. The awards of Emergency Capital Investment Program funds were part of $671 million doled out to 10 institutions across California, and nearly $9 billion nationally, according to the U.S. Department of the Treasury.

The Federal Emergency Management Agency (FEMA) announced that it would release a Notice of Funding Opportunity (NOFO) for the Safeguarding Tomorrow Revolving Loan Fund program before the end of the year. The Safeguarding Tomorrow through Ongoing Risk Mitigation (STORM) Act became law on Jan. 1, 2021, and authorizes FEMA to provide capitalization grants to states, eligible federally recognized tribes, Puerto Rico, and the District of Columbia to establish revolving loan funds that provide hazard mitigation assistance for local governments to reduce risks from natural hazards and disasters.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Tools to Invest in Clean Energy
Tuesday, October 18, 2022 - 2:00 PM - 3:00 PM Eastern

CDFA-Bricker Webinar Series: PACE and Traditional Lending Institutions
Tuesday, November 22, 2022 - 2:00 PM - 4:00 PM Eastern

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This report builds on previous publications to further examine the characteristics, financing experiences, and credit outcomes for three subsets of small business credit applicant firms: those that applied to only online lenders, those that applied to only banks, and those that applied to both online lenders and banks.

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