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CDFA Revolving Loan Fund Finance Update - October 11, 2022

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Revolving Loan Funds Update
October 11, 2022
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Revolving Loan Fund Finance Update

Features

Learn How to Run an Effective RLF at the CDFA National Development Finance Summit, Presented by CHFA
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 to Invest $100M in Deposits to Minority-Owned Banks
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 Urban Redevelopment Authority Offering $3M to Help Grow Minority-Owned Businesses
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.

Saginaw, MI to Spend $5M in ARPA Funding for Housing and Blight Elimination
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.

New Program in Dayton, OH to Invest $7M in New, Expanding Small Businesses Throughout Commercial Corridors
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.

U.S. Has Sent $8.28B in Pandemic Funds to Local Lenders
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.

Southern California Banks Awarded $330M for Small Business Loans, Support
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.

FEMA Establishes Revolving Loan Fund for Local Resilience Projects
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.

Upcoming Events
CDFA National Development Finance Summit

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
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, experts will provide an overview of the resources and financing tools - such as PACE financing, green bonds, and energy tax credits - that can help communities seize the benefits of investing in clean energy.

CDFA-Bricker Webinar Series: PACE and Traditional Lending Institutions
Tuesday, November 22, 2022 - 2:00 PM - 4:00 PM Eastern
Since the origins of PACE financing in the early 2010s, PACE lenders have been primarily non-traditional lending institutions. However, with the explosive growth of PACE across the country, the traditional lending world has begun to enter the PACE market. In this session, attendees will get an overview of the PACE lending history and the influx of traditional lending institutions across the country.

Headlines

USDA Rural Program Allowing $360K to Be Loaned to Beatrice Community Hospital
News Channel Nebraska | Oct. 4 | Access to Capital | Community Development | Healthcare | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)

Bond Sales Helping Stark County, OH Finance Ongoing Development for Hall of Fame
The Repository | Oct. 2 | Access to Capital | Bond Finance | Revolving Loan Funds (RLFs) | Tax Increment Finance (TIF)

Amazon Expands Program to Loan Small Sellers Up to $250K
Chain Store Age | Sep. 30 | Access to Capital | Revolving Loan Funds (RLFs) | EC-Tech

Astoria, OR Food Hub to Focus on Local Sourcing
Yahoo!News | Sep. 30 | Access to Capital | Crowdfunding | Food Systems Finance | Revolving Loan Funds (RLFs)

Indiana Task Force Seeks Balance in Boosting Affordable Housing
Inside Indiana Business | Sep. 30 | Access to Capital | Community Development | Economic Development | Housing Finance | Revolving Loan Funds (RLFs)

PVGrows Aims to Attract Investors for Fund that Supports Farmers, Food Businesses
Daily Hampshire Gazette | Sep. 29 | Access to Capital | Agriculture Finance | Crowdfunding | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs)

Over $140M Provided for Arkansas Waste and Wastewater Projects
Stuttgart Daily Leader | Sep. 28 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | Water Finance | State Revolving Fund

Pittsburgh, PA Biotech Industry to Expand Reach With $35M in New Funding
Pittsburgh Post-Gazette | Sep. 22 | Access to Capital | Economic Development | Innovation Finance | Revolving Loan Funds (RLFs) | State Small Business Credit Initiative (SSBCI)

Valley Strong Applies to Form Local CDFI Helping Underserved Small Businesses
Bakersfield | Sep. 21 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)

Missouri Lawmakers Push Ahead on Tax Cuts, Rural Credits in Special Session
Missouri Independent | Sep. 21 | Access to Capital | Agriculture Finance | Legislative | Revolving Loan Funds (RLFs) | State Finance Program | Tax Credits

Alaska Moving to Implement New Farm Loan Forgiveness Law
Frontiersman | Sep. 21 | Access to Capital | Agriculture Finance | Legislative | Revolving Loan Funds (RLFs) | State Finance Program

Maryland Approves $10M for Wastewater, Stormwater Infrastructure
WaterWorld | Sep. 19 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Miami County, OH Considers $1.3M for Workforce Study, Development, Loans
Dayton Daily News | Sep. 16 | Access to Capital | Community Development | Economic Development | Housing Finance | Revolving Loan Funds (RLFs)

SLDC Releases Roadmap to Economic Justice with $250M Already Earmarked
NextSTL | Sep. 16 | Access to Capital | Community Development | Economic Development | Redevelopment | Revolving Loan Funds (RLFs) | Social Finance

Lawrence County, PA to Receive $1.2M for Small Business Loan Program
The Business Journal | Sep. 16 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)

$200M Investment in Illinois Water Infrastructure
ABC 20 | Sep. 12 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | State Revolving Fund

The BIPOC Loan Fund is Helping Small Tucson, AZ Businesses
KJZZ | Sep. 12 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs) | Social Finance


New Additions to the Online Resource Database

Clicking for Credit: Experiences of Online Lender Applicants From The Small Business Credit Survey
Access to Capital | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Social Finance
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.


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

  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • Cirrus Secure
  • CohnReznick
  • Frost Brown Todd LLC
  • Hawkins Delafield & Wood LLP
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  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
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  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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