New Bipartisan Bill Would Increase Capital at Rural Community Banks
Bipartisan legislation introduced by U.S. Sen. Tim Scott (R-SC) would help community banks meet the credit needs of the local families, workers, and small businesses they serve by clarifying existing Federal Deposit Insurance Corporation (FDIC) policy to state that under safe circumstances, well-capitalized community banks, minority deposit institutions, and community development financial institutions may accept custodial deposits without facing additional regulatory requirements or scrutiny.
ARPA Final Rule – The "B-Sides Collection": Seeding RLFs
This discussion addresses capitalizing a local government's new RLF with individual, discrete loans. Bricker and Eckler address the U.S. Treasury's issued guidance as to using federal stimulus funding to seed local governments' revolving loan funds (RLFs). Specifically, the clearer guidance, via the final rule clarifying an earlier FAQ issued by the Treasury, as to the mechanics of seeding RLFs using ARPA fiscal recovery funds.
Colorado Taskforce Unveils Final $400M Affordable Housing Plan
The Affordable Housing Transformational Task Force is comprised of state lawmakers, nonprofit organizations, and housing developers. The new affordable housing plan lays out how lawmakers should spend the more than $400 million in federal relief funds Colorado received to address housing affordability through creating new revolving loan funds, supporting nonprofits with more grants, creating new building incentives, and strengthening existing programs.
Montana Launches New Program to Help Businesses Invest and Grow
Governor Greg Gianforte announced Montana entrepreneurs have a new tool to grow their businesses. Approved by the governor in December, the Montana Down Payment Assistance Program is a public-private partnership between the State of Montana and Montana's banks, credit unions, and economic development agencies.
Pennsylvania Gov. Announces $168M Investment in Water Infrastructure Projects in 13 Counties
Building on his commitment for a Lead-Free PA, Governor Tom Wolf has announced the investment of $168 million for 15 drinking water, wastewater, and stormwater projects across 13 counties through the Pennsylvania Infrastructure Investment Authority (PENNVEST). Funding sources include recycled loan repayments from previous PENNVEST funding awards, state funds approved by voters, and federal grants from the EPA.
Gov. Northam Announces Launch of Virginia Small Business Resiliency Fund
Gov. Ralph Northam has announced the launch of the new Virginia Small Business Resiliency Fund program and more than $9.7 million in grants has been awarded for 12 projects throughout the Commonwealth. The funding will assist organizations to create programs and products that will expand access to capital and provide technical assistance for COVID-19 impacted small businesses.
New $100M Fund Launches to Back Philly's Black & Brown-Owner Businesses
Philadelphia community aid groups and commercial banks have joined to fund a new loan program for Black and Brown business owners in the region, with the goal of lending $100 million over the next four years. The Philadelphia Growth, Resiliency, Independence, Tenacity (GRIT) Fund has so far garnered commitments of loans and grant money totaling just over $13 million.
Multi-Million Loan to Support Clean Energy in El Centro, TX
The North American Development Bank and Sol Orchard Imperial 1, LLC executed a $22.9 million loan increase to support capital investments, including replacement of all the inverters in the El Centro Solar Park, owned by Excelsior Energy Capital in El Centro to increase energy production.