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CDFA Revolving Loan Fund Finance Update - March 12, 2024

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Revolving Loan Funds Update
March 12, 2024
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Revolving Loan Fund Finance Update

Features

Last Call to Apply for the 2024 Caren S. Franzini Fellowship!
The Caren S. Franzini Fellowship was created to develop and recognize outstanding women in the field of development finance for their leadership and dedication to the advancement of the industry. This 6-month fellowship program, run through the CDFA Foundation, is open to women employed by a CDFA member organization who have worked in the development finance industry for less than 10 years. Apply by Friday, March 15!

Indiana Legend Fund Aims to Provide More Capital to Small Businesses
The Indiana Economic Development Corp. (IEDC) launched the Legend Fund, a loan participation program designed to help entrepreneurs and small businesses gain access to funds to fuel growth. The $29 million fund will distribute capital to local lenders to boost lending to small businesses, with a focus on historically underserved owners, and give non-traditional lenders an incentive to provide operating capital to Indiana-based businesses.

Register Today for the 2024 Federal Policy Conference!
Reserve your spot at the 2024 CDFA Federal Policy Conference on April 2-3, 2024, in Washington, D.C. CDFA, with sponsorship by Ice Miller LLP and Grow America, will bring together leaders from the Biden administration, Congress, federal agencies, nonprofit organizations, and finance agencies who will discuss a range of federal legislative and policy topics. Interact with reps from the Department of the Treasury, the Small Business Administration, and the Environmental Protection Agency. Space is limited; act fast!

GRADD RLF Provides Opportunities for Small Businesses in Kentucky
The Green River Area Development District's (GRADD) Revolving Loan Fund (RLF) provides low-interest direct loans to people needing aid in financing land and building purchases. The loan can go toward helping with equipment and inventory purchases, working capital, and other business-related expenses. Loans are available through GRADD for existing businesses or startups in the GRADD service area and range from $10,000 to $250,000.

New Mexico Bill to Include $125M for Housing Development RLF
Gov. Michelle Lujan Grisham signed three bills that she said would open the door for more investments in housing, roads, bridges, and other infrastructure. House Bills 177, 232, and 195 enable at least $200 million in spending, including $125 million in loans for new housing development, and add more staff for infrastructure planning and development.  The housing bill the governor signed allows the New Mexico Finance Authority to issue loans for housing development from a revolving fund that previously was only used for commercial development.

Minnesota Farmers Union Foundation RLF to Support Meat and Poultry Processors
Minnesota Farmers Union Foundation is now accepting loan applications from meat processors. The Foundation has a total of $900,000 in revolving loan funds (RLF) to distribute to support small and medium-sized meat and poultry processors through the Meat and Poultry Intermediary Lending Program. The program offers low-interest loans for the start-up, expansion, and operation of slaughter and further processing of meat and poultry. Funds can be used to purchase land or equipment, cover start-up costs, and make other business investments. Returned funds will be made available to new borrowers.

Oregon Housing Package to Include RLF for Middle-Income Housing
The Oregon Legislature is poised to vote on a $376 million housing package that would give cities more flexibility to build homes outside city limits. The package includes infrastructure funding, a new revolving loan for middle-income housing, more money for homeless shelters, and a boost to state rent assistance. It's a step up from the $350 million lawmakers initially proposed, though far less than the $600 million Kotek sought or her $550 million counteroffer, which included more money for building homes.

Hawaii to Receive $50M for Water Infrastructure Upgrades
Hawaii will receive over $50 million from the Environmental Protection Agency for drinking water and clean water infrastructure upgrades. The funding, at least half of which will be made available in the form of grants or principal-forgiveness loans, comes as part of a $5.8 billion investment via the Environmental Protection Agency's (EPA) Clean Water and Drinking Water State Revolving Funds, itself part of $50 billion in overall water infrastructure investment via the Biden administration's Investing in America agenda.

Brown Announces New Investment in Loan Program for Ohio Small Businesses
U.S. Senator Sherrod Brown (D-OH) announced that the Franklin County-based Economic & Community Development Institute is receiving a grant to support their existing revolving loan fund, which provides micro loans to small businesses in 66 counties around the state. This investment was awarded through the U.S. Department of Agriculture's (USDA) Rural Microentrepreneur Assistance Program.

Upcoming Events
2024 CDFA Federal Policy Conference

CDFA-Bricker Graydon Webinar Series: Revitalizing Brownfields with TIFs and Special Assessments
April 9, 2024 - 2:00 PM - 4:00 PM Eastern
Join expert speakers to learn how communities are diversifying their capital stacks by using tax increment financing (TIF) and special assessments to reimburse brownfield-related costs incurred while redeveloping these contaminated, functionally obsolete, blighted, historic, or otherwise eligible properties.

Intro Revolving Loan Fund WebCourse
May 13-14, 2024 - Daily: 12:00 PM - 5:00 PM Eastern
The Intro Revolving Loan Fund Course offers an in-depth look at RLF program development, implementation, and management. During this course, attendees learn the essential elements needed to operate a successful RLF program and discuss programs making a difference in communities throughout the country.

Headlines

Arkansas Drinking Water RLF to Provide $42M for Water System Projects
News From the States | Mar. 5 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Alabama Distressed Institutions of Higher Education RLF Provides Lifeline to BSC
AL.com | Mar. 5 | Economic Development | Education | Revolving Loan Funds (RLFs)

Kentucky Agricultural Finance Corp OKs $4.4M in Loans
Grayson County News | Mar. 2 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | State Finance Program

Minnesota's West Central Initiatives RLF to Support Nature-Based Education in Fergus Falls
Fergus Now | Feb. 27 | Economic Development | Education | Infrastructure Finance | Revolving Loan Funds (RLFs)

Solano, CA EDC Offering Loans for Small Businesses Hit by COVID
Daily Republic | Feb. 22 | Access to Capital | Disaster Recovery & Relief | Economic Development | Revolving Loan Funds (RLFs)

HCTC Awarded Nearly $2M from the Maine Department of Education RLF
The Ellsworth American | Feb. 21 | Education | Infrastructure Finance | Revolving Loan Funds (RLFs)

Lebanon, NH City Council to Consider Creating an RLF for Municipal Housing Development
Valley News | Feb. 20 | Access to Capital | Community Development | Housing Finance | Revolving Loan Funds (RLFs)

EPA's Clean Water and Drinking Water State RLF to Fund Ohio Water Infrastructure
Sherrod Brown U.S. Senator for Ohio | Feb. 20 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

New Mexico Geothermal Bill Includes RLF for Private Entities
Think Geoenergy | Feb. 16 | Energy Finance | Green Finance | Revolving Loan Funds (RLFs)

Sunnyside, WA RLF to Further Assist Small Business Owners
Sunnyside Sun | Feb. 15 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)

Virginia Announces $12.5M Available Through the Resilient Virginia RLF
Shore Daily News | Feb. 15 | Revolving Loan Funds (RLFs) | Resiliency | Water Finance

Bennington, VT Revolving Loan Program Boosts Businesses
Bennington Banner | Feb. 13 | Access to Capital | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs)

Oregon RLF to Fund Development of Middle-Income Housing Cut from $200M to $75M
Oregon Capital Chronicle | Feb. 13 | Community Development | Housing Finance | Revolving Loan Funds (RLFs)

Energy Efficiency Upgrades Supported by Minnesota RLF for Energy Audits
Senator Tina Smith | Feb. 13 | Economic Development | Energy Finance | Revolving Loan Funds (RLFs) | Resiliency



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

  • 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
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