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CDFA Rural Development Finance Update - June 21, 2022

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Rural Development Finance Update
June 21, 2022
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Rural Development Finance Update

Features

Dive Into Development Finance with CDFA's Virtual Summer School!
CDFA Virtual Summer School is a week-long series of courses presented by the CDFA Training Institute. CDFA Virtual Summer School will offer three different training courses, all held online. Learn from our expert practitioners and experience CDFA's most interactive educational event of the year. These courses also qualify for the CDFA Training Institute's Development Finance Certified Professional Program!

Bank of America Pledges $40M to Expand Access to Primary Health Care
Bank of America is committing $40 million in low-cost, long-term capital that will finance the creation and expansion of community health care centers and other primary care facilities nationwide, especially in communities of color and rural and low-income communities. The bank is partnering with non-profit community development financial institutions (CDFIs) to disperse the funds.

Stronger Together - Federal Funding and Planning Strategies for Rural America
U.S. Department of Agriculture (USDA) Rural Development and U.S. Economic Development Administration (EDA) launched a joint resource guide to help community organizations access USDA and EDA resources to build strategies to boost economic development in rural America. The guide outlines programs and services that can be used to advance community and economic development in rural communities through four key focus areas and features information and links to USDA and EDA key priorities and resources.

Appalachian Community Capital Announces Over $1.9M in TA for 34 Development Projects
Opportunity Appalachia announced the selection of 34 projects to participate in a program to bring jobs, business support, and investment to Central Appalachia. The selected projects propose to create over 1,700 jobs and attract over $177 million in financing to develop manufacturing facilities; downtown development; community centers; health, wellness, and childcare centers; food and agricultural facilities; hotels; and retail enterprises in downtown and rural areas across Central Appalachia.

U.S. Department of Transportation Announces $41M Loan for Rural Road Safety Project in Oklahoma
The U.S. Department of Transportation announced that its Build America Bureau has provided a low-interest, long-term loan of $41.55 million to the Oklahoma Department of Transportation to finance 49 percent of the $85.97 million in eligible costs for the Rural Two-Lane Advancement And Management Plan (RAAMP). Under the Rural Projects Initiative (RPI), the loan is for nearly half the project costs instead of the customary 33 percent.

USDA Announces Framework for Shoring Up the Food Supply Chain
The U.S. Department of Agriculture announced details of a framework to transform the food system to benefit consumers, producers, and rural communities by providing more options, increasing access, and creating new, more, and better markets for small and mid-size producers. The package includes new aid to support food supply chain infrastructure outside meat processing, regional food business centers, a new organic transition initiative, and urban agriculture.

Defining Distress: Lessons from the Federally Chartered Regional Commissions
Widening geographic inequality in the United States has shifted federal policymakers' attention to investing in "places" as well as "people." Given the large proportion of rural places in the Appalachian Regional Commission, Delta Regional Authority, and Northern Border Regional Commission coverage areas, the use of "distress" by the commissions offers insights and lessons for reaching vulnerable rural communities.

Upcoming Events
CDFA Virtual Summer School

Intro Public-Private Partnership (P3) Finance WebCourse
June 29-30, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Intro Public-Private Partnership (P3) Finance WebCourse examines this emerging development finance model with a focus on how development finance agencies can adopt P3 principles to address a variety of projects. This course will cover basic P3 concepts, key players involved in transactions, asset valuation, contract negotiation, risk assessment, revenue stream development, and feasibility analysis.

CDFA // BNY Mellon Development Finance Webcast Series: Development Finance and the Cannabis Industry
Tuesday, July 19, 2022 - 2:00 PM - 3:00 PM Eastern
Across the country, 18 states have legalized recreational marijuana, and this list is expected to continue growing in the years to come. As the cannabis industry expands, there is significant opportunity for the development finance sector to play a role in financing the production and processing infrastructure, dispensary facilities, and overall business development. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore the creative financing approaches that are providing capital to the emerging cannabis industry, and the economic benefits to states that have legalized the sale of recreational and medical marijuana.

USDA Rural Development News

USDA Announces $503M to Improve Outdoor Recreation and Conservation on National Forests
The U.S. Department of Agriculture is investing more than half a billion dollars through the Great American Outdoors Act to address deferred maintenance, improve infrastructure, increase user access and support rural economies while also meeting conservation goals.

USDA Makes Available $200M to Strengthen U.S. Food Supply Chain
USDA is making available $200 million under the new Meat and Poultry Intermediary Lending Program (MPILP) to strengthen the food supply chain and create opportunities for small businesses and entrepreneurs in rural communities. The MPILP will provide grants of up to $15 million to intermediaries that will use this funding to establish a revolving loan fund to finance a variety of activities related to meat and poultry processing.

USDA and University of Kentucky Unveil Digital Placemaking Toolkit for Communities Across Rural America
U.S. Department of Agriculture (USDA) Rural Development Under Secretary Xochitl Torres Small announced that USDA and the University of Kentucky's Community and Economic Development Initiative of Kentucky unveiled a free digital toolkit to help rural leaders build placemaking plans in small towns and communities across America.

USDA Invests $770M to Expand Market Opportunities for Rural Businesses and People
U.S. Department of Agriculture announced that the Department is investing $770 million to help create new and better market opportunities for rural businesses and people in 36 states and Puerto Rico. The investments include $640 million for 122 projects to help people living in socially vulnerable communities through job training, business expansion, and technical assistance.


Rural Development Finance News

BFA Announces $61M in New Lending Programs for New Hampshire Businesses
InDepthNH | Jun. 20 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs) | Rural Development | Social Finance | State Finance Program

Wicker, Hyde-Smith Promote Tax Credit for Investments in Underserved Mississippi Communities
Y'all Politics | Jun. 20 | Access to Capital | Community Development | Legislative | Rural Development | Social Finance | Tax Credits

Arkansas Awaits $81.7M for Rural Businesses
Arkansas Democrat Gazette | Jun. 17 | Access to Capital | Federal | Rural Development | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury

Boosting Rural America's Housing Supply with USDA's Construction-to-Permanent Financing Program
USDA | Jun. 16 | Access to Capital | Federal | Rural Development

Broadband Moves Net Positive in Rural Michigan
The Alpena News | Jun. 15 | Access to Capital | Federal | Infrastructure Finance | Rural Development

Helping REVAMP ‘Rural, Rural' Communities in Wisconsin
Sawyer County Record | Jun. 15 | Access to Capital | Economic Development | Federal | Rural Development | U.S. Economic Development Administration (EDA)

Appropriations Committee Releases Fiscal Year 2023 Agriculture-Rural Development-FDA Funding Bill
The House Appropriations Committee | Jun. 14 | Access to Capital | Agriculture Finance | Federal | Food Systems Finance | Legislative | Rural Development

Talladega, St. Clair County, AL Business to Participate in Federal Loan Program
St. Clair Times | Jun. 3 | Access to Capital | Federal | Rural Development

Biden Administration Announces $32M to Advance Climate-Smart Mass Timber Construction, Expand Wood Markets
USDA | May. 27 | Access to Capital | Agriculture Finance | Federal | Infrastructure Finance | Rural Development

Topeka, Kansas Addresses Rural, Agricultural Issues
Kansas Farmer | May. 25 | Access to Capital | Agriculture Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development

Minnesota Passes Bipartisan Agriculture, Broadband, & Drought Relief Agreement
Minnesota Senate Republican Caucus | May. 22 | Access to Capital | Agriculture Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program

White House Looks to Help Smaller Cities Get Infrastructure Boost
Reuters | May. 19 | Community Development | Economic Development | Infrastructure Finance | Rural Development

CDFA Resources

Debunking Risk in Food System Lending
Agriculture Finance | CDFA Original Research | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development
Food and agriculture-related businesses are often perceived as too risky for traditional lending approaches, yet CDFA research tells a different story. This report, with loan-level data from over a thousand funds nationwide, demonstrates that food system loans perform and that revolving loan funds can successfully support local food system borrowers in their communities.

Stronger Together - Federal Funding and Planning Strategies for Rural America
Access to Capital | Federal | Rural Development | Agriculture Finance | Community Development | Economic Development | Energy Finance | Housing Finance | Infrastructure Finance | Innovation Finance | Revolving Loan Funds (RLFs) | Tribal Finance | Water Finance
U.S. Department of Agriculture (USDA) Rural Development and U.S. Economic Development Administration (EDA) launched a joint resource guide to help community organizations access USDA and EDA resources to build strategies to boost economic development in rural America. The guide outlines programs and services that can be used to advance community and economic development in rural communities through four key focus areas and features information and links to USDA and EDA key priorities and resources.

Defining Distress: Lessons from the Federally Chartered Regional Commissions
Access to Capital | Community Development | Economic Development | Innovation Finance | Legislative | Rural Development
Widening geographic inequality in the United States has shifted federal policymakers' attention to investing in "places" as well as "people." Given the large proportion of rural places in the Appalachian Regional Commission, Delta Regional Authority, and Northern Border Regional Commission coverage areas, the use of "distress" by the commissions offers insights and lessons for reaching vulnerable rural communities.


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

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  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
  • CohnReznick
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  • Ice Miller LLP
  • KeyBanc Capital Markets
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  • McGuireWoods
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  • NW Financial Group, LLC
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  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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