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CDFA Revolving Loan Fund Finance Update - March 14, 2023

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Revolving Loan Funds Update
March 14, 2023
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Revolving Loan Fund Finance Update

Features

Register Today for the 2023 Federal Policy Conference!
Reserve your spot at the 2023 CDFA Federal Policy Conference on April 11-12, 2023, in Washington, D.C. CDFA, with sponsorship by Ice Miller LLP and the National Development Council, will bring together leaders from the Biden administration, Congress, federal agencies, and the development finance industry to discuss the massive infrastructure investments made by the 117th Congress as well as the development finance challenges that state and local governments continue to face. Space is limited; act fast!

$500M Available to Help Michigan Communities Prevent Damage From Natural Disasters
The Michigan State Police, Emergency Management, and Homeland Security Division is working to help local communities reduce risks from natural hazards and disasters. There is $500 million available for mitigation projects through the Safeguarding Tomorrow Through Ongoing Risk Mitigation (STORM) Act and accompanying Safeguarding Tomorrow Revolving Loan Fund Program.

Las Cruces, NM Approves Affordable Housing Proposal
The Las Cruces City Council unanimously adopted a resolution approving a pilot program for an affordable homeownership revolving loan fund, which will facilitate the development of affordable single-family housing in the city. The revolving fund will be initially supported at $500,000 from the Affordable Housing Trust Fund the city created in 2010.

Now Accepting Applications for the Caren S. Franzini Fellowship
The Caren S. Franzini Fellowship was created to build leadership positions for women in the field of development finance and to inspire them to embody Caren's spirit and professionalism. Franzini Fellows accepted into the program must be employed by a CDFA member and have worked in the development finance field for less than 10 years. Applications are being accepted through Friday, April 7, 2023.

$69M Earmarked to Help Kansas Entrepreneurs
NetWork Kansas and the Kansas Department of Commerce report that the GrowKs program has been funded for $69 million over the next nine years. It will help to strengthen the economic landscape for communities across Kansas through loans to entrepreneurs in the state looking to start or expand a business in numerous industries, including animal health, industrial technology, government, human resources, education, consumer products, and agriculture.

Spartanburg, SC Launching New Program to Support Small and Minority-Owned Business
A new program in Spartanburg aims to boost the county's self-employment and entrepreneurial success by creating a formal Resource Network of entrepreneurship and small business partners, connecting entrepreneurs and small businesses to local customers, increasing the supply of co-working and "micro-retail" spaces in Downtown Spartanburg, and developing a targeted small business loan fund to help small businesses access capital.

Tucson, AZ to Create Loan Fund to Help Minority-Owned Businesses
The city of Tucson has teamed up with the Tucson Industrial Development Authority, which helps small businesses and nonprofits secure financing, to create the AVANZA Revolving Loan Fund to supply loans to small business owners who are often underserved in the banking industry. The exact amount of funding has yet to be ironed out, but preliminary considerations are to invest around $6 million into the loan fund. That includes a tentative amount of $1.5 million from the city of Tucson, which the IDA is prepared to match.

Treasury Approves $339M for Small Businesses in Three States, Two U.S. Territories
The U.S. Department of the Treasury has announced the approval of five additional state and territory plans for up to $339 million in funding under the State Small Business Credit Initiative (SSBCI) in President Biden's American Rescue Plan: Arkansas, Guam, Rhode Island, the U.S. Virgin Islands, and Wisconsin. Treasury has now announced the approval of state and territory plans corresponding to over $6.6 billion in SSBCI funding to support small businesses and entrepreneurship and expand access to capital.

Upcoming Events
2023 CDFA Federal Policy Conference

CDFA Food Systems Finance Webinar Series: Access to Capital Tools & Food Systems
April 25, 2023 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, we will explore how these tools can be used in strengthening local and regional food systems and address some of the challenges that come with financing this sector.

Intro Revolving Loan Fund Course
May 1-2, 2023 - 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

New Jersey Bill Setting Up Hazard Mitigation Program Clears Budget Committee
EIN News | Mar. 14 | Access to Capital | Disaster Recovery & Relief | Infrastructure Finance | Revolving Loan Funds (RLFs)

Biden Budget Proposal Includes CDFI Fund, CDRLF Funding
CUNA | Mar. 9 | Access to Capital | Federal | Revolving Loan Funds (RLFs)

Small Business Loan Program Coming Soon in Adams County, PA
Gettysburg Times | Mar. 9 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs) | State Small Business Credit Initiative (SSBCI) | Treasury State Small Business Credit Initiative (SSBCI) | Legislative Activities | State Small Business Credit Initiative (SSBCI)

Mississippi School District Applies for $1M from Educational Facility RLF
Picayune Item | Mar. 7 | Access to Capital | Education | Revolving Loan Funds (RLFs)

Biden-Harris Administration Announces Actions, Investments to Create Fairer Markets
USDA | Mar. 6 | Access to Capital | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | U.S. Dept. of Agriculture (USDA)

West Virginia Infrastructure and Jobs Development Council Announces Funding for Water, Sewer Projects
Loot Press | Mar. 5 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Loan Performance Remains Strong as Farm Debt Grows
Federal Reserve Bank of Kansas City | Mar. 3 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs)

Walden Mutual Bank Seeks to Support Sustainable Food Systems
Speciality Food Association | Mar. 3 | Access to Capital | Food Systems Finance | Revolving Loan Funds (RLFs) | Resiliency

City of Texarkana, TX Awarded $1M EPA Loan
TXK Today | Mar. 1 | Brownfield Financing | Economic Development | Member News | Redevelopment | Revolving Loan Funds (RLFs)

Airports, EVs, Roads, Buses & More: $1.7B in Infrastructure Dollars Pour Into Idaho
Boise Dev | Feb. 27 | Energy Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | Water Finance | Broadband | Transportation | State Revolving Fund

Wisconsin to Receive $79.1M in SSBCI Funding to Support Small Businesses
Milwaukee Journal Sentinel | Feb. 24 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19

$11.3M for Clean Water Infrastructure Upgrades in Vermont
U.S. EPA | Feb. 24 | Infrastructure Finance | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | Water Finance | State Revolving Fund

Oregon Lawmakers Propose $200M Housing and Homelessness Package
The Register-Guard | Feb. 22 | Access to Capital | Housing Finance | Revolving Loan Funds (RLFs)

$11M Available for Minority- and Women-Owned Businesses in Ohio
Business Journal Daily | Feb. 13 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)



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
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  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
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  • NW Financial Group, LLC
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  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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