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Revolving Loan Funds Update
September 12, 2017
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Revolving Loan Fund Finance Update

Features

Proposed RLF Would Support Worker Ownership of Business
Senator Tammy Baldwin, of Wisconsin, introduced the Worker Owned Wealth Act, which would authorize multiple initiatives designed to support worker ownership of businesses, starting with a revolving loan fund that would provide low-interest loans through the Treasury Department for employees seeking to purchase or grow a stake of their company.

African American Chamber of Commerce of Wisconsin to Expand RLF
Their top priorities include creating a business-growth training program and expanding the revolving loan fund, established in 2014. Plans include transforming the fund into a Community Development Financial Institution(CDFI), which would enable the chamber to seek federal funds.

Cecil County, MD RLF Adds Microloan Component
The primary difference between the existing program and the new program is the addition of a microloan program component, Director of Economic Development Chris Moyer said, explaining that loans will range from $5,000 to $75,000, allowing more businesses to take out smaller loans to suit their needs.

Federal Revolving Loan Fund Could Help Hurricane Recovery Efforts
In massively flooded areas, property values decline dramatically– so nobody has effective equity against which to borrow for rebuilding purposes. A federal property-purchasing program, designed to help upgrades and re-sales, would send a surge of cash flowing through existing market institutions to encourage rebuilding.

GMEDC's Disaster Loan Fund Awards First Loan
Green Mountain Economic Development Corporation (GMEDC) was awarded a Rural Business Development Grant from USDA to create a Revolving Loan Fund for businesses affected by disasters. GMEDC closed its first loan of $15,000 on August 25th in Hartford, VT to DJ Enterprises/AC Lawn Mowing following extensive storm damage.

Millions in EPA Brownfields Funding Unused
The inspector general found that for half of the revolving loan fund agreements it reviewed, grant recipients did not re-loan funding or spend program income. Michael Goldstein, managing shareholder of the Goldstein environmental Law Firm said "If we want to truly create a loan incentive, then we need to make that loan program as efficient and as easy to use as possible."

EPA Brownfield RLF Supports Cleanup at Tecumseh, MI Site
The Michigan Department of Environmental Quality in June announced a grant and a loan, each worth $1 million, to be used by the property owner for brownfield redevelopment at the site. The U.S. Environmental Protection Agency's Revolving Loan Fund also provided a $150,000 for asbestos remediation and further demolition at the site.

Loan Program is a Success for Downtown Faribault, MN
Since the Downtown Commercial Rehabilitation and Exterior Improvement Program was approved in October 2016 with $300,000 of Small Cities Development Funds, 13 applicants have received loans for 21 addresses in Faribault's Central Business District. The flurry of activity leaves the fund with a balance of only about $33,000.

Dickenson IDA Reopens Business Loan Fund
The IDA created the Revolving Loan Fund in 2012 and has helped more than 10 local small businesses with loans ranging from $8,000 to $75,000. But with most of the original money already loaned, the IDA needed to cycle through repayment of those funds in order to build another pool of money to lend.

EDA's Revolving Loan Program: Helping Entrepreneurs Achieve the American Dream
Obtaining the capital needed to start or grow a business can often be an impediment to entrepreneurs looking to achieve the American Dream of business ownership. The U.S. Economic Development Administration (EDA) has worked to bridge this capital gap through its Revolving Loan Fund (RLF) program.

Revolving Loan Fund Continues Success in Galesburg, IL
The city loan only covers a "gap," or the portion of a requested loan that a traditional bank does not or will not cover. Oftentimes, the city loan helps business owners who have otherwise run out of options. Small-business owners cannot obtain the city loan unless they pledge to create a specified number of jobs in the community within two years.

Two Clean Water Projects in MD Funded By RLF
The Maryland Board of Public Works approved more than $6.9 million in loans and grants for water infrastructure projects to reduce pollution, improve drinking water quality and save energy and money state-wide. 

Upcoming Events
CDFA National Development Finance Summit

CDFA – Frost Brown Todd Infrastructure Finance Webcast Series
September 26-29, 2017 - Daily: 2:00 - 3:30 PM Eastern
The CDFA – Frost Brown Todd Infrastructure Finance Webcast Series will address current trends in financing the nation's most pressing infrastructure needs along with strategies for assembling capital, structuring the deal, and addressing critical financing gaps.


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


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