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CDFA Revolving Loan Fund Finance Update - August 11, 2020

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Revolving Loan Funds Update
August 11, 2020
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Revolving Loan Fund Finance Update

Features

An Update on the WIFIA Loan Program
The U.S. EPA's Water Infrastructure Finance and Innovation Act Loan Program (WIFIA) was enacted in 2014 and became operational in 2017. WIFIA has now completed three solicitation rounds over the period 2017-2019, generating 90 competitively selected applications totaling $13.6 billion of loan volume, of which more than $5 billion has been closed.

EDA Invests $35.5M in CARES Act Funding to Capitalize RLF in Pennsylvania
The Economic Development Administration is awarding $35.5 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs that have been adversely affected by the coronavirus pandemic across Pennsylvania.

More Than $2.3M Awarded Through New York Forward Loan Fund
Governor Andrew M. Cuomo today announced that more than $2.3 million has been awarded to support 61 businesses and residential landlords with COVID-19 related costs and expenses through the New York Forward Loan Fund. Of the 61 loans, 54 were provided to minority- and women-owned businesses; ten loans were provided to residential landlords; two loans were awarded to veteran-owned businesses; and one loan supported a non-profit organization.

Small Businesses Got Emergency Loans, but Not What They Expected
The SBA's disaster relief program allows for loans of up to $2 million. But now they're capped at $150,000 — and agency officials are saying little about why. For nearly 70 years, the Small Business Administration's disaster relief program has helped companies recover from catastrophes including wildfires, hurricanes, and earthquakes. But it has never faced anything like the coronavirus crisis.

Program Focuses on Opportunities for Erie, PA's African American Entrepreneurs
With funding provided by ECGRA, the Erie Urban Entrepreneurship Program is managed by Bridgeway Capital which helps entrepreneurs of color develop and launch businesses through its Erie Minority-Owned Business Accelerator (EMOBA). According to ECGRA officials, the Erie Urban Entrepreneur Program offers a streamlined process, including a loan checklist with more relaxed lending standards.

SBA Announces New Community Advantage Recovery Loan Program
The Small Business Administration (SBA) recently announced a new COVID-19 recovery program, the Community Advantage (CA) Recovery Loan Program, that allows eligible CA Lenders to provide technical and financial assistance to assist small businesses located in underserved areas, as defined by SBA. Loans can be approved through September 27, 2020, and must be fully disbursed no later than October 1, 2020.

R.I. Infrastructure Bank Announces $1M for Aquatic Ecosystem Restoration Project in Westerly
Rhode Island Infrastructure Bank announced $1 million of financing to the Town of Westerly for an Aquatic Ecosystem Restoration Project which calls for the dredging of Winnapaug Pond and the planting of eel grass to restore the marsh. The loans are being financed through the Bank's Clean Water and Stormwater Infrastructure Fund (CWSIF) and are expected to reduce the Town's debt service by 33% throughout the duration of the loan.

How $659B in PPP Loans Are Being Spread Across Lenders, States, and Industries
The PPP represents an extraordinary step to solve an unprecedented challenge faced by small businesses, and banks that act decisively in deploying PPP loans stand to earn new clients and goodwill from regulators, as well as a slice of billions in loan fees. But banks are expected to process and approve a flurry of loans on a rapid timeline. On top of that, banks must now dedicate significant resources to processing loan forgiveness applications, a task that might be even more strenuous than approving loans.

Delaware County, OH Creates Small Business Revolving Loan Fund
A revolving loan fund authorized by the County Commissioners to assist Delaware County small business owners has grown to $3.25 million. The fund was recently launched with a $2.5 million infusion by the Delaware County Board of Commissioners.

Upcoming Events
CDFA Federal Financing Webinar Series: Federal Recovery Resources from NIST and MEP

CDFA-Bricker PACE Webinar Series: Policy and the Future of PACE
Tuesday, August 25, 2020 - 11:00 AM - 1:00 PM Eastern
This webinar will examine the next decade of PACE with a forward-looking view of how PACE will continue to evolve nationwide. PACE experts will explore ways in which the industry can expand PACE use to places that have yet to take advantage of this modern development finance tool. Learn how to tackle public policy hurdles and how to educate community leaders on the pros of PACE while ensuring accountability, transparency, and program effectiveness.

CDFA // BNY Mellon Development Finance Webcast Series: Investing in Childcare Facilities
Thursday, August 27, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will showcase various childcare facilities financing programs from across the country and highlight projects that have successfully utilized these tools.

Headlines

Amid Pandemic, Baltimore's Black-owned Businesses Struggle, but Some Are Finding New Support
Baltimore Sun | Aug. 7 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

Pennsylvania Industrial Development Authority Approves Funding for 6 Farms
Berks Community Television | Aug. 6 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs)

New Mexico Provides Loan Incentives to Assist Four Albuquerque Manufacturers
Area Development | Aug. 4 | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | State Finance Program | COVID-19

Alamance County, NC Announces Recovery Loan Program
Alamance Chamber | Aug. 4 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Emerging Farmers in Minnesota Can Receive More Help Getting Started
Red Lake Nation News | Aug. 4 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | State Finance Program | Microenterprise & Microloans | Revolving Loan Funds (RLFs)

Westchester County, NY IDA Approves Financial Assistance for Small Businesses and Not-For-Profits
NYREJ | Aug. 4 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Tulare County, CA Small Business COVID Relief Fund Taking Applications
The Recorder | Aug. 4 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

MEDC Receives $4.3M in Federal Money for Loan Funds
BizTimes | Jul. 31 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA) | COVID-19

Hays County, TX Launches $600K Small Business Assistance Program
Community Impact Newspaper | Jul. 31 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Niles, IL Trustees Discuss No-Interest Loan Program for Restaurants
Journal & Topics | Jul. 31 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Lender Seeks to Connect Black Owned Businesses to Capital
The Philadelphia Tribune | Jul. 31 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | COVID-19

Colorado Lending Source Establishes Small Business Loan Program for City of Trinidad
The Chronicle-News | Jul. 30 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Member News | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Loans Available for Businesses Impacted by COVID-19 in Eau Claire, WI
WQOW | Jul. 30 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

San Diego, CA To Receive $1.8M For Small Businesses Impacted By Coronavirus Pandemic
kpbs | Jul. 30 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Sidney High School Approved for State Loan to Upgrade Water System
Sidney Herald | Jul. 29 | Revolving Loan Funds (RLFs) | State Finance Program | Water Finance

Microloan Program Created for Memphis Small Businesses Threatened by Coronavirus
commercial appeal | Jul. 28 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Microenterprise & Microloans | Revolving Loan Funds (RLFs) | COVID-19

Federal Grant to Pay for Low-Interest Loans to Oregon Small Businesses Harmed by Pandemic
The News-Review | Jul. 28 | Access to Capital | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | State Finance Program | U.S. Economic Development Administration (EDA) | Microenterprise & Microloans | Revolving Loan Funds (RLFs) | COVID-19

TCF Bank Announces $1B Investment in Loans for Minority-Owned Businesses
Bridge | Jul. 28 | Access to Capital | Crowdfunding | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Social Finance | Revolving Loan Funds (RLFs) | COVID-19

Could a State-Owned Bank Help Strengthen California's Recovery Efforts?
Next City | Jul. 27 | Access to Capital | Revolving Loan Funds (RLFs) | State Finance Program | State Small Business Credit Initiative (SSBCI) | COVID-19

City of Aspen, CO to Grant Small Business Loans
The Aspen Times | Jul. 22 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

U.S. Dept. of Commerce Invests $13.1M in CARES Act Funds for Iowa's Small Businesses
Caffeinated Thoughts | Jul. 16 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | U.S. Dept. of Commerce (DOC) | U.S. Economic Development Administration (EDA) | Revolving Loan Funds (RLFs) | COVID-19

Two Nebraska Economic Development Districts Awarded Federal Grants to Support COVID-19 Response
EIN Presswire | Jul. 16 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | U.S. Dept. of Commerce (DOC) | U.S. Economic Development Administration (EDA) | Revolving Loan Funds (RLFs) | COVID-19


New Additions to the Online Resource Database

Recreation Economy at USDA: Economic Development Resources for Rural Communities
Access to Capital | Community Development | Economic Development | Infrastructure Finance | Innovation Finance | Revolving Loan Funds (RLFs) | Rural Development | Social Finance | Water Finance
USDA's Forest Service (FS), Rural Development (RD), and the National Institute for Food and Agriculture (NIFA) have developed this resource guide for rural communities to identify resources that develop the recreation economy.


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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