Revolving Loan Fund (RLF)
Equitable Lending Leaders
The Institute for Local Self-Reliance (ILSR) and Recast City are recruiting RLF recipients for the first cohort of the Equitable Lending Leaders (PDF) Program funded through Economic Development Administration’s (EDA) Research and National Technical Assistance. The award will be used to provide direct technical assistance to support RLF recipients in ways that promote equitable lending strategies and outcomes via a collaborative approach that will focus on peer-to-peer mentoring.
Changes to RLF Reporting
Through the summer of 2021, EDA launched a new Salesforce application (“RLF Portal”) for Revolving Loan Fund (RLF) reporting that is accessible at https://edagrants.force.com/RLF/s/. Other reporting requirements for RLF awards shall be submitted to EDA as previously described by your RLF Administrator. EDA continues to provide training and support for RLF recipients preparing and submitting financial reports to promote successful adoption of the RLF Portal. Contact firstname.lastname@example.org with questions or for further assistance.
EDA Release of RLF Awards (“De-federalization”)
The National Association of Development Organizations (NADO) hosted a webinar about EDA’s implementation of the Reinvigorating Lending for the Future Act (RLF Act). The webinar recording is linked here and the slide deck is linked here (PDF). EDA is inviting eligible EDA RLF operators to submit written requests asking EDA to release its federal interest in RLF awards. Please direct any further questions to your EDA Regional Office.
EDA provides Economic Adjustment Assistance (PDF) grants to eligible recipients to capitalize or recapitalize lending programs that service businesses that cannot otherwise obtain traditional bank financing (and in limited situations to governmental entities for public infrastructure). These loans provide access to capital as gap financing to enable small businesses to grow and generate new employment opportunities with competitive wages and benefits. Financing also helps retain jobs that might otherwise be lost, create wealth, and support minority and women-owned businesses.
RLF Program Fact Sheet (PDF)
Information on how to apply, eligibility, etc., can be found in EDA’s FY 2020 Public Works and Economic Adjustment Assistance Programs Notice of Funding Opportunity (PWEAA NOFO).
Examples of how small businesses are plugging into EDA-supported Revolving Loan Funds to ensure their continued growth and success can be found on our RLF success stories page.
A sortable list of EDA-funded RLF Recipients is available here (XLSX). Information includes organization name, city, state, webpage and lending area.