Revolving Loan Fund (RLF)
RLF Community of Practice
The National Development Council (NDC) in partnership with Drexel University's Nowak Metro Finance Lab and the Community Reinvestment Fund (CRF) with support from EDA has launched a Community of Practice to strengthen the capacity of RLF operators. This initiative entails a robust schedule of training and professional development programs designed to enable RLF operators to better address the need for flexible, accessible, recovery and growth-oriented small business financing across the country. This Community of Practice (CoP) will build RLF organizational capacity, increase qualified high-impact deployment rates of RLF funding, and build an effective and sustainable RLF cohort.
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.