The January 4 newsletter of the Council of Development Finance Agencies (CDFA) has announced an official partnership with the U.S. Economic Development Administration (EDA). This partnership will help to build upon the decades long success of the EDA Revolving Loan Fund Program and will bring technical assistance, best practices and collaboration to the entire RLF network nationwide.
EDA Revolving Loan Fund Program is a staple of the federal economic development access to capital delivery system. The program, established in 1975, is designed to provide grants to state and local governments, political subdivisions, and nonprofit organizations to operate a lending program that offers low-interest loans to businesses that cannot get traditional bank financing. Grant recipients are required to manage their RLF according to their RLF administrative plan, a document that describes the lending strategy and administrative procedures for a specific RLF project. The EDA has charged CDFA with developing an education program which will help to improve this crucial program.
CDFA has worked with the EDA to develop an innovative technical assistance approach to better supporting and improving the more than 500 EDA funded Revolving Loan Funds in the United States. The CDFA EDA RLF Best Practices Program will include a diverse set of offerings that will encourage learning, best practice collaborations, evaluations of service efficiencies and improvements, and a comprehensive resource collection and dissemination process.
Key program elements will include:
EDA Revolving Loan Fund Training
CDFA will present its comprehensive Intro Revolving Loan Fund Finance Course once in each of EDAs six regions. The course curriculum will be tailored to address the specific needs of EDA RLF grantees with a focus on introductory elements related to program design, marketing, management, decision making, pre- and post-loan closing processing, disclosure and monitoring, underwriting strategies, program expansion, evaluations and program risk strategies.
EDA Revolving Loan Fund Webinar Series
Understanding that not all RLF grantees will have the resources or ability to attend in-person training, the CDFA EDA RLF Best Practices Program will offer an exclusive online learning environment through CDFAs established webcast system. This learning module will include twelve, ninety minute, webinars focused on specific RLF program management best practices.
EDA Revolving Loan Fund Peer-to-Peer Learning Exchange
CDFA and EDA will match low performing loan funds with high performing loan funds over the duration of the program in order to encourage learning from best practices. CDFA staff will lead conversations and pairings with most exchanges occurring as scheduled web meetings. Peer-to-Peer learning participants are encouraged to attend the regular webinars and then hold a follow-up meeting for a peer exchange on the same topic.
Webinar: Maximizing Revolving Loan Fund Impact / February 20, 2018 @ 2:00 PM Eastern
Revolving Loan Funds (RLFs) are finance tools that can be used to help grow small and mid-sized businesses. A RLF is a funding pool that replenishes itself through repayments of principal and grows through the payment of interest. While the majority of RLFs support local businesses, some target specific areas such as health care, technology, and infrastructure. Join our expert speakers as we explore some of the most successful EDA RLF programs in the nation.
Speakers will be announced soon.
Register in advance to confirm your participation and receive login information. Registration is free and open for all EDA RLF grantees. See https://www.cdfa.net/cdfa/cdfaweb.nsf/pages/edarlfprogram.html