Economic Development Administration-capitalized Revolving Loan Funds offer a crucial source of gap financing to companies that would otherwise be unable to acquire capital through a traditional lender, with a combined finance base of more than $1 billion.
The statewide network of 400 RLF operators that EDA operates is expected to benefit from improved prospects for cooperation and collaboration, according to a Nov. 16 news release.
“The Revolving Loan Fund program is one of EDA’s oldest and most successful initiatives,” Assistant Secretary of Commerce for Economic Development Alejandra Castillo said in the release. “The RLF Community of Practice will enhance the ability of our network of RLF operators to efficiently direct federal funds to communities most in need.”
The National Development Council was founded in 1969, the release reported. It supports the growth and preservation of affordable housing, the creation of jobs through training and small business lending and the improvement of livable communities through investments in social infrastructure to increase the flow of capital for investment in low-income communities.
“The National Development Council is pleased to partner with EDA, [Community Reinvestment Fund] and Drexel University’s Nowak Metro Finance Lab for this important initiative,” NDC President Daniel Marsh said in the release. “The RLF Community of Practice will build RLF organizational capacity, increase qualified high-impact deployment rates of RLF funding and build an effective and long-term EDA RLF cohort.”
