Join Staying Connected Call with OFN and Bank of America
Bank of America is now a Participating Guarantor in the USDA’s new Community Facility Direct Loan Program. Rural CDFIs are invited to join OFN and Bank of America on a Staying Connected Call on Tuesday, July 12 at 1:30 ET to learn how you can apply for an irrevocable letter of credit which is required to access new long term, low-cost fixed rate capital for critical community facility infrastructure.
Bank of America is willing to provide credit worthy CDFIs with the required guarantees to ensure that the full $500 million of capital available in the CF Direct Loan Program can be accessed.
On Tuesday, July 12 representatives from OFN and Bank of America will explain the process for CDFIs to apply for the required irrevocable letter of credit. Register for the call.
Editors note: Updated July 8, 2016
USDA Hosts Webinar About New Community Facilities Relending Program
Tomorrow, July 7, the USDA is hosting a webinar from 2PM–4PM ET about its new Community Facilities Relending Program. Register to join the call here.
This program enables rural CDFIs to access long term, low-cost fixed rate capital for investments in critical community facility infrastructure. The capital is currently at a 2.75% fixed rate for up to 40 years. Eligible CDFIs will work in high poverty and persistent poverty areas.
USDA Under Secretary Lisa Mensah said in the June 30, 2016, announcement about the program "With your help, we can penetrate deeper into rural America to reach more low income and low wealth communities and make an impact in the current fiscal year. As part of the Uplift America effort, this new program will bring stakeholders like you to the table and allow us to increase collaboration to finance projects and applicants that may otherwise not be able to access our programs."
Read the full announcement and learn more about applying here.
Editors notes: Published July 1, 2016