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CDFI - Important Part of Infrastructure

The 8th Annual Governor’s Native American Summit was held last week at Utah Valley University in Salt Lake City, Utah.  Utah’s Rural Development State Director Wilson “David” Conine wanted to share with attendees the importance a community development financial institution (CDFI) can play in tribal development.  He turned to his counterpart, South Dakota Rural Development State Director Elsie M. Meeks who has over 20 years of experience working for Native community economic development.

Meeks recognized CDFI as an important part of the infrastructure for delivering consistent funding for housing and small business development activities that benefit low and moderate income people.  They combine multiple sources of public and private capital in order to make loans and investments available in ways tailored to the particular underserved geographies and types of businesses or borrowers.  Developing capacity among these types of organizations can increase utilization of USDA programs in a region, many of which provide long-term below-market capital for permanent improvements in rural areas.

Revolving Loan Funds Support Maine's Rural Small Businesses

Earlier this month, Revolving Loan Fund partners representing 13 Maine Intermediaries and 8 Microenterprise Development Organizations gathered at the USDA State Office in Bangor to listen to and share ideas for investing in rural Maine businesses. This meeting was one of dozens of Revolving Loan Fund Roundtables taking place around the country to assist USDA’s Intermediary Relending Program (IRP) and Rural Microentrepreneur Assistance Program (RMAP) providers share Best Practices and challenges encountered in financing business projects in rural areas. In Maine, there is approximately $9.3 million in existing revolving loan funds for credit-worthy businesses seeking capital.