Hickenlooper, Colleagues Reintroduce Bipartisan Bill to Spur Economic Development, Support CDFIs

Legislation would expand access to capital to more Americans
WASHINGTON –
U.S. Senator John Hickenlooper joined eleven of his Senate colleagues to reintroduce the bipartisan
CDFI Bond Guarantee Program Improvement Act
,
which would strengthen Community Development Financial Institutions (CDFI) to jumpstart economic development and increase access to capital for more Americans.
“CDFIs open doors for communities that traditional financing leaves behind,”
said Hickenlooper.
“Strengthening our CDFIs will deliver more small businesses, more jobs, and a stronger economy.”
CDFIs play a critical role providing financing to a wide range of small businesses, homeowners, and housing developers. The bipartisan bill will extend the authorization of the CDFI Bond Guarantee Program, which provides long-term, low-cost capital to CDFIs, and make it more reliable and accessible to smaller CDFIs.
The program’s authorization lapsed in 2014, but it has been extended on a year-by-year basis in annual appropriations bills. The bipartisan legislation would authorize the program for four years to provide greater certainty to borrowers and lenders.
Additionally, the
CDFI Bond Guarantee Program Improvement Act
will reduce the minimum loan size from at least $100 million to $25 million. It also removes the annual limit on guarantees to allow smaller CDFIs to use the program and to support more community development projects.
Full text of the bill available
HERE
.
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