EDA: $3 Million in CARES Act Recovery Assistance Invested to Capitalize Revolving Loan Fund to Serve Small Businesses in South Central Louisiana
Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $3 million CARES Act Recovery Assistance grant to the South Central Planning and Development Commission, Houma, Louisiana, to capitalize and administer a Revolving Loan Fund. This grant will provide gap financing to small, local businesses in…
CFPB: Agency to Examine Colleges’ In-House Lending Practices
CFPB Publishes Oversight Protocols for Institutional Student Lending Today, the Consumer Financial Protection Bureau (CFPB) announced it will begin examining the operations of post-secondary schools, such as for-profit colleges, that extend private loans directly to students. The CFPB is issuing an update to its exam procedures including a new section on institutional student loans. As…
HUD: $83 Million Announced to Deliver Equitable COVID-19 Relief to Tribal Communities
The U.S. Department of Housing and Urban Development (HUD) today announced the awarding of more than $83 million in Indian Community Block Grant-American Rescue Plan (ICDBG-ARP) grants to 74 Tribal communities to prevent, prepare for, and respond to the COVID-19 pandemic. This is the third round of ICDBG-ARP awards, underscoring the Biden-Harris Administration’s commitment to…
OCC: SoFi Bank, National Association Conditionally Approved for Full Service OCC Bank Charter
The Office of the Comptroller of the Currency (OCC) today conditionally approved applications from Social Finance Inc. (SoFi) to create SoFi Bank, National Association (SoFi Bank, N.A.), as a full service national bank headquartered in Cottonwood Heights, Utah. As part of the transaction, SoFi Bank, N.A. will acquire Golden Pacific Bank, National Association, a national…
HUD: FHA Real-Estate Owned Property Purchase Opportunities Expanded for Owner-Occupied Buyers
Expanded exclusive listing period increases priority purchase opportunities on HUD-owned single-family homes for owner-occupants, HUD-approved nonprofits, and governmental entities. The Federal Housing Administration (FHA) on Thursday announced it is increasing its exclusive listing period on certain HUD single-family real-estate owned (REO) homes to allow more time for owner occupants, HUD-approved nonprofit organizations, and governmental entities to submit…
SBA: Council on Underserved Communities Holds First Virtual Meeting
On Tuesday, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 32.5 million small businesses in President Biden’s Cabinet, joined John W. Rogers, Jr., Chairman of the Council on Underserved Communities (CUC), to hold the first meeting of the reconvened council. “I’m excited for this kick-off as the CUC and its important mission…
EDA: $2.3 Million Invested for Broadband Infrastructure in Anacortes, WA
Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $2.3 million grant to the city of Anacortes, Washington. This project will support the installation of broadband infrastructure throughout Anacortes, expanding high-speed internet service to all of the city’s households, and providing additional connectivity to local…
EDA: $1.6 Million Invested to Support Foreign Business Investment in Binghamton, NY
Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.6 million grant to the Research Foundation for the State University of New York, Binghamton, New York. This investment will support the Southern Tier Soft Landing Program, to attract foreign business investment in Upstate New York…
EDA: $1.6 Million Invested to Support Development of New Business and Healthcare Infrastructure in King and Queen County, VA
Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.6 million grant to King and Queen County, Virginia. This project will address a pressing need for new medical and business development space in King and Queen County by supporting the construction of a multi-tenant, pre-engineered…
EDA: $955,000 Invested to Improve Transportation Infrastructure in Moscow, ID
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $955,000 grant to the city of Moscow, Idaho. This investment will provide for the construction of a new bridge on Paradise Creek, to support local businesses in the medical and agricultural sectors of the economy. The 24-foot, single-span bridge will replace a…