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Economic Development Definition Released | NADCO NewsBriefs | 25 March 2015

Wednesday, March 25, 2015   (0 Comments)
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Definition of Economic Development Announced - View It Here
NADCO | 25 March 2015
As announced on yesterday’s Winter Board Meeting briefing call to the membership, the NADCO Board of Directors voted, on March 13, to approve a definition of “other local economic development activity.” Please find below the NADCO Board approved definition and process for "other local economic development activity" that is being submitted to the SBA for their consideration:

i. Adopt a definition of “other local economic development activity” as follows: “Other local economic development activity” as used in 13 CFR §120.825 shall mean CDC activity in its area of operations, either directly or through support of an affiliate, other than SBA 504 lending, which creates the conditions for economic growth and improved quality of life by expanding the capacity of individuals, firms, and communities to maximize the use of their talents and skills to support innovation, jobs creation, and responsibly produce and trade valuable goods and services.

ii. Adopt a policy which provides that Board approval of “other local economic development activity” be required and that such approval be accompanied by a specific Board finding that the activity complies with the definition suggested above; and

iii. Agree that a Board of Director’s characterization that an activity is “other local economic development activity” be conclusive absent manifest error.

Webinar: "Best Practices in Preparing Funding Packages" Afternoon of 4/15
DCF LLC | 25 March 2015
Please note that the CSA will be holding a webinar on best practices in preparing funding packages during the afternoon of April 15. While login details and an exact time have not yet been determined, DCF LLC advises that you create a hold on your calendar for that general timeframe until further details are released. 

NADCO's Spring Summit - Topics Announced!! - Early Bird ENDS 4/13
NADCO Events | 10-13 May 2015
Whether you are a CDC Executive, Member of a CDC Board or are an integral part of the business development team, the first Annual NADCO Spring Summit is a MUST attend event for you! Some of our key topics will discuss Regulatory & Policy Updates, SMART Reviews & Potential Harm, Governance, Loan Processing Takeaways, Economic Development Models, Eligibility & Franchise, and Marketing the 504. Hear from the experts and take home the knowledge you need to ensure the success of your CDC. Sign up today.

Franchise Agreement Comments Due to SBA by April 7
NADCO Regulatory | Due by April 7
SBA is seeking to gather information and public comments in regard to possible changes to its franchise requirements. Click the following link to view NADCO’s TI Memo with links to the SBA Federal Register Notice and instructions for submitting comments: TI Memo with links.

State by State One-Pagers: Your Borrower Could Represent 504s In Your State
NADCO Marketing | 19 March 2015
Be sure to submit one or multiple borrower stories for the states in which your CDC operates to NADCO by April 3 for our state-by-state one pager project. Submit stories here. | View an example one-pager here.


Fair Value Accounting Explanation by Ph. D. Economist
The Hill, 17 March 2015
In an article titled "The fairness of fair value accounting," Ann B. Schnare, who holds a Ph.D. in economics from Harvard University, compares the current Federal Credit Reform Act accounting rules to the proposed Fair Value Accounting Rules: Full article.

Business Finance Group Helps Seven Arrows Brewing Co. Create Six Jobs in VA
BFG Newsletter | 17 March 2015
Through a 504 equipment loan, BFG has recently helped entrepreneurs Aaron and Melissa Allen begin their half-million-dollar enterprise. Visit the brewery online 

Liberty SBF and CDC Help Revive Bank Turndown Deal
Release | 22 March 2015
In a loan that will turn a wavering hotel business around, Liberty SBF has used a 504 loan to transfer the property to fresh eyes, retaining jobs in Palm Desert, CA. View release. 

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