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Food and Agriculture Finance Update - December 12, 2017

CDFA Food and Agriculture Finance Update
December 12, 2017
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NCOSAFP & CDFA Food & Agriculture Finance Update


CDFA Member VT Economic Development Authority Has Record Year for AG Loans
The Vermont Economic Development Authority approved 344 financings in fiscal year 2017, totaling nearly $199 million and for the second year running, surpassing its prior loans to farms. "VEDA's two biggest areas of growth in FY2017 were tax-exempt conduit bonds and agricultural loans," said VEDA chief executive officer Jo Bradley. In the year ending June 30, VEDA issued $128.4 million in tax-exempt bonds.

Hudson Valley AgriBusiness Development Corp. Wins Federal Funding
The Hudson Valley AgriBusiness Development Corp. has received $100,000 in federal aid through the U.S. Economic Development Administration. The funding will be used to provide technical assistance for Hudson Valley AgriBusiness Development Corp.'s Farm & Food Funding Accelerator program, which aims to help farmers and food entrepreneurs develop the skills to scale their business through a intensive mentoring and training.

Campbell's Market Funded by 'Healthy Food for Ohio' Program
Finance Fund Capital Corporation, a statewide community development financing institution, recently provided funding for the new grocery store Campbell's Market in McArthur, OH, through its Healthy Food for Ohio (HFFO) program. 

FFAR Grants $9.4M to Spur Economic and Environmental Results for U.S. Farmers
The Foundation for Food and Agriculture Research, a nonprofit established through bipartisan support in the 2014 Farm Bill, today announced a $9.4 million grant to the Soil Health Institute, the Soil Health Partnership and The Nature Conservancy to improve soil health and, ultimately, support positive economic and environmental outcomes for American farmers.

USDA Farm to School Grant Helps MO Schools Source Food Locally
The Taney County, Missouri, Health Department was one of 65 recipients chosen from more than 300 applicants to receive the USDA's Food and Nutrition Service Farm to School grant. The program provides support and technical assistance to develop a sustainable farm to school community.

SBA 504 Loan Helps Promote Local Seafood Farming in FL
The property for the "sea" farm to table concept was purchased in 2014. Soon after opening, property owener Mike Sullivan sought the expertise of Florida First Capital to expand the operation by financing the construction of two new buildings using the SBA 504 Loan Program. The total project cost of $700k also included refinancing $200k of previous debt.

Bonds Funding New Ag. Barn in TX
The Klein Independent School District is building the new 14,770-square-foot Northcrest Ag Facility for agriculture students and their dozens of livestock. The construction budget for the agricultural science facility is $1.5 million, and the district is paying for the barn with funds derived from its 2015 bond referendum of $498.1 million.

$200K Loan Supports Lynchburg, VA Grocery Co-op
Grassroots Local Market says it's ready to build after it got the funding to move forward with construction. They got an approval of a $200,000 loan through the Lynchburg Economic Development Authority's Revolving Loan Fund and secured the funding necessary to build their cooperatively owned grocery store.

Baton Rouge Calls for Food Access Funding
As the Metro Council prepares to take up Mayor Sharon Weston Broome's proposed $918 million budget for next year, Together Baton Rouge is calling on the mayor to fund an initiative she backed on the campaign trail to increase food access in the parish's many food deserts.

Springfield, MA, Approves $7.5M in Bonds to Fund Food Service Center
The Springfield, Massachusetts, City Council approved a bond order of $7.5 million for the second phase of an estimated $21 million, state-of-the-art food service building on Cadwell Drive in East Springfield.

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The National Council of State Agricultural Finance Programs provides national representation for states that operate finance programs for farmers, ranchers, and the agricultural industry. Organized in 1984, the NCOSAFP is a non-profit organization that provides a forum for sharing ideas and serves as an information clearinghouse for its member state agencies. The Council provides information about state programs on farm finance issues and legislation developing in Washington, D.C. In addition, the Council is involved in the promotion and support of rural economic development programs. For more information about NCOSAFP, visit www.stateagfinance.org.

The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net.

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300


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