University of IL Builds New $20M Feed Mill with Bonds
The Department of Animal Sciences at the University of Illinois announced that work will begin on the $20 million state-of-the-art Feed Technology Center. It will be built and owned by Provident Foundation Inc., a nonprofit group that has been contracted. Bonds issued through the Illinois Finance Authority will pay for the projects. The UI will pay rent to cover the annual bond payments and take over ownership of the buildings once they're paid off.
How West Oakland, CA Financed Its Own Grocery Store
A direct public offering is not very likely to get a grassroots project, like Community Foods Market, all the financing that it needs. One angel investor provided a $970,000 loan at a nominal interest rate for the project to finally acquire a site. Northern California Community Loan Fund and Self-Help Federal Credit Union combined forces to make a bridge loan, as well as $11 million in New Markets Tax Credits.
Chicago, IL Food Hall Financed through TIF, NMTCs
Food halls — upscale relatives of the humble food court — have become common in and near Chicago's downtown, but not on the Far South Side. So a first-of-its kind project - the One Eleven Food Hall - in Pullman bears watching. The project was financed in part through $4.5 million in New Markets Tax Credits, $500,000 from TIF, and various microloans.
NJ EDA to Establish a Value-Added Dairy RLF
Legislation sponsored Assemblyman Eric Houghtaling requiring the New Jersey Economic Development Authority (EDA) to establish a "Value-Added Dairy Farming Program" cleared the Assembly Appropriations Committee. Under the bill (A-3810), the EDA must establish, maintain and administer a "Value-Added Dairy Farming Revolving Loan Fund," as part of the program.
TN FSA Offers Targeted Farm Loan Funding for Underserved Groups
USDA Tennessee Farm Service Agency (FSA) reminds producers that FSA offers targeted farm ownership and farm operating loans to assist underserved applicants as well as beginning farmers and ranchers. The FSA now offers Microloans through the direct loan program for financing needs of small, beginning farmer, niche and non-traditional farm operations, such as Community Supported Agriculture, restaurants, grocery stores, and more.
AgTech Company 'AppHarvest' Secures $82M to Build KY Greenhouse
AppHarvest announced it has closed an $82 million deal with Equilibrium Capital to build the company's 60-acre greenhouse in Morehead, Kentucky. AppHarvest's first controlled-environment agriculture facility will begin immediately and create 285 full-time permanent jobs, as well as 100 construction jobs. The facility will grow tomatoes and cucumbers to be distributed to America's top grocers.
Maine Harvest Credit Union, Focused on Ag, to Open
A six-year effort to create Maine's first credit union in three decades, and the first ever focused on farmers and food producers, is poised to become a reality. Maine Harvest Credit Union, which will offer loans to the agriculture and food producer industries, is waiting approval of its charter before it can start accepting members and offering loans.
Podcast: The Finance of Food
On this episode, Lindsay's guest is Tera Johnson, a food entrepreneur and founder of the Food Finance Institute. Years after founding the successful supplement business Tera's Whey, Johnson makes a living advising aspiring restaurateurs on how to manage and raise the money behind their food enterprise, through boot camps, consulting and her podcast Edible-Alpha.
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