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CDFA Food and Agriculture Finance Update - December 8, 2020

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CDFA Food and Agriculture Finance Update
December 8, 2020
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CDFA Food & Agriculture Finance Update

Features

Biden Weighs Pick for Agriculture Chief from Diverse Slate
President-elect Joe Biden's choices for secretary of agriculture are as diverse as the department of 100,000 employees that she or he would represent — and is especially critical this year as USDA provides extra aid for the hungry and oversees food production amid the pandemic. For Biden, the emerging choice between Rep. Marcia Fudge of Ohio, former Sen. Heidi Heitkamp of North Dakota and several other potential candidates seems like another test of his vision for the Democratic Party — a contest between urban and rural and liberals and moderates, with the pick potentially placing an added emphasis on anti-hunger programs, farm subsidies, or worker protections.

Maine Announces $40M Grant Program for Tourism, Hospitality, and Retail Small Businesses
Governor Janet Mills announced an economic recovery grant program to support Maine's tourism, hospitality, and retail small businesses. Backed by $40 million in Federal CARES Act Coronavirus Relief Funds (CRF), the Tourism, Hospitality & Retail Recovery Grant Program is focused specifically on supporting Maine's service sector small businesses, such as restaurants, bars, tasting rooms, lodging, and retail shops, which have been hard hit by the COVID-19 pandemic and now face additional challenges with the coming winter months.

Survey of Bankers Shows Concern About Farm Debt and Low Income
A fall survey of ag lenders shows concern about farm income and debt levels, but most bankers expect credit will be available to farmers next year. Nearly 8 in 10 lenders expressed concern about reduced farm income because of low prices. The survey found 87 percent of lenders noted that farmers depended heavily on direct government payments in 2020, which were made to offset economic damage from trade disputes and to make up for the economic impact of the coronavirus.

Sustainable Agriculture Opportunity Zone Fund Closes Omaha, NE Investment
The Harvest Returns Sustainable Agriculture Opportunity Zone Fund recently funded the first tranches of an investment in a vertical farm and restaurant business that will produce locally-consumed food year-round in Omaha, Nebraska. The Sustainable Agriculture Opportunity Zone Fund invests to create a positive impact in the agriculture industry across economically disadvantaged regions of the U.S.

Save America's Restaurants
American cities have sought to keep restaurants in business during the coronavirus pandemic by allowing indoor dining, and a growing number of municipalities and states have imposed curfews on restaurants and bars. A fresh round of federal aid could help keep restaurants in business during the winter months while protecting public health.

Alliance Including Farm Groups Seeks Tax Credits to Fight Climate Change
The government would create a range of tax credits to encourage carbon sequestration in the soil and forests, deploy "digesters" nationwide to convert manure into energy and work more aggressively to reduce food waste if it follows the recommendations of farm, conservation, and food retail groups. Because the alliance built its recommendations around voluntary action and "market-driven opportunities," such as carbon trading, it promoted steps such as the creation of a USDA carbon bank to establish a floor price for carbon sequestration and reductions of greenhouse gas emissions.

It Took a Group of Black Farmers to Start Fixing Land Ownership Problems in Detroit, MI
Providing black farmers with land security was one of the reasons the Detroit Black Community Food Security Network (DBCFSN) D-Town Farm launched the GoFundMe campaign. With commercial real estate at a premium and out-of-town speculators holding on to land in Detroit, black farmers feel more at risk of losing access to land they farm on but don't own. The fund is working with the city to modify the process for people who want to buy land through the Detroit Land Bank Authority, which owns about 90,000 parcels in Detroit.

ReVive Qualified Opportunity Zone Fund Launches for Impact Investment into Hydroponic Green Houses
Revive's first Opportunity Zone investment will be in Valley Greenhouses LLC, which will own a 50-acre hydroponic greenhouse facility in Lawton, Oklahoma located in a Qualified Opportunity Zone (QOZ). The greenhouse will be built and operated by an international greenhouse group, which has completed multiple greenhouses world-wide. The project will meet demand for agricultural products from regional and local produce wholesalers.

Upcoming Events
Intro Food Systems Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Educational Facilities Funding Solutions
Tuesday, December 15, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore how a myriad of development finance tools are being implemented strategically to support modernization projects and the new construction of educational facilities.

Fundamentals of Economic Development Finance WebCourse
January 27-28, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Fundamentals WebCourse is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

Food & Agriculture Finance News

There Are More than 221K PPP Stories in Illinois. Some Got Millions. One got $73.
Chicago Tribune | Dec. 7 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | COVID-19

Opportunity Zone Round Table Discussion on Millionacres Podcast
Millionacres | Dec. 4 | Agriculture Finance | Economic Development | Opportunity Zones | Rural Development

Biden Calls for Grants to Support the Struggling Restaurant Industry
1851 | Dec. 4 | Disaster Recovery & Relief | Federal | Food Systems Finance | COVID-19

Spotlight: EDA's Revolving Loan Fund Program Helps Bakers Move from Kitchen to Front Office
U.S. EDA | Dec. 2 | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA)

Should Local Taxpayers Help Their Neighbors' COVID-Crushed Businesses?
Governing Finance | Dec. 2 | Access to Capital | Community Development | Disaster Recovery & Relief | Food Systems Finance | COVID-19

The 10 COVID-19 Relief Bills Colorado Lawmakers Recently Passed
The Denver Post | Dec. 2 | Disaster Recovery & Relief | Food Systems Finance | Legislative | State Finance Program | Tax Credits | COVID-19

Why Cold Storage Is Hotter Than Ever
Food Logistics | Dec. 1 | Food Systems Finance

Building Resilient Rural Places: Strategies from Local Leaders to Strengthen Rural Assets, Diversity, and Dynamism
Brookings Institution | Dec. 1 | Disaster Recovery & Relief | Economic Development | Food Systems Finance | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits | COVID-19

New Bipartisan Stimulus Proposal Really Sucks for Restaurants
Eater | Dec. 1 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | COVID-19

Wayne County, MI Launches New Program to Promote Small Businesses
Hometown Life | Nov. 23 | Community Development | Disaster Recovery & Relief | Economic Development | Food Systems Finance | COVID-19

Amid New Restrictions, Hospitality Industry Calls for Financial Relief
Twin Cities Business | Nov. 20 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits | COVID-19

Washington Allocates $135M to Help Businesses, Workers Hit Hard by New COVID Restrictions
King 5 | Nov. 20 | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | COVID-19

Maine to Financially Support Farmers, Producers Who Invest in E-Commerce
Penobscot Bay Pilot | Nov. 19 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | COVID-19

Justice for Black Farmers Act Would Transfer 32 Million Acres to Black Farmers
Fern's Ag Insider | Nov. 19 | Agriculture Finance | Food Systems Finance | Legislative | U.S. Dept. of Agriculture (USDA)

Farm Finances Stabilized by Government Relief and Good Production
Duluth News Tribune | Nov. 18 | Agriculture Finance | Disaster Recovery & Relief | Federal | Rural Development | COVID-19

Healthy Soils Healthy Climate Act Bill Introduced in the Senate
No-Till Farmer | Nov. 18 | Access to Capital | Agriculture Finance | Food Systems Finance | Legislative | U.S. Dept. of Agriculture (USDA)

USDA Reversal on Payment Limits Sells Out Farmers 
National Sustainable Agriculture Coalition | Nov. 18 | Access to Capital | Agriculture Finance | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

D.C. Mayor Announces $100M "Bridge Fund" to Support Hospitality, Entertainment, and Retail Industries
Mayor Muriel Bowser | Nov. 18 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | COVID-19

Pennsylvania Announces Financing to Support 7 Agricultural Projects
Governor Tom Wolf | Nov. 17 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs)

Missouri's Agribusiness Revolving Loan Fund Refueled
Missouri Department of Agriculture | Nov. 12 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)


CDFA Resources

King County Local Food Facility Business Concept
Access to Capital | Community Development | Food Systems Finance
The Local Food Facility hopes to become a pivotal hub in the King County local food network, helping to grow businesses and connect local food partners. ECONorthwest's analysis led to conclude that this food facility concept could be financially sustainable if executed under the right ownership and governance model. This report by ECONorthwest summarizes our analysis and recommendations.


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
info@cdfa.net

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CDFA National Sponsors

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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