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CDFA Food and Agriculture Finance Update - February 11, 2020

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CDFA Food and Agriculture Finance Update
February 11, 2020
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CDFA Food & Agriculture Finance Update


CDFA Announces Second Grant Award from the W.K. Kellogg Foundation
Columbus, OH – The Council of Development Finance Agencies (CDFA) has received a second round of funding from the W.K. Kellogg Foundation (WKKF). This funding will continue to advance opportunities and leverage existing capital financing streams that scale local and regional food systems and increase access to better food while creating new living wage jobs in communities across the country.

MI Approves $2.27M in Financing for Detroit's Eastern Market Food Hub
The Michigan Strategic Fund on Wednesday approved $2.27 million in brownfield financing to support the $24.1 million renovations of a former Detroit Water and Sewerage Department building in Eastern Market into a mixed-use food hub. The financing is part of $3.7 million in local and state tax capture for the brownfield site. It includes a 12-year, $1.47 million tax abatement from the city of Detroit.

Co-op Grocery in Dayton, OH Closes on Financing
CityWide Development Corporation announced that Gem City Market had received its New Market Tax Credits. The co-op, Gem City Market, is intended to bring fresh and healthy food to a food desert. Store organizers have been holding community meetings and seeking to make the market more than a grocery store, with plans for a teaching kitchen, nutrition classes and wellness programming, a mini-clinic, cafe, and community room.

Three Unique Detroit, MI Brownfield Projects Are Moving Forward
Three unique Detroit residential and commercial development, including a new "food hub" in Eastern Market, received key approvals for millions in incentives and public subsidies from the Michigan Strategic Fund.

GA DFA Supports Incentives for Food Desert Development with Grocery
By an 8-1 vote, the Development Authority of Fulton County gave the preliminary OK for a property tax break worth $5.5 million. The property taxes on the new development would otherwise have helped build the BeltLine and underwrite other developments along the trail. The community wants a grocery store and will not do the project without a grocery store. The developers will pay for some public improvements, like traffic signal and road work. But in response to a question about the need for an incentive.

Flexible Capital Fund Invests in VT Farm Products, Food and Forestry
Flexible Capital Fund is a Montpelier-based impact investment company with a mission of aiding small businesses in the sectors of food, farm and forest products, clean energy, and clean technology. Read more about their approach to financing food system development in a Q&A with President Janice St. Onge.

Capital Access Group Helps Secure $11.5M SBA 504 Loan for Paper Goods
Capital Access Group, a commercial real estate lender specializing in U.S. Small Business Administration 504 loans for growing businesses, recently helped Maple Trade Corporation, a wholesaler of "to-go," eco-friendly, plastic and paper food storage containers, buy its own building as it expands operations in the U.S. Capital Access Group worked with Maple Trade to secure $11.5 million in financing to purchase the 53,413-square-foot warehouse located at 2851 McCone Avenue, Hayward, CA.

Join CDFA at the National Good Food Network Conference March 10-13 in New Orleans, LA
The 2020 National Good Food Network Conference will take place at the Intercontinental Hotel New Orleans in New Orleans, LA from March 10-13, 2020 and will bring together over 400 food systems leaders from across the Good Food value chain to share expertise, strengthen organizational capacity, and offer space to connect with peers from across the country.

Upcoming Events
CDFA Federal Policy Conference

CDFA // BNY Mellon Development Finance Webcast Series: P3s That Fuel The Economy
Tuesday, February 18, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast, we will explore how major projects are able to access private and public capital to construct extra large P3 deals in the U.S.

Intro Bond Finance WebCourse
February 26-27, 2020 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

Food & Agriculture Finance News

Kiva Loans Helps Several WI Businesses Grow
Wisconsin State Journal | Feb. 9 | Access to Capital | Crowdfunding | Food Systems Finance

MN Ag Commissioner Shares Opportunities During A Challenging Time
Independent | Feb. 7 | Access to Capital | Agriculture Finance | Food Systems Finance | Rural Development

Health Systems Invested $294M in Food Security Initiatives Over 3 Years
Becker's Hospital Review | Feb. 4 | Food Systems Finance

The Verdict Is In: Farm Bankruptcies Up in 2019
Farm Bureau | Feb. 3 | Agriculture Finance | Food Systems Finance

Grand Forks, ND Approves Loans for 2 Start-Up Businesses
Grand Forks Herald | Feb. 3 | Access to Capital | Food Systems Finance | Revolving Loan Funds (RLFs)

Carolinas Hit Hard as US Family Farms Declaring Bankruptcy Spiked in 2019
The News & Observer | Jan. 31 | Agriculture Finance | Food Systems Finance

Closing The Small Business Financing Gap: Invoice Factoring Basics
Forbes | Jan. 30 | Access to Capital | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs)

Next Generation AgTech Company Cooks Venture Raises $4M
Pulse 2.0 | Jan. 30 | Access to Capital | Agriculture Finance | Food Systems Finance

MI Strategic Fund Projects Will Create More Than 740 Jobs
Business Facilities | Jan. 22 | Economic Development | Food Systems Finance | Tax Credits

Local, Regional Food Systems Offer Economic Benefits for Farmers, Communities
Salina Post | Jan. 21 | Agriculture Finance | Economic Development | Food Systems Finance

Food Co-Ops Catalyzing Local Farm and Ranch Loans
The Union | Jan. 21 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development

MI Good Food Fund Awards $250K in Catalytic Investment Awards
Michigan Good Food Fund | Jan. 21 | Access to Capital | Economic Development | Food Systems Finance

A $300M Project in Indianapolis, IN Secures Additional Funding
Inside Indiana Business | Jan. 20 | Access to Capital | Economic Development | Food Systems Finance | Redevelopment

Grocery Store Developer Asks Tulsa, OK for TIF Assistance
Tulsa World | Jan. 17 | Food Systems Finance | Tax Increment Finance (TIF)

FSA Tells Producers to Enroll in Agriculture Risk Loss, Price Loss Coverage Programs
U.S. Department of Agriculture Farm Service Agency | Jan. 16 | Agriculture Finance | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

Rebound Technologies Closes $5M Series A Financing for Energy-Efficient Cooling Technology
PR Newswire | Jan. 16 | Access to Capital | Energy Finance | Food Systems Finance

USDA's Perdue 'Counting on' Final Tranche of Farmer Trade Aid
Bloomberg | Jan. 16 | Agriculture Finance | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

VEDA Closed $16.6M in New Loans Last Quarter
Vermont Biz | Jan. 15 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs)

How CO's Rural and Urban Food Communities Are Coming Together
Colorado Sun | Jan. 15 | Food Systems Finance | Legislative

Small Business Loans for Minorities
Latin Post | Jan. 14 | Access to Capital | Food Systems Finance | Tribal Finance | U.S. Small Business Administration (SBA)

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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CDFA National Sponsors

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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