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CDFA Food and Agriculture Finance Update - July 12, 2022

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CDFA Food and Agriculture Finance Update
July 12, 2022
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CDFA Food & Agriculture Finance Update

Features

Invest in Your Professional Development at CDFA's Virtual Summer School
CDFA Virtual Summer School is offering three different training courses, all held online during August 1-4. Learn from expert practitioners and experience CDFA's most interactive educational event of the year! These courses also qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program and scholarships are available.

Hormel Foods, Target Invest $1.7M in Minnesota Sustainability Project
Hormel Foods Corp., Target Corp., MBOLD, a coalition of Minnesota-based food and agriculture business leaders, and The Nature Conservancy joined forces in an agriculture pilot project to improve water and air quality, sequester greenhouse gases and increase farmland profitability through soil health. The organizations' goal is to enroll up to 50,000 acres and potentially sequester as much as 10.5 million tonnes of CO2 per year.

Kroger Announces Multi-Million Dollar Dairy Investment in Ohio Plant
The Kroger Company has announced a 35,000 square-foot expansion at Tamarack Farms Dairy in Ohio to support the implementation of what it calls a  "state-of-the-art" aseptic milk line. The facility serves approximately 160 stores in Ohio and West Virginia and provides products for Kroger's e-commerce channel. The new line will allow the facility to support over 150 jobs.

Supply Change Capital Closes Equity Investment from Bank of America
Supply Change Capital, a women and Latina powered venture firm investing in early-stage food technology businesses, announced an equity investment from Bank of America. The additional capital will help sustain the momentum toward a $40 million fund goal to invest in companies focused on the intersection of food, culture, and technology. Seventy percent of portfolio companies are led by women and ninety percent are led by a female and/or founder of color.

Hydroponic Lettuce Grower Raises $300M in New Capital
Little Leaf Farms, a brand of packaged lettuce grown through controlled environment agriculture, has raised $300 million in new capital, with equity financing led by The Rise Funds and debt funding from Bank of America. The funding will support Little Leaf Farms' expansion of farms and distribution to increase access of its local lettuces to more than half of the nation's population by 2026.

Michigan Milling Company Adding New Flour Mill
King Milling Co. announced plans to build a new flour mill in Lowell, Michigan at a cost of $42 million. The project was made feasible by a 12-year, 50% tax abatement approved at a city council meeting, and a $250,000 Food and Agriculture Investment Program grant through the Michigan Commission of Agriculture and Rural Development (MDARD).

Innovative Food Holdings, Inc. Announces Refinancing and New Credit Facilities
Innovative Food Holdings, Inc., a direct-to-chef online platform that provides specialty foods through eCommerce offerings, has refinanced its existing asset-based commercial loans with a new senior secured revolving credit facility and a first-lien secured term loan. With this transaction, IVFH has received tentative approval from the U.S. Department of Agriculture for loan guarantees under the USDA B&I program and the USDA Food Supply Chain program.

MOBUCK$ for Missouri Small Businesses, Farms, and Communities Seeking Affordable Capital
Missouri State Treasurer Scott Fitzpatrick announced MOBUCK$, the new linked deposit program as a resource for Missouri small businesses, farms, and communities. MOBUCK$ partners the State Treasurer's Office with Missouri financial institutions to lower the interest rate on qualified loans to business owners, farmers, and municipal governments.

Clif Bar & Company Announces $1M Endowment for Organic Agricultural Research with University of Wisconsin-Madison
Clif Bar & Company announced University of Wisconsin-Madison as the recipient of a $1 million endowment to support the advancement of organic agriculture. The new endowment will support research and outreach efforts focused on improving organic and sustainable cropping systems, with a special emphasis on organic no-till production and cover crops.

HIDC Provides Loan to Missouri Butcher Shop
Langhorne Meats and Provisions, a Hannibal, Missouri-based farm-to-table butcher shop, has received a small business loan from the Hannibal Industrial Development Company (HIDC). The HIDC adopted a new Revolving Loan Fund Program in support of small business to assist in economic development by providing access to funds for clients who do not fit the traditional model of private bank loans.

Upcoming Events
CDFA Virtual Summer School

CDFA // BNY Mellon Development Finance Webcast Series: Development Finance and the Cannabis Industry
Tuesday, July 19, 2022 - 2:00 PM - 3:00 PM Eastern
In this webcast, we will explore the creative financing approaches that are providing capital to the emerging cannabis industry, and the economic benefits to states that have legalized the sale of recreational and medical marijuana.

SSBCI Learning Series - Aligning your SSBCI Strategy with Federal Funding Priorities
July 29, 2022 - 1:00 PM Eastern
The fifth and final module of the SSBCI Learning Series will focus on how to align your SSBCI programs with other economic initiatives.

Food & Agriculture Finance News

Drought Related EIDL Loans to Small Businesses
Small Business Trends | Jul. 1 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | U.S. Small Business Administration (SBA)

AgChoice Farm Credit and MidAtlantic Farm Credit Merge, Forming Horizon Farm Credit
Yahoo! Finance | Jul. 1 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | Rural Development

A Window on the Progress, Promise, and Realities of Indoor Agriculture
Forbes | Jun. 30 | Access to Capital | Agriculture Finance | Food Systems Finance | Innovation Finance

USDA Announces Next Steps in Biden-Harris Administration Initiative
USDA | Jun. 24 | Access to Capital | Agriculture Finance | Federal | Rural Development | U.S. Dept. of Agriculture (USDA)

Zero Foodprint Now Accepting Applications to Restore CA
Zero Foodprint | Jun. 23 | Access to Capital | Agriculture Finance | Foundations | Resiliency

South Carolina Agribusiness Entrepreneurs Win Share of $150,000 in Funding
Columbia Regional Business Report | Jun. 23 | Access to Capital | Agriculture Finance | State Finance Program

Illinois to Cover FFA Dues for Ag Students
Farms.com | Jun. 22 | Access to Capital | Agriculture Finance | State Finance Program

Tennessee Agribusinesses Can Apply for Ag Enterprise Fund Cost Shares
The Greenville Sun | Jun. 21 | Access to Capital | Agriculture Finance | State Finance Program

UAPB Helps Arkansas' Small Farmers Obtain USDA-NRCS Funding
UAPB News | Jun. 21 | Access to Capital | Agriculture Finance | Federal | Rural Development | U.S. Dept. of Agriculture (USDA)

Miami-Dade County, FL Urges Feds to Push Down Loan Interest on Farmland
Miami Today | Jun. 21 | Access to Capital | Agriculture Finance | Federal | Legislative | Rural Development | U.S. Dept. of Agriculture (USDA)

Oklahoma Ag Department Offers Funding Opportunities
The Journal Record | Jun. 20 | Access to Capital | Agriculture Finance | Rural Development | State Finance Program

USDA Announces Assistance for On-Farm Food Safety Expenses for Specialty Crop Growers
USDA | Jun. 17 | Access to Capital | Agriculture Finance | Federal | U.S. Dept. of Agriculture (USDA)

Emerging Minnesota Farmers Get a Boost in the Form of Down Payment Assistance
Minnpost | Jun. 17 | Access to Capital | Agriculture Finance | Legislative | State Finance Program

Grow-NY Wants to Award $3M to Agrifoodtech Startups
AgFunder Network | Jun. 16 | Access to Capital | Agriculture Finance | Food Systems Finance | Innovation Finance | Resiliency

Modernizing Ag-LINK to Better Serve Ohio's Farmers
Ohio's Country Journal | Jun. 15 | Access to Capital | Agriculture Finance | Legislative | State Finance Program

New Jersey Food Delivery Startup Wonder Valued at $3.5B After $350M Funding Round
Silicon Angle | Jun. 14 | Access to Capital | Food Systems Finance | Innovation Finance

Appropriations Committee Releases FY2023 Agriculture-Rural Development Funding Bill
The House Appropriations Committee | Jun. 14 | Access to Capital | Agriculture Finance | Federal | Food Systems Finance | Legislative | Rural Development

U.S. Department of Commerce Invests $2.2M in ARP Funds to Support the Food Processing and Manufacturing Sectors in Southwest Wisconsin
EDA | Jun. 14 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | U.S. Economic Development Administration (EDA) | COVID-19

Vertical Farming Company Investment Creates New Jobs in Covington, Georgia
Valdosta Today | Jun. 14 | Access to Capital | Food Systems Finance


CDFA Resources

Food Innovation: Investing to Feed Our Future
Access to Capital | Agriculture Finance | Federal | Food Systems Finance | Innovation Finance | Resiliency
The Franklin Templeton Institute, a global investment management organization, released its latest insights paper, "Food innovation: Investing to feed our future," focusing on the innovation and investments needed to feed a growing global population in the face of climate change and geopolitical conflict.


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

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon 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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