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.
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