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CDFA Food and Agriculture Finance Update - January 12, 2021

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CDFA Food and Agriculture Finance Update
January 12, 2021
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CDFA Food & Agriculture Finance Update

Features

It's Back: Paycheck Protection Program 2.0
On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act was signed into law. Among other things, the Act restarts the Paycheck Protection Program with some updated guidelines. It provides borrowers with greater flexibility in using PPP loan proceeds and expands the types of expenses eligible for loan forgiveness.

Black Farmers Look to Next Congress, Biden to Dismantle 'Culture of Discrimination'
Black farmers are hoping for a major boost in their decades-long struggle for racial and economic equity next year, anticipating that aggressive measures by the incoming Biden administration and Congress could expand their access to credit and address their discrimination complaints.

The Effects of U.S. Federal Payments on the Agriculture Sector
U.S. federal aid payments were estimated to account for 40 percent of total net farm income in 2020. But many farmer organizations say that the federal aid is insufficient and does not support long-term sustainable solutions. Instead, these organizations are advocating for revenue-based payments, greater loan forbearance, and climate change mitigation.

Will Restaurants Survive Winter with New Loans from U.S. Government?
A new iteration of the Paycheck Protection Program for small businesses has special provisions for long-suffering independent restaurants that have had to revamp their business models just to stay alive throughout the coronavirus pandemic. But even with more generous terms, many independent restaurateurs fear the loans could fail to carry them through the winter.

New York Creates $3M Restaurant Survival Fund
Several companies and Empire State Development have teamed together to offer $3 million in pandemic recovery grants to restaurants in the state. Restaurants will be eligible for grants of up to $5,000 apiece. The National Development Council, a national economic development nonprofit, will administer the program.

The New Jersey Economic Recovery Act of 2020 Explained
The New Jersey Economic Recovery Act of 2020 includes legislation for programs and policies related to jobs, property development, food deserts, community partnerships, small and early-stage businesses, State procurement, wind energy, and film production. It appropriates over $55.5 million and provides in excess of $14.3 billion in potential tax credits.

Significant Investment in Rural Communities Seen in 2020
Throughout 2020, a record number of $40 billion of investment was made in rural communities to help bolster their local economies. Investments were made in areas of water infrastructure, high-speed broadband, and business development. The U.S. Department of Agriculture (USDA) helped to provide rural areas with a substantial amount of support to strengthen rural businesses and communities.

Reinvestment Fund Awards $3M to Improve Healthy Food Access in Underserved Communities
Reinvestment Fund today announced $3 million in financial assistance awards to 20 projects through the 2020 round of America's Healthy Food Financing Initiative's (HFFI) Targeted Small Grants Program. Funding for the HFFI grants program is provided by the United States Department of Agriculture (USDA), authorized by the 2014 Farm Bill. The program supports projects that are designed to improve access to fresh, healthy food through food retail.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Forecasting the Bond Market Amid the Recovery
Tuesday, January 19, 2021 - 2:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast, we will hear from experts for a forecast on the economic recovery and how it will affect the bond market.

CDFA // BNY Mellon Development Finance Webcast Series: Rural Broadband and Telehealth Financing
Tuesday, February 16, 2021 - 2:00 PM Eastern
During this webinar, experts will explain how rural communities can embrace the challenges of financing high-speed internet for the economic and societal gains provided by broadband.

Food & Agriculture Finance News

Three Ag Loans Approved in Kentucky
WTVQ | Jan. 8 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development

New Funding Created for Businesses in Wheeling, IL TIF Districts
Journal & Topics | Jan. 7 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Tax Increment Finance (TIF) | COVID-19

Empire State Development Announces 'Raising the Bar' Restaurant Recovery Fund
Niagara Frontier Publications | Jan. 5 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | COVID-19

Minority-Owned Companies Waited Months for PPP Loans, Data Shows
Progressive Farmer | Jan. 3 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Social Finance | COVID-19

USDA Opens Loan, Grant Applications to Support Rural Microenterprises
NimB | Dec. 31 | Access to Capital | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)

Impact Idaho Fund to Support Local and Regional Farmers
Idaho Mountain Express | Dec. 30 | Access to Capital | Agriculture Finance | Economic Development | Food Systems Finance

Manitou Springs, CO Offering Grants for Local Restaurants, Bars Impacted by COVID-19
Fox21 | Dec. 30 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

Good News for Restaurants and Other Food Service Providers Taking Second Draw PPP Loans
Forbes | Dec. 28 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Legislative | COVID-19

Pennsylvania Initiates Transfer of $145M to Support Businesses Adversely Affected by COVID-19
Office of Gov. Tom Wolf | Dec. 23 | Access to Capital | Disaster Recovery & Relief | Economic Development | Food Systems Finance | State Finance Program | COVID-19

Understanding How California's Climate Catalyst Fund is Intended to Function
AgNet West | Dec. 23 | Access to Capital | Food Systems Finance | Green Finance | Revolving Loan Funds (RLFs) | State Finance Program

Restaurants Grateful for New Round of Aid But Still Fighting for More Relief
Chicago Tribune | Dec. 22 | Disaster Recovery & Relief | Economic Development | Food Systems Finance | Legislative | COVID-19

Pennsylvania Bill Package Would Assist Struggling Small Businesses
Pennsylvania Business Report | Dec. 22 | Disaster Recovery & Relief | Economic Development | Food Systems Finance | State Finance Program | COVID-19

What's In the New COVID-19 Relief Package for Agriculture?
Farm Bureau News | Dec. 22 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Legislative | U.S. Dept. of Agriculture (USDA) | COVID-19

Popular Eateries and Stores Look to Downtown TIF for Financial Jolt
Billings Gazette | Dec. 21 | Food Systems Finance | Tax Increment Finance (TIF)

How Carbon-Smart Farming is Catalyzing the Big Bucks Needed to Transform America Eats
Green Biz | Dec. 21 | Agriculture Finance | Food Systems Finance | Green Finance

Biden's Choice of Vilsack for USDA Raises Fears for Small Farmers
The New York Times | Dec. 21 | Agriculture Finance | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

North Carolina Nonprofit Groups Offer COVID-19 Relief Options
Winston-Salem Journal | Dec. 19 | Disaster Recovery & Relief | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

Colorado Springs Downtown Development Authority Rolls Out New Small Business Loans
The Gazette | Dec. 17 | Disaster Recovery & Relief | Economic Development | Food Systems Finance | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Black Farmer Fund is Building Resilient Black Food Economies
Food Tank | Dec. 16 | Access to Capital | Agriculture Finance | Food Systems Finance | Social Finance

Building a Deeper Toolbox to Help Beginning Farmers and Ranchers
High Plains Journal | Dec. 11 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)



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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