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CDFA Food and Agriculture Finance Update - May 12, 2020

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CDFA Food and Agriculture Finance Update
May 12, 2020
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CDFA Food & Agriculture Finance Update

Features

USDA Approves $1.2B for Farmers to Families Food Box Program
The U.S. Department of Agriculture (USDA) has approved $1.2 billion in contracts to support American producers and communities in need through the USDA Farmers to Families Food Box Program, which is part of the Coronavirus Food Assistance Program that was developed to help farmers, ranchers, and consumers in response to the COVID-19 national emergency.

Demand for Small-Business Loans Cools
When the federal government relaunched its small business aid program on April 27 with an additional $310 billion, lenders and business advocates warned the money would dry up within a few days. Nearly two weeks later, about 40% of the money remains available, according to figures released by the Small Business Administration, even as small businesses continue to suffer from the fallout of the coronavirus pandemic.

The Saving Our Street Act, a $125B Plan to Help the Smallest Businesses
A new bill from Sen. Kamala Harris (D-CA) and Rep. Ayanna Pressley (D-MA) aims to help fix the disparity of small businesses accessing capital: The Saving Our Street Act would allocate grants of up to $250,000 to businesses that have fewer than 10 employees. The SOS Act designates the majority of its grants — 75 percent — to business and nonprofit owners from underrepresented groups, such as people of color, women, and veterans, which were less likely to benefit from existing loan options as well.

Small, Medium-Sized Farmers on Edge While Trade War Bailout Money Goes Elsewhere
Coronavirus is another blow to farmers who have already seen their paychecks dwindle because of the trade war with China. Washington is providing multibillion-dollar bailouts for both crises, but is the money going to the right people?

Top 15 State and City Funding Programs Helping Small Businesses Survive
As the coronavirus pandemic continues to disrupt the lives and operations of millions of American business owners, more state and local governments are offering funding programs to help companies stay afloat. These resources are independent of the federal loans and grants for small businesses offered through the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

FEED Act Introduced to Help Restaurants Deliver Meals to the Hungry
A bipartisan group of lawmakers introduced a bill aimed at helping restaurants and feeding vulnerable populations during the coronavirus pandemic. The FEMA Empowering Essential Deliveries (FEED) Act would have the federal government pay 100 percent of the cost for state and local governments to work with restaurants and nonprofits to prepare meals for populations including seniors and underprivileged children.

Agricultural Operations Now Eligible for SBA Loans Up to $2M
As the pandemic shifts longstanding food supply chains, many agriculture businesses face difficulty shifting customer bases from restaurants and institutions to individual consumers, and many agricultural operations enjoyed little relief from the CARES Act. But in this latest round of changes to the CARES Act, qualifying small agricultural operations can finally access EIDL loans up to $2M.

USDA Announces Coronavirus Food Assistance Program
USDA announced the Coronavirus Food Assistance Program. This new USDA program will take several actions to assist farmers, ranchers, and consumers in response to the COVID-19 national emergency. President Trump directed USDA to craft this $19 billion immediate relief program to provide critical support to our farmers and ranchers, maintain the integrity of our food supply chain, and ensure every American continues to receive and have access to the food they need.

Upcoming Events
Intro Tax Increment Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Historic Preservation Financing
Tuesday, May 19, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore the challenges of historic preservation projects and how financing tools can be combined to make preservation projects possible.

CDFA Food Systems Finance Webinar Series: The Landscape of Food Systems Finance
Thursday, May 28, 2020 - 2:00 PM Eastern
For the second installment of the CDFA Food Systems Finance Webinar Series, we will present key initiatives and programs being used to finance local food systems, and how CDFA is continuing to prove the food system as an asset class.

Food & Agriculture Finance News

Join CDFA at CohnReznick's New Markets Tax Credit Virtual Summit May 18-20
CohnReznick | May. 11 | Food Systems Finance

All Kinds of Capital Needed for Recovery
VT Digger | May. 10 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | COVID-19

House Ag Subcommittee Introduce Legislation to Better Connect Farmers, Food Banks
House Agriculture Committee | May. 8 | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | COVID-19

Rosebud Sioux Tribe Creates Historic P3 for Plains Bison Restoration
World Wildlife Fund | May. 7 | Agriculture Finance | Food Systems Finance | Public-Private Partnership (P3) Financing | Tribal Finance | Case Studies | Case Studies

Maine Nets $20M in Federal Bailout of Fishing Industry
Portland Press Herald | May. 7 | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | COVID-19

Michigan Food and Ag Companies Now Eligible for Economic Injury Disaster Loans
WZZM | May. 7 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | State Finance Program | COVID-19

Coronavirus Highlights Farm Production, Distribution Problems
Ohio Public Radio | May. 5 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | COVID-19

Little Rock, AR Earmarks $500K for Loans to Small Businesses
Arkansas Online | May. 3 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Senators Urge USDA to Target Relief to Local Farmers in Finalized Coronavirus Food Assistance Program
Sherrod Brown Senator for Ohio | Apr. 30 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | U.S. Dept. of Agriculture (USDA) | COVID-19

Minnesota Disaster Recovery Loan Program
Minnesota Rural Finance Authority | Apr. 29 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Pittsburgh, PA Announces Over $12M in Funding for Small Businesses and Residents
Biz Journals | Apr. 28 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | COVID-19

Tyson Foods Helped Create the Meat Crisis It Warns Against
Bloomberg | Apr. 28 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | COVID-19

USDA COVID Aid Program Raises More Questions Than Answers
National Sustainable Agriculture Coalition | Apr. 28 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | U.S. Dept. of Agriculture (USDA) | COVID-19

COVID-19 Philanthropic Response and Recovery Funds for the Food & Agriculture System
Sustainable Agriculture and Food Systems Funders | Apr. 27 | Agriculture Finance | Crowdfunding | Disaster Recovery & Relief | Food Systems Finance | COVID-19

Agriculture Groups Call for Changes to Disaster Loan Program
Farm Bureau | Apr. 27 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

Pioneer Valley Grows Investment Fund Establishes Emergency Farm Fund
Pioneer Valley Grows Investment Fund | Apr. 23 | Agriculture Finance | Crowdfunding | Disaster Recovery & Relief | Food Systems Finance | COVID-19

New SBA Aid Package Gives Farmers Access to Economic Injury Disaster Loans
Progressive Farmer | Apr. 22 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Economic Development | Food Systems Finance | U.S. Small Business Administration (SBA) | COVID-19 | Disaster Relief

Chain Restaurants Got Big PPP Loans When Small Businesses Couldn't
CNN | Apr. 20 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | COVID-19

Coronavirus-Related Tax Relief For The Real Estate And Agricultural Industries
JD Supra | Apr. 15 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | Housing Finance | Internal Revenue Service (IRS) | Tax Credits | General Loan Programs | COVID-19

Los Angeles, CA Street Vendors Can't Get Federal Small Business Loans
LAist | Apr. 15 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | COVID-19


CDFA Resources

CDFA Food Systems Finance Webinar Series: Disaster Recovery for the Food System
Agriculture Finance | Food Systems Finance | Webcasts
During the first installment of the CDFA Food Systems Finance Webinar Series, we will explore creative financing efforts being launched to support our local food economies during this time of unprecedented crisis of COVID-19.


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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