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CDFA Food and Agriculture Finance Update - August 11, 2020

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

Features

Restaurant Revolution: How the Industry Is Fighting to Stay Alive
As a result, of the COVID-19 pandemic, the restaurant industry that emerges from the global pandemic will likely look fundamentally different from the one that existed in early March. How will the COVID-19 crisis change the landscape of the industry, and what do restaurants need to do to survive? And, what should consumers, desperate to return to their favorite restaurants but wary about whether it is safe to do so, expect?

HEALS vs. HEROES Acts: Ag Industry Groups React
The American Farm Bureau Federation, the National Farmers Union, the National Sustainable Agriculture Coalition and the National Association of State Departments of Agriculture all reacted to ag provisions in the GOP COVID-19 package known as the Health, Economic Assistance, Liability and Schools (HEALS) Act and compared it to the House-passed HEROES Act.

Many Restaurants Have Closed, Others Aren't Sure How Long They Can Weather Coronavirus
As the pandemic drags on, many businesses have outlasted federal financial relief and initial enthusiasm to adapt to a stay-at-home way of life. Recovery appears further away than many restaurants believe they can hold on. The restaurant industry already had a reputation as a challenging market with low margins and high turnover. The latest survey by the Colorado Restaurant Association found that 56% of restaurant members fear that if coronavirus conditions don't improve, they'll permanently close within three months.

Young Farmers and Farmers of Color Shut Out of COVID Federal Assistance
Across the country, young farmers, first-generation farmers, and farmers of color say they have been left out of coronavirus relief for the agricultural industry. The oversight, which they say has left them on an unstable financial footing, threatens to cut off a promising growth area of small-scale farms and younger farmers against a wider backdrop of consolidation and aging of American agriculture.

California P3 Is Putting Idle Restaurants to Use by Fighting Food Insecurity
California launched High Road Kitchens to address the idle status of restaurants and the tremendous need for food relief at the same time. Using grants and subsidies, High Road Kitchens incentivizes independent restaurants to reactivate their businesses as meal providers for hunger relief.

Why the HEALS Act Will Not Do Enough To Save Independent Restaurants
On July 27, Senator Mitch McConnell proposed the HEALS Act, which includes the next round of coronavirus aid. But the Independent Restaurant Coalition (IRC) claims it will not do enough, and continues seeking support and pushing for signatures on the RESTAURANTS Act. The IRC shared a statement in response to the Senate's proposed HEALS Act, which does not provide direct aid to independent restaurants and bars.

Over $2.3M Awarded Through New York Forward Loan Fund
Governor Andrew M. Cuomo announced that more than $2.3 million has been awarded to support 61 businesses and residential landlords with COVID-19 related costs and expenses through the New York Forward Loan Fund. Of the 61 loans, 54 were provided to minority- and women-owned businesses. Applications are still being accepted and businesses from qualifying industries, including agriculture, construction, food services, retail, education services, manufacturing and transportation.

Check Out the Regenerative Food Systems Investment Forum on September 15-17!
On September 15-17, hundreds of people from across the global regenerative food systems and investing communities will gather virtually to learn, build connections, and move investment in this space forward. The program is designed to equip participants for successful participation in this investment space, as well as provide ample time to develop strategic business relationships.

Upcoming Events
CDFA Federal Financing Webinar Series: Federal Recovery Resources from NIST and MEP

CDFA-Bricker PACE Webinar Series: Policy and the Future of PACE
Tuesday, August 25, 2020 - 11:00 AM - 1:00 PM Eastern
This webinar will examine the next decade of PACE with a forward-looking view of how PACE will continue to evolve nationwide. PACE experts will explore ways in which the industry can expand PACE use to places that have yet to take advantage of this modern development finance tool. Learn how to tackle public policy hurdles and how to educate community leaders on the pros of PACE while ensuring accountability, transparency, and program effectiveness.

CDFA // BNY Mellon Development Finance Webcast Series: Investing in Childcare Facilities
Thursday, August 27, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will showcase various childcare facilities financing programs from across the country and highlight projects that have successfully utilized these tools.

Food & Agriculture Finance News

Amid Pandemic, Baltimore's Black-owned Businesses Struggle, but Some Are Finding New Support
Baltimore Sun | Aug. 7 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

Pennsylvania Industrial Development Authority Approves Funding for 6 Farms
Berks Community Television | Aug. 6 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs)

$10M Available to Support Pennsylvania's Food System
The Shippensburg News-Chronicle | Aug. 6 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | COVID-19

Emerging Farmers in Minnesota Can Receive Help Getting Started
Albert Lea Tribune | Aug. 4 | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | State Finance Program

PPP Money Is Gone. COVID-19 Still Threatens Restaurants. Now What?
Chicago Tribune | Aug. 3 | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

HEALS Act Provides $20B for Agriculture
Forbes | Aug. 3 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Legislative | COVID-19

Niles, IL Trustees Discuss No-Interest Loan Program for Restaurants
Journal & Topics | Jul. 31 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Kroger Approved for 15-year Tax Exemption by Ohio Tax Credit Authority
PR Newswire | Jul. 27 | Food Systems Finance | Incentives | Tax Credits

Independent Restaurant Owners Want $120B To Get Them Through COVID
Forbes | Jul. 27 | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits | COVID-19

COVID's Impact on Opportunity Zone Funds May Surprise You
Million Acres | Jul. 27 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Opportunity Zones | COVID-19

Agriculture Cold Storage Companies Expand Due to COVID-19
AZ Big Media | Jul. 27 | Agriculture Finance | Food Systems Finance | Opportunity Zones

USDA Announces Third Round of Farmers to Families Food Box Program
USDA | Jul. 24 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | U.S. Dept. of Agriculture (USDA) | COVID-19

Texas City Council Approves Cold Storage, Manufacturing Facility
Round Rock, Texas | Jul. 23 | Economic Development | Food Systems Finance | Incentives

Reshoring Advanced Manufacturing Supply Chain to Generate Good Jobs
Brookings | Jul. 23 | Disaster Recovery & Relief | Economic Development | Food Systems Finance | Infrastructure Finance | Opportunity Zones | Revolving Loan Funds (RLFs) | Tax Credits | COVID-19

Connecticut Pastry Shop Uses PACE for Rooftop Solar
Solar Industry | Jul. 23 | Energy Finance | Food Systems Finance | Property Assessed Clean Energy (PACE) | State Finance Program | Case Studies

The Minnesota Department of Agriculture Is Assisting Producers With Loan Repayments
KFGO | Jul. 22 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | U.S. Dept. of Agriculture (USDA) | Loan Guarantees | COVID-19

Bipartisan Bill Introduced for Tax Credits to Food Distributors
The Hill | Jul. 21 | Disaster Recovery & Relief | Food Systems Finance | Legislative | Tax Credits | COVID-19

USDA Announces $15M in Grants for Socially Disadvantaged and Veteran Farmers and Ranchers
USDA | Jul. 21 | Agriculture Finance | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

How $659B in PPP Loans Are Being Spread Across Lenders, States, and Industries
Business Insider | Jul. 20 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19


CDFA Resources

CDFA Food Systems Finance Webinar Series: Neighborhood Revitalization Through Food Systems Finance
Agriculture Finance | Food Systems Finance | Webcasts
On this installment of the CDFA Food Systems Finance Webinar Series, we will illustrate the many positive impacts that result from financing food systems at a neighborhood scale, with speakers to showcase the versatility of projects and financing approaches.


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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