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CDFA Food and Agriculture Finance Update - November 8, 2022

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CDFA Food and Agriculture Finance Update
November 8, 2022
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CDFA Food & Agriculture Finance Update

Features

Growth Loan Fund Provides Funding for Early-Stage Businesses in Minnesota
The Minnesota Department of Employment and Economic Development (DEED) launched the Growth Loan Fund as part of the recently announced $97 million through the State Small Business Credit Initiative (SSBCI) from the U.S. Department of the Treasury. This new program provides direct loans from DEED to technologically innovative seed and early-stage businesses.

Five Points Community Capital, LLC Closes $7.76M NMTC for Texas Meat Distributor
Five Points Community Capital, LLC, a community development entity, announced the closing of a $7.76 million New Markets Tax Credit (NMTC) enhanced loan supporting the relocation and expansion of Houston Meat Distributors, Inc. into their new headquarters which includes a new, state-of-the-art, cold storage facility under construction in Pasadena, Texas.

$700K in Program Funding to Support Food and Seafood Businesses in Rhode Island
Local Agriculture and Seafood Act (LASA) programming funding is available to help new and existing food businesses in Rhode Island grow and flourish. The LASA supports projects that help with the entry, growth, and sustainability of small or starting green sector businesses, with a particular focus on supporting a diversity of foods and food producers.

Greater Commercial Lending Completes $50M for High-Tech Berry Farm in Kentucky
Greater Commercial Lending, which provides loans to businesses and organizations in under-served and rural communities, has completed approximately $50 million in financing for a high-tech berry farm in Somerset, Kentucky. The farm will use up to 90% less water than open field growing and will produce yields up to 30 times greater than those from traditional agriculture,

Lancaster, PA Revolving Water Fund to Improve Water Quality and Carbon Sequestration
The Lancaster Revolving Water Fund, a partnership between the Lancaster Clean Water Partners and the Conservation Innovation Fund, expands the Revolving Water Fund's outcomes-based model into a critical agricultural landscape in Pennsylvania. The fund provides the financial and technical capacity to develop and install agricultural best management practices that reduce pollutants that enter municipal waterways.

New DG Market in Evansville, IN is Getting a Boost From Taxpayers
The Evansville Redevelopment Commission approved an agreement that will route $500,000 in Tax Increment Finance (TIF) to Dollar General, via ECHO Housing Corp., for the build-out of DG Market, including the installation of freezers and chillers required to sell fresh foods. The market is located in the high-poverty Jacobsville, Indiana neighborhood, which became a food desert with the closure of an IGA store.

USDA Announces More Than $71M to Support Underserved Communities
The U.S. Department of Agriculture (USDA) announced a more than $71M investment to help underserved communities through USDA's 2501 Program and the American Rescue Plan Technical Assistance Investment Program. These investments are part of USDA's commitment to take aggressive action to advance equity for all, especially for farmers and producers in underserved communities.

Farmers See Value in Agriculture Loans that Reward Stewardship
Farmers Business Network (FBN), a global farmer-to-farmer network and ag-tech company, launched a new rebate program for farm operating loans. The Regenerative Agriculture Finance Operating Line program includes a 0.5% interest rate rebate for farmers who achieve climate and water quality benchmarks established by Environmental Defense Fund. FBN plans to scale the fund from $25 million to $500 million over the next three years.

Upcoming Events
CDFA Infrastructure Finance Learning Series: How Different Communities Can Benefit From IIJA

CDFA-Bricker Webinar Series: PACE and Traditional Lending Institutions
Tuesday, November 22, 2022 - 2:00 PM - 4:00 PM Eastern
Since the origins of PACE financing in the early 2010s, PACE lenders have been primarily non-traditional lending institutions. However, with the explosive growth of PACE across the country, the traditional lending world has begun to enter the PACE market. In this session, attendees will get an overview of the PACE lending history and the influx of traditional lending institutions across the country.

Intro Brownfields Finance Course
December 7-8, 2022 - Daily: 12:00 - 5:00 PM Eastern
This course helps economic developers, policymakers, and real estate professionals understand and master the financing strategies for the lifecycle of a brownfield property. Attendees will be guided through the entire brownfield redevelopment process and leave the course with an understanding of the basics of brownfields, the legal and regulatory challenges, and the financing tools available to clean up and build up these contaminated or polluted sites.

Food & Agriculture Finance News

UMOS Receives $57M in Funding to Help Agricultural Workers
Milwaukee Journal Sentinel | Nov. 3 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

Partnership to Increase Investment in Underrepresented Entrepreneurs, Business Owners
PR Newswire | Oct. 31 | Access to Capital | Agriculture Finance | Innovation Finance | Social Finance

Young Farmers Face Financial Challenges but Also Have Opportunities
Progressive Farmer | Oct. 28 | Access to Capital | Agriculture Finance | Federal | Revolving Loan Funds (RLFs) | Social Finance | U.S. Dept. of Agriculture (USDA)

Tractor Supply Foundation Announces $5M Scholarship for Future Agricultural Leaders
Yahoo! Finance | Oct. 27 | Access to Capital | Agriculture Finance | Foundations | Rural Development

USDA Launches Loan Assistance Tool to Enhance Equity and Customer Service
USDA Farm Service Agency | Oct. 26 | Access to Capital | Agriculture Finance | Federal | Rural Development | Social Finance | U.S. Dept. of Agriculture (USDA)

Oregon Food Bank Receives Funding to Buy From Socially Disadvantaged Farmers
Jamn1075 | Oct. 26 | Access to Capital | Agriculture Finance | Federal | Food Systems Finance | Social Finance | U.S. Dept. of Agriculture (USDA)

Funds Available to Encourage Urban Agriculture in Minnesota
Minnesota Department of Agriculture | Oct. 25 | Access to Capital | Agriculture Finance | State Finance Program | Tribal Finance | Urban Development

Propagate Raises $10M to Help More Farmers Reap the Benefits of Agroforestry
AgFunder Network Partners | Oct. 24 | Access to Capital | Agriculture Finance | Innovation Finance | Resiliency

New York Receives $38M to Bring More Local Foods to Communities and Schools
New York Governor's Office | Oct. 20 | Access to Capital | Agriculture Finance | Development Finance Toolbox | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

$40M Investment to Bring More Than 600 Jobs to Eastern Kentucky
WYMT | Oct. 20 | Access to Capital | Agriculture Finance | Community Development | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs) | Resiliency | Tax Credits

Appalachian Development Agency Announces $10M for Eastern Kentucky Projects
Lexington Herald Leader | Oct. 19 | Access to Capital | Agriculture Finance | Economic Development

USDA Provides Nearly $800M in Farm Loan Assistance to Help Distressed Farmers
USDA | Oct. 18 | Access to Capital | Agriculture Finance | Federal | Legislative | Rural Development | U.S. Dept. of Agriculture (USDA)

Arkansas Officials Create Grain Bin Rescue Unit
Delta FarmPress | Oct. 17 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Rural Development | COVID-19

Kentucky Agricultural Finance Corporation Approves More Than $1M in Loans
The Lane Report | Oct. 14 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | State Finance Program

USDA Seeking Public Comment on Assistance to Agricultural Producers Who Have Experienced Discrimination
USDA | Oct. 13 | Agriculture Finance | Disaster Recovery & Relief | Federal | Legislative | Social Finance | 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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