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CDFA Food and Agriculture Finance Update - December 10, 2019

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CDFA Food and Agriculture Finance Update
December 10, 2019
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CDFA Food & Agriculture Finance Update


Announcing the CDFA Federal Policy Conference: April 14-15, 2020 in Washington, DC
The CDFA Federal Policy Conference will highlight policies and programs at the federal level and will feature development finance experts and practitioners from key federal agencies, congressional offices, and policy organizations. Attendees will have access to networking opportunities with a dozen federal agencies, a federal grant application writing workshop, and so much more. Register now to secure your spot!

PA Former Steel Site Is Turning Into An Aquaponics Facility
Backed by the social impact investors Hollymead Capital, the nonprofit Food 21 and an opportunity zone fund, with Peoples Natural Gas as its chief cheerleader, freshly sprouted InCity Farms is in the process of finding a headquarters in Pittsburgh. Its planned $30 million Duquesne facility is expected to employ 130 — starting salaries around $35,000 — potentially expanding to 275.

New OH Community Loan Fund Backs 3 Projects in Akron
The Western Reserve fund, which the Development Finance Authority of Summit County (DFA), said it helped to form in spring with $900,000 in initial funding, is currently a 501(c)(3) nonprofit. The DFA plans to apply to have the fund designated as a community development financial institution (CDFI). The Greater Akron Chamber is using the funds toward its new headquarters, the Well for its "Launch Kitchen" and trucking company JRayl for a new office headquarters in town.

Detroit, MI Food Entrepreneurs of Color Fight Barriers to Launch and Scale
Finding and securing capital is a well-documented struggle for startup food businesses owned by people of color, especially Black and Black women owners. Through the Eastern Market Growing Communities (EMGC) Micro Grant Matching Initiative, food entrepreneurs can apply for funding to assist with areas like equipment, business signage and display stands, land, and legal support.

Low-interest Loans, Vacant Storefronts: How Downtown Springfield, MA Is Attracting Restaurants
Through the city's Downtown Dining District Fund, the city of Springfield is offering experienced restauranteurs low-interest loans up to $200,000 to open full-service restaurants in the city. They also created the Springfield Business Improvement District and installed uplighting on eight Main Street buildings from Bridge Street to Falcon Way.

CEI Deployed Over $24M to ME Businesses in 2019
In 2019, Brunswick-based Coastal Enterprises Inc. deployed over $24.1 million, in the form of loans, microloans, equity and tax credit-motivated financing, to 120 businesses, mostly in Maine, and contributed to the creation and preservation of 1,900 jobs across industries that spanned sustainable agriculture and food systems, aquaculture and fisheries, renewable energy, manufacturing, downtown revitalization and the arts.

'Michigan Good Food Fund' Shares Why They Support Growers
The Michigan Good Food Fund (MGFF) was launched in June 2015 and is a $30 million public-private initiative designed to fuel a more inclusive food system statewide. Products and services include loans ranging from $2,500 to $6 million and extensive pre- and post-loan technical assistance. In addition, MGFF occasionally opens a round of Catalytic Investment Awards to provide non-debt financial support to prepare businesses for loan financing within a 24 month time period.

Upcoming Events
Intro Food Systems Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Sourcing Local Capital for Community Projects
Tuesday. December 17, 2019 - 1:00 PM Eastern
From crowdfunding to co-ops, during this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will learn about the tools that are being used to bridge the financing gap and make local economies work.

CDFA-TEDC Webinar: Rural Broadband - Financing the Last Mile
December 18, 2019 - 10:00 AM -11:30 AM Central
Rural communities commonly have difficulty financing middle-mile and last-mile broadband infrastructure. The Massachusetts Broadband Initiative and the Wyoming Broadband Advisory Council represent two state-level entities attempting to bridge the middle-mile and last-mile broadband gaps. One potential solution for this issue is to construct a fiber-optic network for municipal usage and lease the excess capacity (also called "dark fiber") to telecommunications providers to generate revenue. During this webinar, speakers will discuss solutions to financing middle-mile and last-mile fiber-optic networks.

Food & Agriculture Finance News

Pittsburgh, PA Food Truck Looks to Small Loans for Expansion
TribLive | Dec. 7 | Access to Capital | Crowdfunding | Food Systems Finance

Rural Nevada Development Corporation Leverages $17.2M in Small Business Loans
Northern Nevada Business | Dec. 3 | Access to Capital | Food Systems Finance | Revolving Loan Funds (RLFs)

AK Ag Industry Frets Over Plan to End Local Grown RLF
Stock Daily Dish | Dec. 1 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs)

State of IN Attempts to Combat Food Deserts
Star Press | Nov. 30 | Access to Capital | Food Systems Finance | Special Assessment Districts | Tax Credits

Revitalization Continues at Former Food Processing Plant in Montgomery County, NY
The Leader-Herald | Nov. 24 | Brownfield Financing | Food Systems Finance | Redevelopment

When a FL Small Town's Only Grocery Closed, City Hall Opened Its Own
The Washington Post | Nov. 22 | Community Development | Food Systems Finance | Revolving Loan Funds (RLFs)

How State RLFs Can Be Used for Ag Conservation
Pork Business | Nov. 22 | Agriculture Finance | Bond Finance | Food Systems Finance | Revolving Loan Funds (RLFs)

Capital Impact Partners Awarded $2.8M in Grants from CDFI Fund
PR Newswire | Nov. 21 | Access to Capital | Community Development | Food Systems Finance | U.S. Dept. of Treasury CDFI Fund

FL City Working to End Food Deserts
Jacksonville Daily Record | Nov. 21 | Economic Development | Food Systems Finance | Incentives

Farm Credit Chief Sees Shadow of 1980s Farm Crisis
Politico | Nov. 20 | Access to Capital | Agriculture Finance | Food Systems Finance | Tax Credits

VT Distillery to Receive $25K from Revolving Loan Fund
Rutland Herald | Nov. 20 | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs)

USDA Awards Over $41M for Healthy Food Access Projects
NSAC | Nov. 19 | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

Winery and Restaurant Planned for OZ in VA
Richmond Biz Sense | Nov. 18 | Access to Capital | Food Systems Finance | Opportunity Zones

How Tulsa, OK Fought Dollar Stores and Won
The New York Times | Nov. 15 | Food Systems Finance | Incentives

New Kroger in TIF District Opens in Reynoldsburg, OH
The Week Nsws | Nov. 15 | Food Systems Finance | Tax Increment Finance (TIF)

Toast Capital Launched to Provided Flexible Loans for Restaurants
Tech Start Ups | Nov. 14 | Access to Capital | Food Systems Finance

Chicago, IL Neighborhood Using Urban Ag & OZs to Make Up for Years of Disinvestment
Bisnow | Nov. 14 | Agriculture Finance | Food Systems Finance | Opportunity Zones

A Network of Foundations Takes on Big Ag by Financing Small Farmers
Inside Philanthropy | Nov. 13 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs)

Higher Loan Limit Proposed for Aggie Bonds
The Bond Buyer | Nov. 13 | Agriculture Finance | Bond Finance | CDFA Original Research

Do You Understand the Farm Credit System?
Successful Farming | Nov. 13 | Access to Capital | Agriculture Finance | Food Systems Finance | Legislative

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


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CDFA National Sponsors

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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