Join CDFA for the Return of the Revolving Loan Fund WebCourse Week!
Revolving Loan Fund WebCourse Week is returning with the intro level on May 13-14 followed by the advanced level on May 15-16. Register for one or both of these courses to learn from experts about developing, implementing, and managing efficient and impactful revolving loan fund programs.
$1.5B Available to Help Farmers Advance Conservation, Climate-Smart Agriculture
Agriculture Secretary Tom Vilsack announced the availability of a historic $1.5 billion in fiscal year 2024 to invest in partner-driven conservation and climate solutions through the Regional Conservation Partnership Program (RCPP) as part of President Biden's Investing in America agenda. The U.S. Department of Agriculture (USDA) is accepting project proposals through July 2, 2024, that will help farmers, ranchers, and forest landowners adopt and expand conservation strategies to enhance natural resources while tackling the climate crisis.
Village of Oswego, IL Uses RLF to Fund Nash Vegas Saloon
Oswego trustees have authorized approval of a loan and a development incentive grant for a new restaurant and entertainment venue aiming to open in the village's downtown. The developer applied for a $340,000 loan and a $40,000 economic development grant to modify the interior of 61 Main St. for a new venue to be called Nash Vegas Saloon. The site formerly housed the Oswego Brewing Company. The loan will come through the village's revolving loan program which was developed to build a stronger economic base and expand job opportunities in the village.
Englewood, IL Food Hub Approved for $5M TIF Funding
City Council approved $5 million in tax increment financing (TIF) toward a "gut rehab" of a 10,500-square-foot restaurant hub in Englewood. Pass the Peas, a casual soul food diner, and Ellie's Urban Grill, a sports and entertainment restaurant, will set up shop in the hub. The space will also have a pop-up kitchen for aspiring restaurateurs and three small offices. The total cost to complete the project is about $7.1 million, and the group has about $2 million in lender financing and $90,000 in equity.
Mad Capital Launches $50M Perennial Fund II to Scale Regenerative Organic Agriculture
Mad Capital launched its Perennial Fund II (PFII) to provide farmers in the U.S. with tailored loans that help them transition to regenerative organic farmland while also increasing farmer profits. PFII, which is targeting $50 million, is building on the success of Mad Capital's portfolio of funds supporting regenerative organic agriculture, and aims to bring Mad Capital's total financing to over 150,000 acres of farmland and partnerships with more than 50 farming families.
Indiana Begins First Loan Program for Small Meat Processors
The Indiana State Department of Agriculture (ISDA) announced a first-of-its-kind loan program for small and very small meat and poultry processors in the state of Indiana. The Indiana Meat and Poultry Intermediary Lending Program (MPILP) is a $15 million revolving loan program that assists state processors in expanding their operations. The funding was made available through the U.S. Department of Agriculture Rural Development Meat and Poultry Processing Expansion Program.
Proofing Station Invests $1M to Protect Midwest Independent Farms
Proofing Station announces its first investment in the sustainable food systems of the Upper Midwest: a $1 million low-interest debt investment to The Conservation Fund's Farms Fund. Proofing Station's investment in the Farms Fund will enable The Conservation Fund to purchase and conserve critical farmland in the Chicago region and provide a patient path to farmland ownership for new and disadvantaged farmers.
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