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CDFA Food and Agriculture Finance Update - March 12, 2024

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CDFA Food and Agriculture Finance Update
March 12, 2024
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CDFA Food & Agriculture Finance Update

Features

Last Call to Apply for the 2024 Caren S. Franzini Fellowship!
The Caren S. Franzini Fellowship was created to develop and recognize outstanding women in the field of development finance for their leadership and dedication to the advancement of the industry. This 6-month fellowship program, run through the CDFA Foundation, is open to women employed by a CDFA member organization who have worked in the development finance industry for less than 10 years. Apply by Friday, March 15!

National New Markets Fund Invests $17.5M in Minnesota-Based Creamery
National New Markets Fund, LLC, an affiliate of Los Angeles-based SDS Capital Group, has invested $17.5 million of its New Markets Tax Credit allocation into Chanhassen, Minnesota-based Bongards Creameries. Bongards is a farmer-owned co-op that relies on its 267-member farms (98% family farms) to provide milk for its cheese and whey products. As a result of the investment, Bongards' milk intake capacity will increase by almost one-third, from 4.1 million pounds per day to 5.4 million pounds per day.

Register Today for the 2024 Federal Policy Conference!
Reserve your spot at the 2024 CDFA Federal Policy Conference on April 2-3, 2024, in Washington, D.C. CDFA, with sponsorship by Ice Miller LLP and Grow America, will bring together leaders from the Biden administration, Congress, federal agencies, nonprofit organizations, and finance agencies who will discuss a range of federal legislative and policy topics. Interact with reps from the Department of the Treasury, the Small Business Administration, and the Environmental Protection Agency. Space is limited; act fast!

Minnesota Farmers Union Foundation RLF to Support Meat and Poultry Processors
Minnesota Farmers Union Foundation is now accepting loan applications from meat processors. The Foundation has a total of $900,000 in revolving loan funds (RLF) to distribute to support small and medium-sized meat and poultry processors through the Meat and Poultry Intermediary Lending Program. The program offers low-interest loans for the start-up, expansion, and operation of slaughter and further processing of meat and poultry. Funds can be used to purchase land or equipment, cover start-up costs, and make other business investments. Returned funds will be made available to new borrowers.

Food VC Bluestein Ventures Raises $45M for Third Food Tech Fund
Bluestein Ventures, the Chicago-based early-stage venture capital firm, closed on $45 million in capital commitments for its Fund III, and it aims to continue investing in early-stage businesses across the entire food and beverage supply chain. Andrew Bluestein, co-managing partner of Bluestein Ventures, founded the firm in 2014 and joins other venture capital firms, like Kost Capital, Supply Change Capital, and Joyful Ventures, that have recently raised new funds to invest in food tech.

Michigan Good Food Fund Growing New Farm and Food Businesses
The Michigan Good Food Fund, founded in 2015 by industry partners and private donors, provides access to capital, business assistance from industry experts, and a peer network that spans from Southeast Michigan to the Upper Peninsula. The fund acts as a co-signer, reducing risks for the lenders and allowing customized financing. Loans can be sought for things like equipment, inventory, and property improvements.

Bennington, VT Revolving Loan Program Boosts Businesses
The Bennington Select Board approved a $30,000 loan to the Jamaican restaurant Island Flavor LLC to fund commercial kitchen equipment at their new location. The town revolving loan program was established with leftover Housing and Urban Development (HUD) grant funds. For this reason, the fund focuses on the HUD goals of job creation, eliminating blight downtown, and rehabilitating and creating affordable housing.

Ohio Tax Credit Program is Helping New Farmers Grow
The Ohio Beginning Farmer Tax Credit Program requires beginning farmers to take a financial management course and the state gives them a tax credit to pay for the class. The program does not give the farmer a tax break to purchase land, but the seller gets a tax credit of 3.99% if the buyer has taken the course. That incentive is essential because the seller would otherwise likely sell to a higher bidder.

Upcoming Events
2024 CDFA Federal Policy Conference

CDFA // BNY Mellon Development Finance Webcast Series: The Re-emergence of Bond Banks
March 19, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will discuss the importance of bond banks, explore their roles, and focus on how they help communities move forward.

CDFA-Bricker Graydon Webinar Series: Revitalizing Brownfields with TIFs and Special Assessments
April 9, 2024 - 2:00 PM - 4:00 PM Eastern
Join expert speakers to learn how communities are diversifying their capital stacks by using tax increment financing (TIF) and special assessments to reimburse brownfield-related costs incurred while redeveloping these contaminated, functionally obsolete, blighted, historic, or otherwise eligible properties.

Food & Agriculture Finance News

Minnesota House Proposes Tax Credit to Address EPA Water Quality Concerns
Brownfield Ag News | Mar. 7 | Access to Capital | Agriculture Finance | Tax Credits | U.S. Environmental Protection Agency (EPA)

USDA Promoting Competition in Agriculture, Advancing Economic Opportunity and Fairness for Growers
USDA | Mar. 5 | Access to Capital | Agriculture Finance | Federal | U.S. Dept. of Agriculture (USDA)

Niles, IN OKs $1.2M TIF for James Beard Award Winner to Open Restaurant
Yahoo! News | Mar. 5 | Food Systems Finance | Redevelopment | Tax Increment Finance (TIF)

Horizon Farm Credit Awarding Grants to New and Beginning Farmers
Morning AgClips | Mar. 4 | Access to Capital | Agriculture Finance

Kentucky Agricultural Finance Corp OKs $4.4M in Loans
Grayson County News | Mar. 2 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | State Finance Program

Compeer Financial Awards $191K in Grants
AgriNews | Feb. 28 | Access to Capital | Agriculture Finance

Harvest Returns Announces Partnership With Farm Business Management Platform
yahoo! finance | Feb. 27 | Access to Capital | Agriculture Finance | Innovation Finance | Opportunity Zones

Funding Available to Help Oregon Farms and Ranches, Build Resiliency
Wallowa County Chieftain | Feb. 27 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | State Finance Program

New Initiative to Help Farmers Reduce Costs With Underutilized Renewable Technologies 
USDA | Feb. 26 | Access to Capital | Agriculture Finance | Energy Finance | Federal | Green Finance | U.S. Dept. of Agriculture (USDA)

Pennsylvania Farm Vitality Planning Grants: A Golden Opportunity for Farmers to Thrive
MyChesCo | Feb. 24 | Access to Capital | Agriculture Finance | Bond Finance | State Finance Program | Tax Credits

Cooperative Development Funding Now Available in Minnesota
Red Lake Nation News | Feb. 22 | Access to Capital | Agriculture Finance | State Finance Program

$23.5M Towards Strengthening Kansas Agriculture Through Rail Infrastructure
bnn | Feb. 21 | Access to Capital | Agriculture Finance | Infrastructure Finance | Rural Development | State Finance Program

Pennsylvania Budget Proposal Boosts Farmers and Processors
Lancaster Farming | Feb. 21 | Access to Capital | Agriculture Finance | Bond Finance | Food Systems Finance | State Finance Program

Illinois Farm Bureau Tracks Potential of Future Alternative Fuel Tax Credits
Advantage News | Feb. 20 | Agriculture Finance | Energy Finance | Tax Credits

Oregon Food Bank Receives $70K to Connect Farmers With Hunger Relief
bnn | Feb. 17 | Access to Capital | Agriculture Finance | Food Systems Finance | Social Finance | U.S. Dept. of Agriculture (USDA)


CDFA Resources

Bridging the Regenerative Agriculture Financing Gap
Access to Capital | Agriculture Finance | Innovation Finance | Resiliency
This issue brief produced by the Yale Center for Business and the Environment examines the varying definitions of regenerative agriculture and details the three types of factors that make financing regenerative agriculture difficult: outdated financial models; difficult financial returns; and cultural differences between farmers and investors. Throughout, it highlights the innovative organizations attempting to overcome these barriers and the novel methods they employ and ends by considering a few promising approaches for the future.

USDA Equity Action Plan - 2023 Update
Access to Capital | Agriculture Finance | Community Development | Economic Development | Federal | Food Systems Finance | Rural Development | Social Finance
A groundbreaking report from the U.S. Department of Agriculture's (USDA) Equity Commission features more than 60 recommendations designed to make policies affecting farming and rural America more fair. A few key recommendations include institutionalizing equity and accountability as well as improving staff diversity at the USDA; providing technical assistance and translation services to help applicants submit applications for programs; and improving access to nutrition for disadvantaged and underserved communities.

2024 RI Food System Factbook
Access to Capital | Agriculture Finance | Community Development | Economic Development | Food Systems Finance | Resiliency | Social Finance | Urban Development
The Rhode Island Food Policy Council has released a first-of-its-kind resource providing a data-driven assessment of the status of Rhode Island's food system, incorporating the best available research and data, and presenting information on the state as a whole, as well as for each city and town. The RI Food System Factbook shares data on over 40 different indicators across five areas of food system health and well-being: Food Economy, Food Access & Security, Agriculture & Land Use, Commercial Fisheries & Aquaculture, and Climate Change. 


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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CDFA National Sponsors

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor