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CDFA Food and Agriculture Finance Update - October 8, 2019

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CDFA Food and Agriculture Finance Update
October 8, 2019
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CDFA Food & Agriculture Finance Update

Features

IL Restaurant Wants to Change Economic Model and Start RLF
Carbondale Spring, a social and political activist group, started a GoFundMe campaign to raise $45,000 to purchase the now-shuttered local business and form the city's first worker co-op. Carbondale Spring organizers then want the $45,000 used to purchase Fat Patties to be paid back to a revolving loan fund that will be used to fund other businesses in Carbondale that will adopt this ownership model.

MoFi Invests in Grocery Supplier/Distributor in Caldwell, ID
A member of the Jackson Food Stores family, Capitol Distributing is a grocery supplier/distributor to convenience stores across the Rocky Mountain West. The company sources, inventories, and delivers over 8,000 products to convenience store retailers. The company also provides services to its customers, including merchandising, laundry and technology solutions.

SBA 504 Loan Helps Restaurant Go from Renters to Owners
TMC Financing, a commercial real estate lender specializing in SBA 504 loans for growing businesses helped the proud owners of LoCoco's Cucina Rustica purchase the building that they were previously leasing for their restaurant. By utilizing the SBA 504 Program, the LoCoco's were able to purchase the 12,000 SF building with only a 10% down payment combined with a 20-year fixed interest rate.

TIF Helps Retrofit Grocery Store and Revitalize Neighborhood
It's revitalization began as Paul Gothra opened up Gothra's Neighborhood Market in the building that was formerly a Marsh grocery store until the chain went bankrupt in 2017. When Gothra indicated his intent to buy and renovate the lots, the City stepped up to help. It put $131,000 of Tax Increment Financing money toward improvements for the block in an effort to raise property values and taxes.

Senate Appropriations Bill Underfunds Priority Farm and Food Programs
The Senate moved the ball forward by "marking up" and passing their agriculture appropriations bill out of both the Senate Agriculture Appropriations Subcommittee and full Senate Appropriations Committee including $23.1 billion in discretionary funding for many of the major programs and functions of the U.S. Department of Agriculture (USDA) and the Food and Drug Administration (FDA).

No-Interest Loans Aim to Develop Agricultural Economy
A new regional nonprofit, Four Corners Slow Money, wants to help develop the regional agricultural economy by providing small-scale farmers and food-focused entrepreneurs with no-interest loans. Small growers can have trouble qualifying for traditional loans if they don't have credit, if they require a small dollar amount or if they need flexible terms.

Lebanon, IL Creates TIF District for New Family-Owned Grocery
As part of the effort to increase economic development in Lebanon, the City Council created its first TIF district and Don's IGA is in the district. In a TIF, or tax increment financing, district, property values in the district are frozen at their current levels for a 23-year period and any additional revenue generated by a rise in property values is channeled into a special fund earmarked for infrastructure improvements and economic incentives in the district. 

Michigan Good Food Fund Accepting Applications for Catalytic Investment Awards
The Michigan Good Food Fund is excited to announce a new round of Catalytic Investment Awards designed to help mission-driven good food entrepreneurs take their business to the next level including preparing for financing. $250,000 in awards will be distributed.

Upcoming Events
CDFA National Development Finance Summit

Catalyzing Opportunity Zone Investments in New England (2019)
October 22, 2019 - Boston, MA
Join CDFA for the Catalyzing Opportunity Zone Investments conference in New England on October 22, 2019 for a special one-day event hosted at the Federal Reserve Bank of Boston. This event will feature a number of economic development finance experts from Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont discussing Opportunity Zones and the development finance tools, authorities, resources and approaches, and how these can affect the New England economies going forward.

CDFA-Bricker PACE Webinar Series: PACE Program Design
October 16, 2019 - 11:00 AM - 1:00 PM Eastern
In this webinar, industry leaders from C-PACE Alliance, the Keystone Energy Alliance, Clean Fund, and Bricker & Eckler] will share their experience in drafting PACE statutes, advocating for legislative changes to existing PACE statutes, determining and correcting market flaws or deficiencies, and increasing market volume. Capital providers will share some insights on how they arrange capital for projects, and the importance of certain market-based principles underlying the development of C-PACE as an asset class in commercial lending.

Food & Agriculture Finance News

Austin Foodshed Investors: Mission-Driven Lending
Next City | Oct. 4 | Access to Capital | Agriculture Finance | Food Systems Finance

Investing in Regenerative Agriculture
Civil Eats | Oct. 2 | Access to Capital | Agriculture Finance | Food Systems Finance

As Rural Groceries Fade Away, Lawmakers Wonder Whether to Act
Pew Charitable Trusts | Oct. 2 | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development

Startup Restauranteurs Find Willing Investors Via Crowdfunding
Forbes | Sep. 28 | Access to Capital | Crowdfunding | Food Systems Finance

Great Falls Food Hub Uses $225K from RLF to Open
Brattleboro Reformer | Sep. 26 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits

New $500M Development Planned for Downtown Memphis, TN
WMC5 | Sep. 26 | Access to Capital | Economic Development | Food Systems Finance | Tax Credits | Tax Increment Finance (TIF)

Lending, Farm Program Guide for Veterans Released by Center for Rural Affairs
Michigan Farm News | Sep. 25 | Access to Capital | Agriculture Finance

Boosting Farmer Incomes in Agricultural Supply Chains
Stanford Social Innovation Review | Sep. 23 | Access to Capital | Agriculture Finance | Food Systems Finance

Struggling Farmers See Bright Spot in Solar
The Wall Street Journal | Sep. 23 | Agriculture Finance | Energy Finance | Tax Credits

Small & Mid-Sized Firms Find Financing & Expertise in CT
Hartford Business Journal | Sep. 23 | Access to Capital | Food Systems Finance | Rural Development

PA Tax Credit Available for On-Farm Conservation
The Daily Item | Sep. 19 | Agriculture Finance | Food Systems Finance | Rural Development | Tax Credits | Water Finance

Will Co-op Market Be Part of a Coming Cincinnati Development?
City Beat | Sep. 18 | Community Development | Economic Development | Food Systems Finance | Housing Finance | Tax Credits

Preserving MT Farmland: 3 Rural Community Development Tools
Nonprofit Quarterly | Sep. 18 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs)

Why Co-Ops Are the Best Recipe for Revitalizing Food Deserts
The Conversation | Sep. 16 | Community Development | Food Systems Finance

When Small Businesses In Need Quick Cash End Up With High Interest Debt
Pittsburgh Post-Gazette | Sep. 16 | Access to Capital | Crowdfunding | Food Systems Finance

New Brewpub and Brewery Coming to Centerville, OH
Dayton Business Journal | Sep. 13 | Energy Finance | Food Systems Finance | Green Finance | Property Assessed Clean Energy (PACE)

Farm Credit System Reports Decline in Loan Quality
Successful Farming | Sep. 12 | Access to Capital | Agriculture Finance | Food Systems Finance


CDFA Publications

CDFA Food Finance White Paper Series: Food Systems & Access to Capital
Access to Capital | Agriculture Finance | CDFA Original Research | Community Development | Economic Development | Food Systems Finance
Research and written by CDFA, this white paper is part of a series examining the potential creation of a food systems asset class which supports the market growth of local and regional food systems which meet the economic, social, environmental, and cultural needs of communities throughout the country. This paper focuses specifically on financing that provides access to capital, outlining this category of tools and demonstrating how they can be utilized for various types of food-related endeavors.


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

  • Alaska Industrial Development and Export Authority
  • 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
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • Petros PACE Finance
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
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