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CDFA Food and Agriculture Finance Update - July 9, 2024

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CDFA Food and Agriculture Finance Update
July 9, 2024
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CDFA Food & Agriculture Finance Update


Invest in Yourself at 2024 CDFA Summer School!
CDFA Summer School is a 2-week long virtual series of courses designed to help you accelerate your development finance education, with a curation of seven different training courses to choose from. Don't miss the opportunity to learn from our expert practitioners and experience CDFA's most interactive educational event of the year! Register today!

$12M Allocated for Alaska, Washington Fisheries Disasters
U.S. Department of Commerce officials have announced the allocation of $12.2 million to address fishery resource disasters in Alaska and Washington State through the Relief Supplemental Appropriations Acts. The funding will assist with the recovery of salmon fisheries in communities across Alaska and Puget Sound by bolstering fisheries restoration efforts, minimizing the risk of future disasters, and helping build back stronger.

Rural Development Partners Invests $15M in NMTCs to Expand Colorado Food Bank
Rural Development Partners invested $15 million in New Markets Tax Credit (NMTC) financing to help Food Bank of the Rockies expand their distribution center to Aurora, Colorado. Without NMTCs, the expansion would be significantly delayed or scaled back, limiting the ability to address food insecurity. The facility will support 179 full-time jobs, increase farmer sourcing, expand rural outreach, and quadruple the capacity for volunteer operations.

USDA and Reinvestment Fund Launch New Program to Increase Access to Healthy Foods in Underserved Communities
The U.S. Department of Agriculture (USDA) and Reinvestment Fund are launching a new program under the Healthy Food Financing Initiative (HFFI) with funding from President Biden's American Rescue Plan Act. Through the new Food Access and Retail Expansion Fund (FARE Fund), USDA and the Reinvestment Fund are making available $60 million in loans, grants, and technical assistance for food retail and food retail supply chain projects that increase access to healthy food in communities underserved by grocery stores.

Minnesota Farmers Union Foundation Completes First MPILP Loan
Minnesota Farmers Union (MFU) Foundation completed its first Meat and Poultry Intermediary Lending Program (MPILP) loan in May. The MPILP loan went to Morgan's Meat Market of Waseca to finish processing facility expansion. MFU Foundation has $900,000 in revolving loan funds to distribute to support small and medium-sized meat and poultry processors through the MPILP. 

Proofing Station Invests $450K in Iya Foods to Support Operations in Naperville, IL
Proofing Station, an impact-first charitable investment fund, providing capital access to small- and mid-sized entities in the food and agriculture supply chain, announces a $450,000 equity investment in Iya Foods, a Black- and woman-owned facility, which produces gluten-free, allergen-friendly food in Naperville, IL. This funding allows Iya Foods to expand its labor force and business operations, after moving into a new 37,000-square-foot facility in 2023.

Aemetis Closes $25M USDA-Guaranteed Financing for Biogas Project
Aemetis closed its second $25 million, 20-year term loan guaranteed by the U.S. Department of Agriculture (USDA) for a total of $50 million in biogas project financing arranged by Greater Commercial Lending. Biogas Central Dairy RNG Project is now fully funded to build biogas digesters and related assets for eight additional dairies using $9.4 million of equity financing already provided by the company and the $25 million of new debt financing guaranteed by the USDA.

Montgomery County, MD Boosts Efforts to Feed People With $350K Investment
Montgomery County is significantly bolstering its local food assistance network with a new partnership that will allocate over $350,000 to 14 nonprofit organizations and local farms. The Office of Food Systems Resilience, Manna Food Center, and the Morningstar Foundation have awarded funds to enhance cold storage infrastructure, ensuring the safe storage and distribution of locally grown and recovered food.

Upcoming Events
CDFA Summer School

CDFA // BNY Mellon Development Finance Webcast Series: Navigating ESG in the Bond Market
July 16, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will discuss ESG principles, how they have impacted the bond market, what role they play in the larger financial market, and where they see those impacts continuing in 2024 and beyond.

2024 CDFA Equitable Lending Learning Series: Strategic Partnerships for Sharing Financial Risk
July 23, 2024 - 1:00 PM - 3:00 PM Eastern
In this installment of the CDFA Equitable Lending Learning Series, speakers will explore how leveraging the strengths and expertise of various capital partners, technical assistance providers, and philanthropic supporters can help build successful and sustainable programs.

Food & Agriculture Finance News

Regenerative Agriculture: Barriers to Adoption and How Leaders Can Help
Forbes | Jul. 1 | Access to Capital | Agriculture Finance | Innovation Finance | Resiliency

Charlotte, VT Farms Get Sizeable Chunk of Agricultural Grants
The Charlotte News | Jun. 27 | Access to Capital | Agriculture Finance | State Finance Program

Kentucky State University Receives $7M Grant for Agriculture Research Network
Yahoo! News | Jun. 27 | Access to Capital | Agriculture Finance | Food Systems Finance

Wyoming Could be a Leading Model for Rural Food Systems
The Cheyenne Post | Jun. 26 | Access to Capital | Food Systems Finance | Rural Development | Social Finance | State Finance Program

NIFA Invests $70M in Visionary Sustainable Agricultural Research
USDA NIFA | Jun. 25 | Access to Capital | Agriculture Finance | Federal | U.S. Dept. of Agriculture (USDA)

USDA Announces $12M in Funding Available to Support Dairy Initiatives
USDA AMS | Jun. 25 | Access to Capital | Agriculture Finance | Federal | U.S. Dept. of Agriculture (USDA)

New Rules Clarifying 40B Carbon Tax Credit, Could be a Glimpse into Future Guidelines
WRAM | Jun. 24 | Access to Capital | Agriculture Finance | Energy Finance | Tax Credits

USDA Provides $6M in Labor Grants to Northwest Ag Organizations
Capital Press | Jun. 24 | Agriculture Finance | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

Kentucky Agricultural Development Board Approves $8.5M for Projects
Morning AgClips | Jun. 23 | Access to Capital | Agriculture Finance | Rural Development | State Finance Program

New Partnership Will Boost Agricultural Education for Arizona Indigenous Students
Yahoo! News | Jun. 21 | Access to Capital | Agriculture Finance | Tribal Finance

California Climate Bond Must Invest in Resilient Food, Farming Infrastructure
NRDC | Jun. 18 | Access to Capital | Agriculture Finance | Bond Finance | Legislative | Resiliency | State Finance Program

USDA Awards $50M to Support Farmworkers and Agricultural Employers
USDA | Jun. 14 | Access to Capital | Agriculture Finance | Social Finance | U.S. Dept. of Agriculture (USDA)

New State Programs Boost Innovation and Sustainability in Pennsylvania's Agriculture
Franklin County Press | Jun. 14 | Access to Capital | Agriculture Finance | State Finance Program

NFWF Announces $10.2M to Cultivate Conservation Practices on Agricultural Lands
NFWF | Jun. 12 | Access to Capital | Agriculture Finance | Resiliency

USDA Awards Colville Tribes $16.5M Grant for Food Processing
Tribal Tribune | Jun. 11 | Federal | Food Systems Finance | Rural Development | Tribal Finance | U.S. Dept. of Agriculture (USDA)

CDFA Resources

Financing for Regenerative Agriculture
Access to Capital | Agriculture Finance | Foundations | Innovation Finance | Resiliency
Production methods such as regenerative agriculture are associated with climate adaptation and resilience. Such methods offer the best path forward to preserving long-term viability of an industry that is foundational to basic societal needs. From a financier's perspective, regenerative agriculture provides a way to maintain the commercial opportunity in agriculture via adaptation to changing climate conditions. By investing in regenerative agriculture now, financiers can proactively adapt food and agricultural value chain investments to changing climate conditions and take advantage of potential opportunities in transition investing.

National Strategy for Reducing Food Loss and Waste and Recycling Organics
Access to Capital | Agriculture Finance | Federal | Food Systems Finance
The Strategy will help the U.S. meet its National Food Loss and Waste Reduction Goal, to halve food loss and waste by 2030 and contribute to achieving the National Recycling Goal to achieve a 50% recycling rate by 2030, as well as contribute to the global achievement of the United Nations SDG Target. These efforts are part of the Administration's whole-of-government methane strategy—including actions to cut emissions from landfills and food waste, agriculture, the oil and gas sector, abandoned mines, and other major sources, while improving measurement and monitoring—to fulfill the Global Methane Pledge, which aims to reduce anthropogenic methane emissions by at least 30% by 2030 from 2020 levels.

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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