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CDFA Food and Agriculture Finance Update - April 9, 2024

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


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.

Upcoming Events
Intro Revolving Loan Fund WebCourse

CDFA Tribal Finance Webinar Series: Empowering Native Entrepreneurs Through Access to Capital
April 23, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, practitioners will present strategies and highlight finance programs that are helping to increase access to capital and aiding the creation of successful small businesses.

CDFA Food Systems Finance Webinar Series: Financing Food Systems with Revolving Loan Funds
April 30, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, panelists will discuss how revolving loan funds can be used to support small businesses, entrepreneurs, and microenterprises to strengthen local and regional food systems. The discussion will also identify how these tools can help unlock affordable capital for socially disadvantaged farmers and ranchers.

Food & Agriculture Finance News

Shapiro Offers $4.8M to Strengthen Pennsylvania's Local Food Supply Chain
The Progress | Apr. 4 | Access to Capital | Agriculture Finance | Food Systems Finance | State Finance Program | U.S. Dept. of Agriculture (USDA)

USDA, North Central Regional Food Business Center Announce $600K in Farm, Food Grants
KFGO | Apr. 2 | Access to Capital | Agriculture Finance | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

Farm Credit Distributing $79M to Members Through Unique Patronage Program
Morning AgClips | Apr. 2 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs)

Pingree Pushes for Seafood-Focused Priorities in Next Farm Bill
Chellie Pingree | Apr. 1 | Access to Capital | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

Worcester, MA Regional Food Hub Breaks Ground for New Headquarters at Union Station
Telegram & Gazette | Mar. 29 | Access to Capital | Food Systems Finance

$124M in Clean Energy and Fertilizer Production to Strengthen American Farms, Businesses
USDA | Mar. 28 | Access to Capital | Agriculture Finance | Federal | U.S. Dept. of Agriculture (USDA)

Kraft Heinz Receives $170M From DOE's Office of Clean Energy Demonstration
Pennsylvania Business Report | Mar. 27 | Energy Finance | Food Systems Finance | Green Finance | U.S. Dept. of Energy (DOE)

$2M to Strengthen Food Supply Chain Infrastructure in Northern Mariana Islands
Marianas Variety | Mar. 27 | Access to Capital | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

USDA Investing $76.5M for Clean Energy in Navajo Nation
Yahoo! News | Mar. 26 | Agriculture Finance | Energy Finance | Federal | Rural Development | Tribal Finance | U.S. Dept. of Agriculture (USDA)

What 2023 Food Waste Funding Teaches Us About 2024
ReFED | Mar. 26 | Access to Capital | Food Systems Finance | Foundations | Innovation Finance | Resiliency | Venture Capital

New Jersey is Using $1M Grant to Produce Maple Syrup
Fortune | Mar. 25 | Access to Capital | Agriculture Finance | U.S. Dept. of Agriculture (USDA)

Kentucky Agricultural Development Board Approves More Than $1.6M for Projects
Morning AgClips | Mar. 20 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program

Recent Investments Fuel Local Food Systems
National Sustainable Agriculture Coalition | Mar. 20 | Access to Capital | Agriculture Finance | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Resiliency | U.S. Dept. of Agriculture (USDA)

USDA Provides $40.5M in Awards to Support Processing of Domestic Organic Products
U.S. Department of Agriculture | Mar. 14 | Access to Capital | Agriculture Finance | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA)

With $1B in Farm Operating Lines, FBN Sees ‘Greater Need for Financing' on the Horizon
AFN | Mar. 14 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs)

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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