A new grant is available to help Community Development Financial Institutions (CDFIs) support more of Minnesota’s farmers. The Minnesota Department of Agriculture (MDA) is now accepting applications for its CDFI Technical Assistance Grant, aimed at helping Minnesota’s certified CDFIs expand their agriculture-focused services.
The MDA expects to award approximately $260,000 in one-time funding through a competitive grant review process. Register to attend an online information session about the grant on July 31, and see the request for proposals for full details.
Applications due by September 5, 2024.
What is a CDFI and why might they provide valuable services to farmers?
- A community development financial institution (CDFI) is a bank, credit union, microloan fund, or venture capital provider who completed a certification process with the U.S. Department of the Treasury's CDFI Fund.
- CDFIs offer financial services such as loan products and business support.
- CDFIs may offer favorable financing terms to farmers because they are mission-based lenders who serve a defined target population. For example, the U.S. Treasury's eligible target populations for CDFIs include low income communities or historically underserved audiences such as African American, Hispanic, Native American, Persons with Disabilities and other groups.
Individual farmers are not eligible to apply for this grant.
Full information about this grant here: https://www.mda.state.mn.us/
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