By Scout Nelson
The Minnesota Department of Agriculture (MDA) is now offering financial support to Community Development Financial Institutions (CDFIs) aimed at enhancing services provided to the state's farmers.
This initiative, through the CDFI Technical Assistance Grant, seeks to bolster the economic opportunities within the agricultural community by providing targeted financial and technical assistance.
CDFIs play a crucial role in fostering economic growth and development, particularly in underserved communities.
With a focus on agriculture, these institutions help farmers gain access to necessary financial resources, contributing to overall community resilience and sustainability.
The newly announced grant aims to expand these capabilities further by funding initiatives that assist farmers directly or build the CDFIs' capacity to serve the agricultural community.
Approximately $260,000 is available in one-time funding, with the MDA planning to distribute this through a competitive review process. Individual grants can range from $10,000 to $200,000, depending on the scope and needs of the projects submitted.
There are two main areas for which these funds can be used: direct technical assistance to farmers to enhance their loan readiness and expand outreach efforts, and support for CDFIs themselves to develop internal processes and agricultural lending programs.
The deadline for applications is set for 11:59 p.m. on Thursday, September 5, with notifications to applicants scheduled for October.
This grant represents a significant opportunity for CDFIs to scale up their operations and impact, driving forward Minnesota’s agricultural economy.
For those interested in applying or learning more about the grant specifics, detailed information and the request for proposals (RFP) are available on the MDA website.
This initiative not only supports the growth of individual farmers but also strengthens the broader agricultural infrastructure by enhancing the financial institutions that serve this vital sector.
Photo Credit: minnesota-department-of-agriculture
Categories: Minnesota, Government & Policy