Minnesota Awards Community Development Funding for Agriculture

The Minnesota Department of Agriculture (MDA) awarded three community development organizations funding to strengthen agriculture-focused financial services through its new Community Development Financial Institution (CDFI) Technical Assistance Grant. The MDA awarded $270,000 for the following purposes:
* African Economic Development Solutions: $80,000 to train staff on resources for farm businesses, establish partnerships with agriculture-related organizations, and create new loan products, programs and policies to serve farmers.
* Hmong American Partnership: $90,000 to increase staff expertise in agricultural financial services, enhance farmers’ knowledge through loan readiness workshops and technical assistance, and develop tailored loan products to fit the financial needs of farmers.
* Latino Economic Development Center: $100,000 to strengthen their agricultural lending program through a new ag loan policy manual, a dedicated ag loan fund, technology and processes that deploy capital to farmers faster, and professional development for staff to better serve farmers.