RICHMOND, Va., June 24, 2024 – USDA Rural Development and the Reinvestment Fund are launching a new program under the Healthy Food Financing Initiative (HFFI) that may soon increase access to fresh, nutritious meal options in Virginia communities with limited access to grocery stores.
Food retailers and food retail suppliers are eligible to apply for $60 million in loans, grants and technical assistance offered through the Food Access and Retail Expansion Fund (FARE Fund) to implement healthy food projects.
Loans of $500,000 to $5 million are available for activities like predevelopment, land acquisition, renovations and equipment purchases. Grants of up to $250,000 can be used to support project management, equipment purchases, and construction.
The program also offers financing to support market and feasibility studies, business planning and store design for projects in their early stages.
“Food deserts can be found in every region of our state,” State Director Perry Hickman said. “This program can help increase access to healthy foods while also providing new market opportunities for Virginia farmers, stabilizing small and independent retailers, and creating good-paying jobs and economic opportunity in low-income communities.”
Reinvestment Fund is the national fund manager for USDA, administering HFFI on behalf of USDA Rural Development. It raises capital; provides financial and technical assistance to regional, state and local partnerships; and helps fund projects to improve access to fresh, healthy foods in underserved areas.
To date, HFFI has awarded over $25 million directly to food retail and food enterprise projects in 48 states, Washington D.C. and Puerto Rico. More than $40 million has also been awarded to support 16 new and existing regional, state, and local food financing programs through the HFFI Local and Regional Healthy Food Financing Partnerships Program launched in August 2023.
The FARE fund will be available for the next five years and is made possible by President Biden’s American Rescue Plan Act. The following link can be used to check eligibility now and sign up to be notified when the program begins accepting applications: https://www.investinginfood.com/fare-fund/.
USDA Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural, tribal and high-poverty areas.
The Rural Data Gateway offers a user-friendly interface with more details on how and where these investments are impacting rural America.
