Reinvestment Fund Awards $5.8 Million in Grants to Boost Healthy Food Access

Deal News | Nov 01, 2024 | EIN

Reinvestment Fund, a mission-driven financial institution, has granted nearly $5.8 million through its Healthy Food Financing Initiative (HFFI) 2024 Planning Grant Program in partnership with USDA Rural Development. This initiative is designed to bolster food retail and supply chain business models in areas with limited access to healthy food. The fund aims to develop sustainable food systems through grants that support 45 projects across various U.S. regions, focusing on low-income and rural areas. Despite receiving 193 applications requesting over $24 million, Reinvestment Fund allocated resources to projects that exemplify innovative business models aiming to solve food access challenges. Projects are planned for diverse locations, including new cooperative stores and food hubs. Key to this initiative is the program’s emphasis on rural and low-income areas, striving to bring equitable access to healthy food. The fund aligns with broader USDA goals under the Biden-Harris administration to strengthen local food systems. In the larger scope, Reinvestment Fund has managed over $400 million in healthy food project grants, consistently partnering with private and public entities.

Sectors

Food and Beverage
Financial Services
Public-Private Partnership
Community Development

Geography

United States – The grant program targets projects across 28 states and Washington, D.C., focusing on areas with poor access to healthy food.

Industry

Food and Beverage – The initiative focuses on expanding food retail and supply chain businesses to improve access to healthy food.
Financial Services – Reinvestment Fund, a financial institution, is providing grants as part of its investment strategy in food systems.
Public-Private Partnership – This initiative is a collaboration between the Reinvestment Fund and USDA, highlighting cross-sector cooperation.
Community Development – The grants aim to stimulate growth and resilience in local communities by enhancing food access.

Financials

$5.8 million – Total grant amount awarded through the HFFI 2024 Planning Grant Program.
$24 million – Total funding amount requested by all applicants to the grant program.
$400 million – Total amount in grants and loans provided by Reinvestment Fund to healthy food projects since its inception.
$320 million – Leverage achieved by federal and local HFFI programs in grants.
$1 billion – Additional financing leveraged through private-public partnerships for food projects.

Participants

Name	Role	Type	Description
Reinvestment Fund	Grant Provider	Company	A mission-driven financial institution providing funds to support healthy food initiatives across communities.
USDA Rural Development	Partner	Government	Partnering with Reinvestment Fund to administer the Healthy Food Financing Initiative.
Delta Magic	Grant Recipient	Company	Recipient of grant funds to establish Big River Grocery in Helena, AR.
University of Nevada Reno Extension	Grant Recipient	Company	Awarded grant to plan a food hub in Las Vegas, NV.
Frank & Olives Marketplace	Grant Recipient	Company	Receives grant to support new food retail developments in Talbot County, GA.
Kanbes Markets	Grant Recipient	Company	Uses grants to expand the Healthy Corner Store model in Wyandotte County, KS.
Delta Advantage Center	Grant Recipient	Company	Plans new aggregation and distribution center in Moorhead, MS with the grant.
Biden-Harris Administration	Supporter	Government	Promotes strengthening of local and regional food systems.