Essay on The Pennsylvania Fresh Food Financing Initiative

Essay on The Pennsylvania Fresh Food Financing Initiative

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The Pennsylvania Fresh Food Financing Initiative is a financing program developed to bring grocery store to underserved census tracts in the Commonwealth Pennsylvania. The program aimed to provide healthy foods to alleviate diet related diseases, stimulate private economic investments, eliminate financial barriers to capital, create jobs, develop a qualified workforce (The Reinvestment Fund). The funds provided for the program were conceived through a public-private partnership between Pennsylvania, The Reinvestment Fund, The Food Trust and Urban Affairs Coalition. This public- private partnership allowed to state to leverage their funds with non governmental entities in the private sector in order to raise enough capital to accomplish the intended goals. In doing so, this allowed the Pennsylvania the freedom to not tie up a large amount of the state funds into one project. Pennsylvania essentially would share the risk of the project failing, but at the fraction of the cost had they fronted the whole budget. In business strategy, financial leverage is use of borrowed capital used to increase the potential return on an investment (Investopia). In an article entitled “5 Quotes About Leverage to Help You Push Your Business Forward” by Adam Torren for Entrepreneur, he says “Just like a crowbar or a moving dolly, leverage allows you to harness the power of good positioning and the strategic application of energy to move mountains.” implying that leverage allows you to accomplish more than you could by yourself (Torren). The importance of the financing venture is that gives grocery stores the opportunity to receive capital to invest in area where traditional financial institutions would have shied away on that type of opportunity. The c...

... middle of paper ... of $32.4 million went to loan capital with a $1.4 loan from TRF Core Loan Fund. Also, a total of $40 million of direct grants, $65.1 million to private resources with $8.4 million raised from donations. The flexibilty of the various soucres of financing allowed this progrsm to be successful that best fit each individual project. 1.66 million square feet of commercial space was used for market developments.
Created over 5,000 jobs. Amongst the approved retailers, a few were non traditional such as CSA, farmers markets, and food coops. FFFI was awarded by Harvard for its Innovation in American Government Award.It has gained a national spotlight and is the basis of the national food financing inititive. The money in grants and loan awarded to approve food businesses were used for pre development plans, equipment, building construction, and employee hiring process

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