In This Issue:
- SBA Nears Restaurant Revitalization Fund Rollout and Drops Key Requirement
- New EIDL Deferrals and Increased Loan Limits
- Food Venture Financing Trends
- CPG Corporate Venture and Private Equity Funds
- Links to Relevant Content and Events
SBA Nears Restaurant Revitalization Fund Rollout and Drops Key Requirement
- Although a specific date has not been set, the SBA has targeted early April to roll out the Restaurant Revitalization Fund ("RRF").
- In addition, the SBA announced that it is eliminating the requirement that applicants register for the System for Award Management (e.g. SAM.gov), a move that industry groups had been advocating to streamline the application process.
- As a reminder, the RRF will provide grants of up to $10 million (or $5 million per location) to restaurants and other food venues which can be used to cover a recipient's "pandemic-related revenue loss" – generally, the difference between their 2019 and 2020 gross receipts.
- Grants will be reduced by the amount of any PPP loans previously received.
New EIDL Deferrals and Increased Loan Limits
- The SBA recently announced that it will defer repayments of Economic Injury Disaster Loans and increase the amounts businesses can borrow.
- Loans made in 2020 may now be deferred for 24 months, while loans made in 2021 may be deferred for 18 months. EIDLs originally had a 12 month deferral period.
- In addition, the maximum loan amount has been increased to $500,000, instead of the original maximum loan amount of $150,000.
Food Venture Financing Trends
- Numerator, a data company that conducts market research, launched a COVID Buyer Habit Index to assess consumption habits that are likely to prevail long term. Categories they identified include vitamin supplements, wine, and baking ingredients.
- In an effort to share its sustainability goals with consumers, Horizon Organic announced the results of its life cycle assessment to track its progress to become carbon positive by 2025.
- Female founders in the food and beverage space joined the #HungerforEquality initiative, a social media campaign partnered with the United Nations Foundation to improve gender equality, and discussed the importance of social media and mentorship to provide a platform for female entrepreneurs.
CPG Corporate Venture and Private Equity Funds
This week's featured venture fund is Better Food Ventures.
- Better Food Ventures, founded in 2013, is based in Menlo Park, California.
- The firm invests in IT innovators focused on strengthening the food and agriculture industries through technology, mobile, internet, artificial intelligence, robotics, and data analytics.
- Portfolio companies include:
- Four Growers
- Edifice Health
- Afresh Technologies
- DecisionNext
- Better Food Ventures is affiliated with The Mixing Bowl, a forum for thought leadership and information exchange in the food and beverage industries.
Links to Relevant Content and Events
ARTICLES
- The LIVEKINDLY Collective Closes $335 Million Funding Round
- How the Biden Administration Can Accelerate Prosperity by Fixing Agricultural-Biotech Regulations
- MeliBio Raises a Sweet $850,000 Pre-Seed Round for Bee-Less Honey
- AeroFarms Partners With Hortifrut to Grow Blueberries, Caneberries Via Vertical Farming
- Squarespace Acquires Hospitality Management Platform Tock for $400 Million
- Oishii Sees Itself as 'the Tesla of Vertical Farming.' Here's How It's Cracking CEA Strawberries
- CoverCress Nets $8 Million From Bunge, REG; Touts 'Buy-In From Entire Supply Chain'
- AppHarvest's David Lee on How AgTech Is Helping Us Eat Better
- Numerator Launches COVID Buyer Habit Index Quantifying Stickiness Of New Consumer Behaviors
- As Horizon Organic Blazes a Trail to Carbon Positive It Invites Consumers, Industry Players on Journey
- Hungry for Diversity: Female Startup Founders Take On the Challenges of Growing a Food Business
EVENTS
For detailed event and registration information, visit this page.
Collaboration: The Key to Scalable Packaging Solutions
Monday, April 12, 2021 at 1:00 – 1:45 p.m. PT
Sustainable Lifestyles: Leveraging Brand Purpose to Shift Consumer Behavior
Tuesday, April 13, 2021 at 9:30 a.m. PT
Climate Justice: The Intersection of Equity and Environmental Justice
Tuesday, April 13, 2021 at 1:30 p.m. PT
How to Start Your Carbon Neutral Journey
Wednesday, April 14, 2021 at 9:00 a.m. – 10 a.m. PT
Cooking Sustainably and Reducing Food Waste
Thursday, April 15, 2021 at 4:00 p.m. – 5:00 p.m. PT
The Carbon Problem
Thursday, April 22, 2021 at 9:00 a.m. – 10:00 a.m. PT
The Rise of Transparency in the Food Supply Chain
Tuesday, April 27, 2021 at 8:00 a.m. PT
Food Edge! Virtual Summit
Tuesday, May 4, 2021 and Thursday, May 6, 2021
Food Funded 2021 JEDI
Wednesday, May 12, 2021 at 10:00am – 2:00pm PT
Future Food-Tech Alternative Proteins Summit
June 22-23, 2021
Please check out DWT's newly re-launched Startup Law Blog
At DWT, we are proud to have one of the largest Food & Beverage legal practices in the country, with over 40 attorneys representing food innovators, entrepreneurs, and investors at every level of the food chain, from Farm to Label.
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