NASHVILLE, Tenn. (WTVF) — State officials announced the Coronavirus Agricultural and Forestry Business Fund (CAFB) awards to farms and forestry businesses on Monday.
The Tennessee Department of Agriculture (TDA) established the CAFB Fund with CARES Act resources to help ensure the stability of the food supply chain and agribusiness economy during the COVID-19 pandemic.
More than 1,000 applications with more than $335 million in requests were received, according to the TDA. The money will go toward about 80 percent of those applications. About 40 percent of the funds were awarded to resolve supply chain issues and 60 percent to cover COVID-19 losses and expenses.
Priority areas of the relief funding were meat processors, forestry businesses, milk processors, and agricultural fairs. TDA will continue working with F&A on the management of funds that will be distributed on a reimbursement basis.
“Just like all sectors of our economy, the agribusiness economy was hit hard by the pandemic,” Governor Lee said in a press release. “The CAFB Fund assistance for ag-related businesses will provide immediate aid to those who work in Tennessee’s number one industry of ag and forestry, and the funds will have a wide-reaching and long-lasting impact on Tennessee’s economic recovery.”
Recipients were awarded based on four categories relative to COVID-19 impact and response: business disruption, pandemic response, supply chain enhancement, and increased meat processing capacity. Applicants who had not received COVID-19 relief funding from other available programs were given priority.
“The coronavirus has touched every sector of our economy. Among the hardest hit was our agriculture community. The pandemic fundamentally altered the supply chain our farmers relied on to make their living,” said Lieutenant Governor Randy McNally (R-Oak Ridge) in a press release. “I am grateful these dollars will be made available to help those in agriculture who have struggled mightily in these trying times.”
“There was a tremendous response to the agricultural and forestry business relief opportunity,” Commissioner Charlie Hatcher, D.V.M. said. “We appreciate the support from Governor Lee and our state leaders who designated the financial relief program and who continue working to preserve these businesses. We made an effort to spread these dollars statewide fairly and equitably, and 60 percent of fund recipients were small businesses with an annual revenue of less than $1 million per year. Our TDA Business Development team worked in conjunction with the Department of Finance and Administration (F&A) to allocate the money fairly and equitably.”
