Black Farmer Fund Raises $20M In Capital In Its Second Fund To Improve The Black Food System In The Northeast

A multi-million-dollar investment towards Black farmers is underway.

As AFROTECH previously reported, the Black Farmer Fund, created by Karen Washington and Olivia Watkins, raised $11 million in September 2023 to support Black-owned agricultural systems through wealth-building opportunities.

Since then, the New York-based nonprofit has reached its target goal in a second fund, which will deploy $20 million in capital to improve the Black food system, a press release states . It will specifically target food businesses in the Northeast region and provide support in the form of “low-interest loans and gifts.” The intention is for the awarded businesses to enable Black growers to strengthen their presence in the market and gain greater authority in the supply chain.

This is timely when considering Black farmers have been faced with various challenges throughout the decades, which includes discrimination that has led to the denial of low-interest loans, grants, and further assistance, NPR reported. These effects have caused some Black farmers to earn less income or lose their land completely.

This has prompted greater action, even on the federal level. In July 2024, the Biden Administration announced $2.2 billion in aid to thousands of Black farmers who were faced with racial discrimination by the U.S Department of Agriculture, particularly in Mississippi and Alabama.

With initiatives like these, along with the Black Farmers Fund’s commitment, the path forward for Black farmers is showing more promise.

Looking ahead, Black Farmers Fund will allocate $2 million to the following businesses:

• New England Sweetwater Farm and Distillery – New Hampshire
• Nourrir – New York
• Global Village Foods – Vermont
• Edenesque – New York

“We are excited to support these innovative and impactful businesses through BFF Fund 2.0. Each of these businesses exemplifies our commitment to supporting sustainable agriculture, strengthening local economies, and promoting a just food system,” said Watkins, co-executive director of Black Farmer Fund. “Nourrir, Edenesque, New England Sweetwater Farm and Distillery, and Global Village Foods are advancing their respective fields and creating opportunities for Black farmers to enter the market.”

The post Black Farmer Fund Raises $20M In Capital In Its Second Fund To Improve The Black Food System In The Northeast appeared first on AfroTech .

The post Black Farmer Fund Raises $20M In Capital In Its Second Fund To Improve The Black Food System In The Northeast appeared first on AfroTech .