2026-2028 FARE FUND LOANS

FOOD ACCESS AND RETAIL EXPANSION FUND

The HFFI Food Access and Retail Expansion Fund (HFFI FARE Fund) is a program under America’s Healthy Food Financing Initiative, a program of USDA Rural Development.

Through the 2026 – 2028 HFFI FARE Fund Loan Request for Applications (RFA), at least $22M is available for loans to eligible projects aiming to increase food access, and strengthen, expand, and innovate within the food retail supply chain

Awards will be made on a rolling basis until the full amount of available funding has been awarded, which may be prior to the end of 2028. For the full program description, eligibility requirements, and application process, please read the RFA.

 

Read the Loan Request for Applications (RFA)

ELIGIBLE PROJECTS:

The HFFI FARE Fund will fund projects that create or expand the following types of business models:

  • SNAP Authorized food retailers located in eligible underserved areas that will sell an assortment of Staple and Perishable foods directly to consumers
  • Post-harvest food retail supply chain enterprises that will distribute Staple and Perishable foods to SNAP authorized food retailers located in eligible underserved areas

Applicants must demonstrate how their proposed project will contribute to food access through the availability of an assortment of both Staple and Perishable Foods for retail sale at SNAP authorized retailers in eligible underserved areas. Individuals are not eligible to apply to this opportunity.

Loans are available for shovel-ready projects that have a site identified and/or established site control, completed feasibility tasks, and a timeline for opening. Applicants will need to demonstrate site control with suitable documentation.

The full RFA outlines all eligibility requirements of the program. More information on location eligibility can be found at the following link:

LOCATION ELIGIBILITY MAP

 

AVAILABLE FUNDING:

  • Loans funded will be between $500,000 – $3,000,000, with loans over $3 million and up to $5 million in size considered on a case-by-case basis. Loan types could include (but are not limited to): Acquisition Only, Bridge Loans, Construction, Mini-Permanent & Permanent, Construction to Permanent, NMTC Source Leverage Loans, Equipment & Other Capital Needs, Working Capital & Other Soft Cost.
  • Supplemental TA will also be available, at the discretion of Reinvestment Fund, for loan applicants that need additional assistance to move forward with loan closing.

Please see the RFA for a full explanation of eligible uses of funds, loan types and loan terms.

 

WEBINARS:

Reinvestment Fund hosted an informational webinar on August 18, 2026, to provide potential applicants with an overview of the RFA, application process, to provide information on how to navigate the online submission process, and to answer questions about the program. To view the webinar recording and slides, please use the links below:

VIEW THE WEBINAR

DOWNLOAD THE SLIDES

A second webinar was held September 1, 2026, to discuss loan readiness and applicant expectations. To view the webinar recording and slides, please use the links below:

VIEW THE WEBINAR

DOWNLOAD THE SLIDES

HOW TO APPLY: 

Organizations interested in an HFFI FARE Fund loan should review the full Request for Applications prior to applying.

The first step in the application process is submitting a Funding Inquiry through Reinvestment Fund’s application portal SmartSimple at reinvestmentfund.smartsimple.com.

Funding Inquiries will be screened for eligibility and if deemed eligible, the applicant will be invited to complete a full application. Full applications cannot be submitted without an invitation.

TIMELINES:

Funding Inquiries will be accepted until 11:59 PM ET on September 30, 2028.

Applicants will be contacted via an email from SmartSimple with an eligibility determination within 60 days of their Funding Inquiry Form submission.  If eligible, applicants will also receive an invitation to submit a full application.

If invited to submit, full applications are due 45 days after the application is sent. Applicants will receive notification of the status of their submission and whether they were selected to move forward in the pre-underwriting process within 60 days of submission of their full application. Program staff may request additional information prior to moving an applicant forward. Applicants must adhere to timelines and deadlines for submitting additionally requested information as outlined by Program Staff in follow-up communications or otherwise may be declined for funding.

LOAN UNDERWRITING PROCESS:

The following steps outline the loan underwriting process for applicants selected to progress forward following application review:

Pre-underwriting: If an applicant meets the RFA criteria and preliminary standards for feasibility of financing, Reinvestment Fund will:

  • Contact the applicant to request an initial intro meeting to fully understand the loan, project status, discuss loan structure, and consider potential Technical Assistance needs of the applicant.
  • Follow up on outstanding due diligence for pre-underwriting needed to prepare a term sheet.

Following satisfactory completion of the above tasks by the applicant and upon approval by Reinvestment Fund, the applicant may receive a loan term sheet of indicative terms.

Underwriting: An application where a term sheet is issued by Reinvestment Fund and accepted by the applicant will be advanced for full underwriting and credit approval. The term sheet will be valid for 90 days. Following acceptance of the term sheet by the applicant, Reinvestment Fund may require additional due diligence (i.e. submission of additional documentation, forms required for federal loans, environmental review, and other information as applicable) from the applicant prior to approving a loan for closing. Loan approval will be at the discretion of Reinvestment Fund and dependent on the availability of funds under this RFA.

Loan Approval & Closing: If the applicant has met all closing conditions and loan documents are satisfactory to Reinvestment Fund, then the loan will be approved for closing. Approved loans will be closed on a rolling basis. It is expected that projects receiving Loan financing from the FARE Fund will begin on or before the closing date of the Loan.

READ THE RFA

SUBMIT A FUNDING INQUIRY

DESCARGAR LA SOLICITUD DE PROPUESTAS

 

2024-2025 HFFI FARE Fund Awardees