The Carrot Project
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The Microloan is helping me advance towards my goal of expanding my business and ultimately purchasing my own farm.
— Jon Cohen of Deep Meadow Farm, a 2009 Strolling of the Heifers Microloan recipient
Strolling of the Heifers Microloan Funds
The Strolling of the Heifers Microloan Fund for New England Farmers and the MassDevelopment/Strolling of the Heifers Small Farm Loan Program, a partnership between Strolling of the Heifers and The Carrot Project with our lending partners Chittenden Bank and MassDevelopment, addresses the difficulty that some New England farmers have in obtaining credit for projects that improve their operations and increase their income, as well as meet emergency needs. It focuses on small loans to small- and mid-sized farms that use sustainable and organic methods (or are moving toward them), and that are active in local food networks.
Strolling of the Heifers raised the initial capital for the Microloan Fund from several sources: the proceeds from benefit concerts generously given by the legendary folksinger Pete Seeger, his grandson Tao Rodriguez-Seeger and bluesman Guy Davis in September, 2008; major grants from the Thomas Thompson Trust and Green Mountain Coffee Roasters. The Carrot Project raised capital from private investors and through an event at the Whole Foods Markets in Cambridge, MA. MassDevelopment is also providing capital for the program. The Carrot Project administers the programs with the assistance of volunteer loan review committees. Final loan decisions are made by the partnering lending institutions.
Three Profiles of Microloan Recipients: Bloomfield, Bostrum, and Mighty Food Farms.
Maine Farm Business Loan Fund
The Maine Farm Businss Loan Fund is a collaboration between Coastal Enterprises, Inc. in Maine, a statewide, nonprofit community development financial institution, and The Carrot Project. The Fund was established to meet the financing needs of small and midsized farms that use sustainable practices and serve local and regional markets in this growing sector of Maine’s economy.
Qualified farm owners may borrow for working capital or other needs such as equipment, buildings, production or value-added enterprises. Farmers may apply for loans up to $35,000, and supplemental amounts for larger projects may be available through other CEI loan programs.
To learn more about the Maine Farm Business Loan Fund and sustainable agriculture at CEI, contact Gray Harris at 207-882-7552 or go to www.ceimaine.org.
Reports Available
Financing Farming in the U.S.: Opportunities to Improve the Financial and Business Environment for Small and Midsized Farms Through Strategic Financing (2010)
This report chronicles the coming together of a diverse group of people from across the country over a six-month period to explore (1) the reasons for the chasm between an emerging sector of smaller-scale agriculture producers and access to capital, and (2) workable strategies to create successful farmer-lender relationships. Because this group represents individuals and groups across the country, it was our hope to promote capital access among small and mid-scale farmers nationally. The report shares the discoveries we made, and offers an invitation to others to participate in creating successful lending relationships among farmers and lenders in the years to come. This effort was organized by The C.S. Mott Group for Sustainable Food Systems at Michigan State University (MSU) and The Carrot Project.
Download a copy of Financing Farming in the U.S.
Small Farms in a Changing Credit Landscape (2010)
The Changing Credit Markets and Small Farms describes the changes in the credit market in recent years, and how these changes have negatively impacted small farmers. It also describes the capacity of small farmers as borrowers and makes recommendations to address related issues. The report is based on a presentation by John Moukad, a community development finance expert, for The Carrot Project's Advisory Board.
Download a copy of Small Farms in a Changing Credit Landscape
Lessons Learned: The Microloan Fund for New England Farmers (2009)
Lessons Learned- Microloan Fund for New England Farmers is the result of speaking with farmers—those that applied and those that decided not to, Loan Review Committee members, and members of the Oversight Committee, and Chittenden Bank to understand what improvements could be made to the program.
Download a copy of Lessons Learned- Microloan Fund for New England Farmers CLICK HERE.
Are Northeast Small Farmers in a Financing Fix? (2008)
The Carrot Project created, tested, and implemented the Farmers’ Financing Needs Assessment to gain a better understanding of the financing obstacles facing small and midsized farms. The survey portion of the Assessment was completed by 706 farms in New York and the New England States.
The information gained from this survey is important to guide the development of financing and technical assistance programs to meet the needs of the regions’ farmers. The report answers questions such as what type of farmer (by stage and type of operation and by region) is unable to find adequate financing and what type of lending options and equity funding would be appropriate.
Download a copy of Are Northeast Small Farmers in a Financing Fix? Research Results on Financing Gaps and Program Opportunities (561Kb) CLICK HERE.
If you would like a copy of a report sent to you by mail or e-mail, please contact info@thecarrotproject.org.
PROGRAM SITES
The Carrot Project is working to build collaborations with lenders and farm support organizations to create technical assistance and financing programs to meet the needs of small and midsized farms in New York and New England. We are exploring different program sites. For more information, please contact dsuput(at)thecarrotproject.org.
(Photo credit E. Ferry)The Carrot Project's E-newsletter is sent out 3-4 times per year. If you would like to subscribe to the newsletter, please send your name, city/town, state and if you are a farmer to subscribe@thecarrotproject.org.
Thank you.
The Carrot Project
ph: 617-666-9637
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