Farmers + Food Producers
The Carrot Project offers one-on-one business assistance aimed at helping farmers and food business owners achieve greater financial management expertise and confidence in making business decisions which lead to long-term business success. Services may be free or cost-shared depending on location and household income.
Who Do We Serve?
Farmers and fishers who are based in MA, RI, CT, NH, and ME and who use sustainable methods and sell some or all of their products locally or regionally.
Food entrepreneurs in MA, RI, CT, NH, and ME who source their ingredients from these types of farmers and fishers, and sell some or all of their goods locally or regionally.
Our programs serve start-up, early-stage, scaling, and established farm and food businesses.
The Carrot Project works to build a more equitable farm and food system that creates economic, environmental, and social well-being. The Carrot Project does not discriminate on race, color, religion, sex, national origin or ancestry, age, sexual orientation, gender identification, genetic information, veteran or disability status. We continue to seek ways to serve entrepreneurs from historically marginalized communities with particular focus on working with women and people of color.
If you live in VT or NY, we still may be able to help or refer you to partners in your state. Please contact Client Services Specialist Jeff Cole.
Ready for help?
To learn more and apply for our business support services, please use the links below.
One-on-One Coaching and Business Consulting
Loan Programs
Trainings and Workshops
Farming is hard work. It is also gratifying work. It is not always financially rewarding work, but with due diligence to financial planning and wise capitalization, a small, diversified farm can succeed. The Carrot Project helped our farm with needed investments in infrastructure so that we could meet our income goals.
– Polly Shyka, Villageside Farm, Freedom, ME
One-on-One Coaching & Business Consulting
Get Help From a Business Advisor
The Carrot Project offers one-on-one coaching and business consulting aimed at helping farmers and food business owners achieve greater financial management expertise and confidence in making business decisions, which lead to long-term business success. Services may be free or cost-shared depending on location and household income.
One-on-One Coaching
The Carrot Project provides access to coaches to answer questions and help get you on the right path. We only require that you have an idea for growing and selling food or producing food using locally sourced ingredients.
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What will coaching services include?
- A simple review of your business plan and/or development plans
- Talking through new ideas or partially formed plans
- Help identifying basic financial actions you can take in response to systemic disruptions such as pandemics or climate change
- Help understanding the terms and conditions of government and/or charitable financial support programs, especially those requiring fast response times as a result of disruptions
- More extensive coaching may be free or cost-shared, depending on your location and household income. Talk with your Carrot business advisor or coach about how to access more assistance. No advisor or coach? Email Jeff Cole.
How will coaching help you?
Email Jeff Cole to schedule a coaching session.
Coaching can occur over the phone, video call, or at the farm or food enterprise, depending upon location and needs.
Business Consulting
For farmers and food producers who need more in-depth support, The Carrot Project pairs clients with a professional business consultant with specialized skills. We work with you to ensure we understand your business needs and create a detailed consulting plan. Consulting services can be free or subsidized; this initial assessment is provided at no cost to the entrepreneur.
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How will business consulting help you?
Consultations can occur over the phone, video call, or on-site at the business location.
What kinds of consulting do we offer?
- Business plan review
- Creating and analyzing financial statements
- Cash-flow budgeting
- Enterprise planning and creating financial projections
- Assistance in obtaining loans and other capital
- Setting up financial tracking/management systems such as QuickBooks
- Training in using your financial tracking system
- And more!
Who is eligible for business consulting services?
- You must have acquired, own, or lease land, or a location for your business, or are in the process of evaluating ownership or a lease.
- You must be in operation or within one year of opening your business.
Loan Programs
Apply for a Loan
The Carrot Project’s loan programs are available for businesses in Massachusetts, Rhode Island, Connecticut, New Hampshire, and Maine. Capital or operating loans of $5,000-$250,000 are available to farm, forestry and fishery businesses, and to processing, distribution and storage enterprises that use any type of local agricultural product.
Loans are available for businesses that may not be able to obtain financing elsewhere, including startups and farms in the first few years of operation. Those who already have a business plan are ideally suited to apply. We offer guidance on when and how to apply for financing, as well as assistance with loan applications.
Our partnership with the PVGrows Fund provides loans to farms and food enterprises in MA, CT, RI, NH, and ME. We also often make referrals to other lenders with agricultural and food system experience and can direct our business assistance clients to the best financing options. Thank you to MSPA for providing additional loan guarantees in Massachusetts.
Loan Terms
- Loans from $5,000 to $250,000 are available.
- The interest rate is approximately 6-7% (subject to change)
- Flexible loan terms from 1-7 years. No penalty for early payment.
- Funds may be used for operating or capital expenses.
Who does this program serve?
Loans are available for small and midsized farms and food system enterprises using sustainable or organic practices or products. Food enterprises primarily engaged in processing, storage or distribution of local agricultural products are encouraged to apply.
Criteria for Farms:
- Applicants must be engaged in cultivation of farm, forest or aquatic products, or adding value to such products.
- Minimum annual gross revenue revenue or projected revenue of $15,000 annually.
- Farm property must be owned or leased by the applicant(s); leases should be in effect for at least the repayment period of the loan.
Criteria for Food Enterprises:
- Must be involved in processing, storage or distribution of agricultural products. Businesses whose primary purpose is to process, add value to, store, or act as distributors for local agricultural products are eligible. For example: agricultural co-ops, co-packers, food hubs, produce delivery companies, cheese makers, butcher shops and farm stands are eligible when distributing or adding value to local products.
- Minimum annual gross revenue revenue or projected revenue of $15,000 annually.
- The sources of the ingredients or materials from which the product is produced are primarily from New England and New York, although the points of sale need not be within this region.
- The business must have less than 50 employees.
- Agricultural industry support services such as veterinarians, feed & fertilizer stores, general retail outlets, restaurants, or any business whose product or service is not primarily local & agricultural are not eligible.
Application Deadline
Loan paperwork is always due on the first of the month or the next business day if the first falls on a weekend or holiday.
Loan Review Process
The Carrot Project will review applications for completeness and provide pre- and post-loan technical assistance if needed.
This program is a partnership with PVGrows and the Franklin County Community Development Corporation, and their lending department makes final approval on all loans.
Ready to apply?
Fill out our Loan Inquiry Form here.
You may submit financials for your loan application in any format including one of our templates, which can be downloaded for free here.
The Carrot Project loan check list provides an overview of all the paperwork required to process a loan request. Questions? Contact Jeff Cole
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Crowd-Sourced Loans
Who does this program serve?
Farms:
- Applicants must be engaged in cultivation of farm, forest or aquatic products or adding value to such products.
- Farm property must be owned or leased by the applicant(s); leases should be in effect for at least the repayment period of the loan.
Food Enterprises:
- Must be involved in processing, storage or distribution of local agricultural products. Businesses whose primary purpose is to process, add value to, store, or act as distributors for local agricultural products are eligible. For example: agricultural co-ops, co-packers, food hubs, produce delivery companies, cheese makers, butcher shops and farm stands are eligible when distributing or adding value to local products.
- The sources of the ingredients or materials from which the product is produced are primarily within Connecticut, Maine, Massachusetts, New Hampshire, or Rhode Island, and/or nearby states, although the points of sale need not be within this region.
- The business must have less than 50 employees.
Unfortunately, agricultural industry support services such as veterinarians, feed & fertilizer stores, general retail outlets, and business whose product or service is not primarily local & agricultural are not eligible.
Crowdfunding is best suited for farms with a strong social media presence and personal network of potential lenders. Minimum funding levels from “friends and family”, within 15 days of KIVA approval, are required before your loan is open to crowdfunding.
Application Deadline
Rolling on line application to KIVA.
Loan Application Review Process
The Carrot Project will review applications for completeness and provide pre- and post-loan technical assistance if needed. The Carrot Project staff act as a KIVA trustee to faciliate your process.
Ready to apply?
Your first step is to fill out our The Carrot Project Inquiry Form here.
You may submit financials for your loan application in any format, but if you would prefer a template for your financial statements, you may download a free one here.
The Carrot Project loan check list provides an overview of all the paperwork required to process a loan request. Questions? Contact Jeff Cole
Trainings and Workshops
Fishers, aquaculturists, and small processors using local farm and sea ingredients are always welcome and encouraged to attend.
If workshops are not free of charge, our trainings and workshops are offered on a sliding scale to increase equity and accessibility, especially for BIPOC farmers and producers. Workshop fees should not be a barrier for any participant.
If you are interested in our training content and have missed it, you can view recordings here. You may also contact Jeff Cole to schedule coaching or business consulting services on our trainings.
If you are an organization interested in bringing any of our trainings or workshops to your community, or in modifying them for your community’s needs, please contact Jeff Cole.
2025: Training - Reducing Financial Risk through Financial Record Keeping, Analysis, and Strategic Risk Management
We are offering a five-hour training (lunch included!), in two different locations: Jan. 16 in Bloomfield CT (with a snow day of Jan. 30), and Jan. 23 in the Greenfield, MA area (with a snow day of Feb. 6). These trainings will help participants: 1) build financial recordkeeping and management skills; 2) identify financial risks; 3) understand and evaluate the resources and tools available to mitigate risk, including crop insurance; 4) apply these tools to address financial risk; and 5) take measurable steps toward enduring economic viability.
Stay tuned! We will post more information soon.
2024: Workshop - Building Farm Resilience: Smart Scenarios and Capital Access
The workshop will primarily be delivered in English. There will be a real-time interpreter in Spanish to summarize the important details of each slide. The hands-on skills and tools provided in these workshops apply to all producers.
This work is supported by the Rhode Island Food Policy Council, funded by a U.S. Department of Agriculture (USDA) Beginning Farmer and Rancher Development Program grant.
2024: Workshop - Keeping Records on Your Farm: Getting Started or Refining your Existing Systems.
Held on November 3rd, this workshop focused on recordkeeping for improved farm management decision-making and taught useful ways of organizing and understanding your farm’s financial information and tools to increase farm profitability and farmer satisfaction.
More information on this workshop is found here. If you missed this workshop and would like to learn the topics presented, contact Jeff Cole.
This work is supported by the Rhode Island Food Policy Council, funded by a U.S. Department of Agriculture (USDA) Beginning Farmer and Rancher Development Program grant.
2023: Workshop - When and How to Work with a Dedicated Bookkeeper
Join us on January 4th from 12PM to 2PM for this two hour workshop exploring benefits of having a decidated bookkeeper, when it makes sense to use one, and how to best work with one.
This workshop is virtual and currently only available in English.
2023: Building Farm & Food Business Resilience: Adding Profitable Enterprises
Resilience comes in many forms. Join us to learn how to evaluate opportunities for increasing profit potential, from improving your recordkeeping and bookkeeping practices, to key considerations and expenses related to your existing crops/products and value-added production. The hands-on skills and tools provided in this training apply to all food system businesses.
Classes and workshops are virtual, and currently available only in English.
This work is supported by the Massachusetts Agriculture Innovation Center, funded by a U.S. Department of Agriculture (USDA) Rural Development Agriculture Innovation Center Grant.
2022-2023: Exploring USDA Micro Farm Insurance
Join us to learn about USDA’s newest insurance program, available specifically for farmers making up to $350,000 annually from agricultural products. Micro Farm insurance prepares your farm for the unexpected by protecting your total farm revenue from losses in revenue, and includes revenue from post-production processing and value-added products like jams or jellies.
In this workshop series throughout December 2022 and early January 2023, we’ll work with you to evaluate if this insurance is right for your farm business and refine your financial recordkeeping to prepare for Micro Farm insurance or other risk management program requirements.
In-person and virtual options are available. Class size is limited and workshops are currently available only in English.
Interested in exploring these programs on your own?
Launch Part 1 Eligibility Self-Guided Tool
Launch Part 2 Application Self-Guided Tool
This material is based upon work supported by USDA/NIFA under Award Number 2021-70027-34693.
2022: Responding to Change, Pivoting for Profitability
Join farmer and Carrot Project business advisor and lead trainer Cian Dalzell to explore and practice implementing tools that enable you to understand the impacts of disruptions — such as COVID, climate change, and more — on your business’s financial health, so you can make changes with confidence and stay in business.
Space is available for the Monday series – Jan 31, Feb 7, 14, and 28: 10 AM to 12:30 PM
Given the upheaval caused by the Omicron variant, we will remain flexible and nimble and record all sessions, so you can watch (or re-watch) them when you can. We will hold office hours and one-on-one coaching calls, so you can ask questions and receive support after you watch the recording.
This material is based upon work supported by USDA/NIFA under Award Number 2018-70027-28588.
2021: COVID Round II: How do I prepare for 2021?
Once you have made your pivots, you can’t assume it will work out as planned. You’ll want to look at how you’re doing throughout the season and decide what change is needed to end the season where you want to be.
In our four-part series, “COVID Round II: How do I prepare for 2021?”, you’ll learn:
- what information you need,
- how to get it,
- and how to use it to plan quickly and evaluate your decisions in the midst of your season.
You will understand common roadblocks and solutions to maintaining the effort during busy times, and have an opportunity to work with your own numbers as part of a cohort group or one-on-one with a professional business advisor.
2018-2020: Making It Happen: Profitability and Success
- “Can I pay my bills?
- “Is my price the right price?”
- “Should I add a new product line?”
- “Is a capital investment worth it?”
The Making It Happen: Profitability and Success Training series for farmers and food processors will give you the financial management toolbox needed to answer these questions confidently and improve your business decision making and profitability. This interactive course presents four tools — cash flow budgeting, scenario planning, enterprise budgeting, and sensitivity analysis — that “are fundamental and work well together to provide a comprehensive toolbox,” according to a 2018 course participant.
The training is intended for producers with at least one year of operating experience and is approved as a USDA Farm Service Agency borrower training in Massachusetts, New York, Connecticut, and Rhode Island. Participants in these areas receive registration priority.
This is material is based upon work supported by USDA/NIFA under Award Number 2018-70027-28588.
2017: Deepening Roots, Growing Success
Topics covered include:
- Legal considerations to starting your own business
- Entity formation
- Preparing for financing: What lenders want to know
- Understanding and using financial statements
- The role of equity
- Creating & understanding financial projections
- Setting up useful financial management systems
- Practical tools for financial management
Questions?
Jeff Cole
Client Services Specialist
jcole@thecarrotproject.org
617.674.2371, ext. 9