Farm Credit East’s FarmStart Celebrates 400 Investments

Farm Credit’s FarmStart program is pleased to announce the approval of its 400th investment. FarmStart is a unique program that invests working capital of up to $125,000 in northeast agricultural, fishing and forest products ventures showing promise of success. Since the first investment approved in August 2006, FarmStart has invested more than $19.4 million with over 400 entrepreneurs throughout the northeast.

One of FarmStart’s recent investments was to Sunset Farm, located in Naugatuck and Milford, Conn. Started in 2019, Sunset Farm is a USDA certified organic farm that grows a diverse range of fruits, vegetables and flowers on over 10 acres. The farm, operated by first-generation farmers, Kaitlyn Kimball and her husband, Larry Passeck, grows crops for its retail farm stand, Community Supported Agriculture (CSA) program and local farmers markets. It also sells fresh produce to local public schools and independent grocery stores.

FarmStart has provided Sunset Farm with the flexibility to cover their spring payroll and purchase necessary supplies, which has been crucial for their cash flow. “Having access to a line of credit has been an invaluable tool for our business, especially as we expand and take on more employees,” Kaitlyn explained. “It’s a great tool to help us grow and succeed.”

“Farm Credit East has a long-term commitment of helping individuals get started in farming, forest products and commercial fishing,” said Chris Laughton, FarmStart Program Manager. “Our goal is to continue to help young entrepreneurs enter the industry, and we’re pleased to provide capital and support these new businesses as they get started.”

FarmStart is a joint initiative of Farm Credit East and CoBank to fulfill Farm Credit’s long-term commitment to support a vibrant, entrepreneurial northeast agricultural community. FarmStart participants complete a business plan and monthly cash flow budget to serve as a roadmap for their startup business. In addition to the financial investment, a FarmStart advisor works with each participant to help the new business stay on track toward achieving business objectives.

Farm Credit East is a member-owned cooperative serving businesses involved in agriculture, forest products and commercial fishing throughout its eight-state territory of New York, New Jersey and New England. In addition to loans and leases, the organization offers a full range of specialized financial services. Farm Credit East is governed by a 15-person board of directors, comprised of 13 customer-elected, one customer appointed and one outside appointed director. For more information, visit FarmCreditEast.com.