Farm Credit’s FarmStart is pleased to reach $20 million in investments made to Northeast agricultural entrepreneurs as the program celebrates 20 years. FarmStart is a unique program that provides working capital investments of up to $125,000 to promising agricultural, fishing and forest products ventures. Since the first investment approved in August 2006, FarmStart has supported more than 400 entrepreneurs throughout the Northeast.
“Farm Credit East has a long-term commitment to helping individuals establish businesses in farming, forest products and commercial fishing,” said Chris Laughton, FarmStart Program Manager. “We’re proud to provide the capital and guidance that support new entrepreneurs as they build successful businesses.”
One recent FarmStart investment was to Sunfox Farm, a diversified 60-acre operation in Concord, N.H. Established in 2019, owners Greg and Amber Pollock grow sunflowers, corn and pumpkins while also raising chickens and pigs. They welcome visitors to the farm through a variety of agritourism events and sell a variety of products such as sunflower oil and popcorn.
FarmStart financing helped Greg and Amber cover operating costs and refinance equipment, allowing them to focus on growing the business. They also valued the guidance of their knowledgeable FarmStart advisor as they planned their next steps. “Any advisor that you can talk to and bounce ideas off of is incredibly valuable, especially for a young business,” said Greg.
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 its objectives.
In recognition of this milestone, Farm Credit East recently published a report highlighting FarmStart’s history and the beginning producers it has supported. The report features several current and graduated FarmStart participants, including Greg and Amber Pollock, and explores the program’s impact on Northeast agriculture. Visit FarmCreditEast.com to read the report.
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 12 customer-elected, one customer-appointed and two outside-appointed directors. FarmCreditEast.com.
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