FarmStart Surpasses $10 Million in Investments to Startup Agriculture Ventures
May 15, 2017
FarmStart, an innovative Northeast program to help individuals get started in farming, announced it has invested more than $10 million in beginning farmers’ businesses. Since the program’s inception just over 11 years ago, it has committed more than 10 million dollars to 221 beginning farmers.
“Farm Credit East has a long-term commitment of helping individuals get started in farming, forest products and commercial fishing,” said Bill Lipinski, Farm Credit East CEO. “We recognize the demands for capital and financial management skills that can make it difficult to establish a new business, so we’re pleased to provide through FarmStart the capital and support to get them started.”
“Surpassing $10 million in FarmStart investments is an exciting milestone and indicates the continued interest of young entrepreneurs to enter the industry,” commented Lynn Weaver, FarmStart program manager.
The first initiative of its kind in the United States, FarmStart helps to fulfill Farm Credit’s vision of a vibrant, entrepreneurial agricultural community today and tomorrow. The program invests working capital of up to $75,000 to help new northeast agricultural businesses become operational. A FarmStart advisor also works with each participant to help the new business stay on track toward achieving their business objectives. In addition to the 221 beginning farmers, FarmStart has also invested in a startup farmer-owned cooperative and a food hub enterprise.
FarmStart, LLP was initiated by Farm Credit East and CoBank as part of Farm Credit’s long-term commitment to the future of agriculture. Yankee Farm Credit joined the program in 2011. To learn more about the FarmStart program, click here.
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Contact: Kristie Schmitt