Loans for Urban Agriculture in NYC
Farm City Fund
Farm City Fund is a new loan fund for urban farms and related businesses that support urban agriculture in NYC metropolitan area.
Loan amounts will range from $1,000 to $30,000.
Interest rates will be 10% or less.
Terms will be less than one year.
Fewer than five (5) loans will be made in Year 1.
Based on survey research of urban farms conducted in 2011, Farm City Fund will provide short-term loans to farmers addressing seasonal fluctuation in cash required to maintain or to expand business activities.
$100,000 in funds have been committed in the first year of program, being launched March 1, 2012.
In subsequent years, we will seek additional investors to fund additional borrowers, leveraging positive return history of previously placed loans.
Careful evaluation will be undertaken to gauge appropriate functioning of the loan portfolio, impacts on borrowers and other outcomes.
Farm City Fund was inspired by Slow Money NYC, arising from cultural explorations of FarmCity.US and from research recorded in urban agriculture blog, TheGreenest.Net.
Slow Money NYC is a chapter of national non-profit creating investment channels for people of all incomes that finance small, sustainable and local food businesses.