HARDWICK – Over the past fourteen years, the nonprofit loan program the Vermont Farm Fund (VFF), has made over $4 million dollars in loans to Vermont farmers and food producers to help build the local agricultural economy.
photo by Jordan Silverman
Originally established by Pete’s Greens and the Center for an Agricultural Economy (CAE) in 2011, the Vermont Farm Fund has operated as a program of CAE since its very first loans following Tropical Storm Irene. Today the fund still provides zero-interest emergency loans to farmers recovering from natural disasters, as well as low-interest loans to help new or established farms grow and expand. The funding for these loans comes from individual donors and family foundations, and each tax-deductible donation supports a revolving cycle in which payments from one generation of borrowers finances the next. As recipients pay back their loans, funds are replenished for the next cycle of borrowers. The result is a growing community of farmers lending money to farmers when it is most needed, in a timely manner, and without a lot of red tape.
“When a fire destroyed our barn 14 years ago, the outpouring of support from Vermonters was overwhelming. In response, the Vermont Farm Fund was birthed and shortly after Tropical Storm Irene visited our State. VFF has funded farm emergencies and ambitious business building projects ever since. Thanks to our creative farmers, generous donors, and wise board members, VFF is in robust health and ready to help fund Vermont’s farming future,” said Pete Johnson of Pete’s Greens and VFF Founder
courtesy photo
Since inception, the program’s total fund value has grown to over $1.6 million this year, allowing VFF to distribute between $500,000 and $600,000 annually in low-interest loans to small farmers and local food producers in the last several years. That’s five or six times the volume of lending as the program’s early years.
Vermont Farm Fund marked its four million-dollar milestone in March. In the life of the Fund to date, VFF has invested $4,105,066 in 242 individual loans to farm and food businesses across all 14 counties of Vermont.
“[Vermont] Farm Fund has been a great tool and resource for many reasons beyond the capital. It has been fast, easy, and professional . . . Thank you for the vision behind the program, but also the wonderful blend of professionalism and humanism along the way,” said Tom Gilbert of Black Dirt Farm.
For more information about the Vermont Farm Fund, or to apply for a VFF loan, visit vtfarmfund.org.
