Application Process: Strolling of the Heifers Microloan Fund for New England Farmers

Deadline for pre-qualified applicants is February 26th, 2010.

Thank you for your interest in the Strolling of the Heifers Microloan Fund for New England Farmers, a project of Strolling of the Heifers and The Carrot Project. The mission of the fund is to address the difficulty that some New England farmers have in obtaining credit for projects that improve their operations and increase their income, as well as for emergency needs.

An important part of the application process is a business plan including detailed financials about your business. If preparing these items is new for you and you aren't sure how to get started, please go to Farmer Resources or contact Dorothy Suput office at dsuput@thecarrotproject.org or                617-666-9637.

Eligibility

• Farms with 250 or fewer acres in active production
• Annual gross revenue of $250,000 or less.
• Acceptable purposes for the loans are: capital investments and other expenses that help improve efficiency or quality, or that expand production and sales; repairs necessary to maintain farm operations; short-term operating needs such as inventory, supplies, or labor; and emergency funds to deal with business interruptions due to fire, natural disasters, or other unforeseeable events.

Loan Terms

• Loan amounts ranging from $1,000 to $15,000
• One to five years at 6.5% fixed interest rate.
• Farmers in Vermont or Massachusetts counties Berkshire, Hampshire, Hampden, or Franklin
• Primary focus on farms that use sustainable or organic methods (or are moving toward them)
• Marketing at least a portion of their products to local markets.

The application process includes four steps.

• Step 1 is a prequalification questionnaire to determine your eligibility. Please allow up to four (4) business days to receive a response to your prequalification questionnaire.
• Step 2 for pre-qualified applicants is the application, which includes a business plan or business plan summary and detailed financials. Incomplete applications will not be considered. Deadline: 02/26/2010.
• Step 3 is a site visit for all conditionally approved borrowers. Prior to this meeting, we may request additional information.
• Step 4 for all approved borrowers is a meeting with the Chittenden Bank loan officer to sign loan documents.

If preparing a busines plan is new for you and you aren't sure how to get started, please go to Farmer Resources or contact Dorothy Suput office at dsuput@thecarrotproject.org or                617-666-9637.

Application Packet for Western Massachusetts and Vermont

Please notify me when the microloan is available in other parts of Massachusetts

Please notify me when the microloan is available in New Hampshire

Do you have questions about the Strolling of the Heifers Microloan Fund for New England Farmers?

Please read the Frequently Asked Questions for answers.  Read More.

The Carrot Project's E-newsletter is sent out 3-4 times per year. If you would like to subscribe to the newsletter, please send a message with your name, town/city, state, and if you are a farmer to subscribe@thecarrotproject.org.