The MassDevelopment/The Carrot Project Small Farm Loan Program offers loans to farmers in Massachusetts.

Loan Terms

• Loan amounts available from $3,000 to $35,000
• The interest rate is approximately 6-7% currently
• Flexible loan terms from 1-5 years. There is no penalty for early payment.
• Funds may be used for operating or capital expenses.

Application Deadline: Always the 1st of the month or the next business day if the 1st falls on a weekend or holiday. 

Download the Massachusetts Application

You may submit your financials in any format, but if you would prefer a template for your financial statements, you may download one below.

Eligible Borrowers

• farmers who own or lease farms in Massachusetts, with preference given to farms with 250 or fewer acres under cultivation and annual revenue of no more than $250,000 
• applicants who own or lease the farmed property; leases should be in effect for at least the loan payment period 
• applicants engaged in the cultivation of farm, forest, or aquatic products or farm-related businesses
• farms that use or are moving toward organic methods are given preference
• family farms, as defined by USDA’s Economic Research Service, are given preference

Eligible Expenses 

• capital investments and expenses that improve efficiency and/or quality, and/or expand farm production and sales
• repairs necessary to maintain farm operations
• short-term operating needs, such as inventory, supplies, and/or labor for expansion
• emergency funds to deal with business interruptions due to fire, natural disasters, or other unforeseeable events

For more information contact Dorothy Suput at  617.674.2371 or dsuput(at)thecarrotproject.org.

Farm Financial Templates - Free Downloads

We've developed these free templates specifically for small farm financial planning. Use them for general or annual financial planning, to accompany a business plan, or to meet the requirements for historical and projected "Income Statements" and "Cash Flow Statements" as listed on The Carrot Project's loan application checklist. The monthly and yearly templates can be used together or independently; the monthly templates are most useful for looking at the past or future 12 months of your business in detail, while the yearly templates are most useful for summarizing your cash flow projections 2 and 3 years into the past or future. 

Yearly Financial Statements Template (Download .xlsx) 

Monthly Financial Statements Template (Download .xlsx) 

Sample Business Plan and Financial Statements (Download .pdf)

Borrower's Financial Glossary (Download .pdf)