As with any business, start-up financing for farms can be challenging. For this reason, Farm Credit East started the FarmStart program in 2005. Farm Credit East has now released a short video about the FarmStart program.
In this video, FarmStart adviser Samantha Stoddard reflects on her experiences working with new farmers and how this unique Northeast program has helped many new farmers get their business off the ground.
A new farm often faces challenges when getting started, such as high start-up costs, limited access to working capital and lack of credit history. Farm Credit East established FarmStart to support talented, hardworking individuals entering agriculture. FarmStart assists beginning farmers and new cooperatives through their start-up years by providing working capital investments of up to $50,000 to get their business off the ground.
A typical FarmStart participant has two to three years of experience in the industry, has a good business plan and is passionate about getting started. A FarmStart adviser works with each participant to ensure proper financial information and analysis and evaluate how they are doing in meeting their business plan objectives.
The goal of FarmStart is to provide the last bit of operating capital a new farmer needs to make their business a success. FarmStart is a partnership involving Farm Credit East, CoBank and Yankee Farm Credit. To view this short video and for more information on FarmStart, visit FarmCreditEast.com/FarmStart