PVGrows Investment Fund Seeking Community Investors
We are excited to announce that the PVGrows Investment Fund is half way to reaching its $2.5 million goal to support the local food system! The three-year-old Pioneer Valley Grows Investment Fund (PVGIF) provides financing and technical assistance to farm and food businesses through community investments and has marked a major milestone — $1.25 million raised and financing provided to more than 25 local farm and food entrepreneurs primarily located in Western Massachusetts.
PVGIF is actively seeking more investors to raise an additional $1.25 million to continue this work. Administered by the Franklin County Community Development Corporation (FCCDC), the PVGrows Investment Fund offers an innovative, mission-driven way for community members to invest in their values — by supporting and sustaining businesses that can make real changes to how we grow, distribute, and buy food. “It takes the local movement to a whole new level. It’s beyond eating local – it’s investing locally,” said John Waite, Executive Director of the FCCDC.”
The Fund was started in October 2015, and to date has nearly 50 investors, including individuals businesses, and foundations. Open to investors located in New England and New York State, the PVGrows Investment Fund has a minimum investment of $1,000, with interest paid annually. These community investments are pooled together to provide the financing that farm and food entrepreneurs need to grow their businesses.
Food and farm businesses applying for financing and business support are vetted for mission fit by a consortium of community-lending institutions and food and agriculture specialists.
Terry and Susan Ragasa, owners of Sutter Meats in Northampton, MA, came to the PVGrows Investment Fund early on. ”From start-up funds to get us open to facilitating a business consultation to get us to the next level, the PVGrows Investment Fund has been an incredibly supportive asset for Sutter Meats,” Terry remarked.
For more information about the PVGrows Investment Fund and how to invest or borrow, click here or contact Rebecca Busansky at firstname.lastname@example.org.