Farm City Fund is a new loan fund for urban farms and related businesses that support urban agriculture in NYC metropolitan area. FCF was inspired by Slow Money NYC, receiving support from its leadership during its pilot phase.
- Loan Amounts up to $5,000 for start-up $30,000 for expanding businesses.
- Interest Rate between 5-10%, based on nature of the loan.
- Loan Terms One Year or more. Applicants may request terms up to 5 years.
- Fewer than five (5) loans will be made in Year 1.
Based on survey research of urban farms conducted in 2011, Farm City Fund will provide short-term loans to farmers addressing seasonal fluctuation in cash required to maintain or to expand business activities.
$100,000 in funds have been committed in the first year of program, being launched March 1, 2012.