The Island Chefs Collaborative and FarmFolk CityFolk have partnered with Vancity to offer a zero interest Microloan Fund. The aim of the fund is to provide a pool of funds for growers, harvesters and processors to invest in equipment and materials that allows them to increase the supply of food in the region.
Vancity has provided a $100,000 capital pool for the Island and Gulf Islands for loans brought forward by the icc and ffcf. In the first season, loans will be awarded between $1000 to $10,000 for up to a 24 month term. Applications are being accepted on a continual basis. During the term of the loan, payments including interest (prime + 4%) will be made via a VanCity account. Once the loan is successfully repaid the interest paid will be rebated by the icc and ffcf (interest will not be rebated on unsuccessful loans). The rebate of interest is made possible by our respective fundraising events.
- Open to farmers, fishers, growers and processors on Vancouver Island and the Gulf Islands.
- Must demonstrate how the funds will increase local food production.
- Funds must be used for equipment or materials; but not for travel, education or wages.
- Must provide written quotes for materials.
- Must have been involved in either FarmFolk City Folk’s Feast of Fields or the Island Chef Food Fest (or must commit to doing so during the time the loan remains unpaid).
- Must include a payment plan indicating where the funds will come from for repayment.
- Supply a description and a photo of the project once underway, for use on our websites for program promotion.
- Open a VanCity account through which the loan and repayment will be administered. If there is no VanCity in your immediate area, you only have to reach one to set up an account, but banking is possible through any Credit Union Branch.
- The impact on the supply of local food.
- Demonstration of the ability to repay the loan.
- Create a greater impact on the local economy beyond the loan itself.
- Ability to fill an area of food production that is not currently being fulfilled.
For more information and an application package contact:
MicroLoan Fund Administrator