Access to Capital
for
Farm & Food Businesses
A 2-day training and conference for service providers,
entrepreneurs, lenders and
other capital providers
in Vermont’s food and agriculture sector
December 7-8, 2010
Vermont College of Fine Arts, Montpelier, Vermont
Hosted by the Vermont Farm Viability Program, a program of the Vermont Housing & Conservation Board, in collaboration with the Vermont Sustainable Jobs Fund.
Supported by the Vermont Agriculture Innovation Center.
Featuring a showcase of entities offering capital, networking opportunities, and in-depth workshop topics
There will be a $20 registration fee per day. Register
AGENDA
TUESDAY, DECEMBER 7
8:00 a.m. Registration open & vendor set-up, College Hall
Locally produced snacks and beverages
9:00-9:30 Plenary Session – Welcome & Opening Remarks
Roger Allbee, Secretary of Agriculture
Mateo Kehler, Cellars at Jasper Hill
9:30-11:00 Plenary Session: Breadth of the Capital Continuum
This session will set the stage for the conference, with panelists describing various kinds of funding available across the capital continuum. Panelists will discuss which types of capital are appropriate for different businesses’ needs, size, stage of growth or market, among other factors. Hear about how to blend a recipe of capital resources to see a deal through to success.
Facilitator: Ellen Kahler, Vermont Sustainable Jobs Fund
State lending - Sarah Isham, Vermont Economic Development Authority
Federal Loan Guarantees - Bernie Villemaire, US Small Business Administration
Federal (USDA) Lending - Brian Kuper, USDA Farm Service Agency
Private and Public Foundations - Ryan Torres, Vermont Community Fund
Equity - Lee Bouyea from Fresh Tracks Capital
11:00 Break
11:00-12:30 Session 1
1a. Understanding Your Client’s Credit Analysis (or credit score)
How is it determined and why is it important?
Dave Estes, TD Bank North (invited)
Arne Hammarlund, Chittenden/Peoples (invited)
1b. Does becoming a non-profit or low-profit increase access to capital? Implications & considerations of the L3C.
Chuck Lief, The Hartland Group and
Tom Moody, Downs Rachlin & Martin
12:30 Lunch
1:30-3:30 Session 2
2a. Venture Readiness: Preparing Businesses for Capitalization
What are lenders looking for on financial statements? What are investors looking for? Is your client ready to take on outside capital? Learn more about preparing your clients for capitalization and what other resources there are for food and ag businesses as they prepare.
- Facilitator: Janice St. Onge, Vermont Sustainable Jobs Fund
- Michael Gurau, Coastal Enterprises, Inc.
- Steve Paddock, Vermont Small Business Development Center
- Jon Freeman, Northern Community investment Corporation
- Krista Lincoln, consultant
2b. Case Studies of successful capitalization
Hear capitalization success stories from two entrepreneurs. Learn about their businesses, what financing they needed, how they sought capital, what worked and what didn’t, and from what individuals and organizations they received support along the way.
- Facilitator: Ela Chapin, Vermont Housing & Conservation Board
- Tom Stearns, High Mowing Seeds
- Corie Pierce, Bread & Butter Farm
- Bill Suhr, Champlain Orchards
3:30-5pm Networking/Tabling Session
- Vendor tables for providers of capital
- Locally produced snacks and beverages
WEDNESDAY, DECEMBER 2
8am Registration open
Vendor tables for providers of capital
Locally produced snacks and beverages
9:00 Welcome
9:15-10:45 Session 3
3a. Introducing Equity, Angels and Slow Money. Can it work for agriculture? How well are ag and food businesses in Vermont tapping into equity investing? What resources are out there, and when should you advise an entrepreneur to or not to approach these kinds of capital providers? How does the VT Small Business Offering Exemption work, and when is it right for your client or your business? Come hear about emerging creative capital models.
- Facilitator TBD
- Eli Moulton, Merritt, Merritt and Moulton
- Rian Fried, Clean Yield Assets Management
- Bob Bloch, Champlain College & North Country Angels Investor
- Eric Becker, Clean Yield Asset Management & Slow Money Vermont
3b. Government and Community Funding
Various government and community funding programs available to ag and food businesses in Vermont will be briefly described. Panelists will focus on how these funding sources work together, how and when to best engage them in a potential deal, what are some of the greatest challenges and opportunities they’re seeing in the current market for financing these businesses, and what you could do as service providers and advisors to help a deal get better visibility for your client.
- Facilitator: Dave Lane, Vermont Economic Development Authority
- Sam Buckley, Vermont Community Loan Fund
- Jillann Richardson-Rohrscheib, Community Capital of Vermont
- Sherry Paige, USDA Rural Development
- David Girard, USDA Farm Service Agency
- Robin Scheu, Addison County Economic Development Corporation
10:45 Break
11-12:30 Session 4
4a. Government Contracts, Trade and Export Issues and Opportunities
Did you know that there are particular financing options available to entities with government contracts? Learn about these financing programs, opportunities in trade and export and where there are resources for businesses considering such opportunities.
- Facilitator: David Rubel, Vermont Small Business Development Center
- Susan Mazza, US Small Business Administration
- Ali Sarafzade, Vermont Global Trade Partnership
- Joanne Spaulding, Vermont Procurement Technical Assistance Center
- Kelly Loftus, Agency of Agriculture & Food Export USA
- Marie Dussault, Vermont Economic Development Authority
4b. Financing Renewable Energy & Energy Efficiency Projects
What resources are used to put together complex financing for an on-farm renewable energy project? Learn what financial indicators are critical, and how to look beyond the payback period. Panelists will inform you about resources available as well as how these resources may be integrated to see energy projects get off the ground.
- Andy Perchlik, Clean Energy Development Fund
- Cheryl Ducharme, USDA Rural Development
- Dan Scruton, Agency of Agriculture, Food & Markets
- Bob Thompson, USDA Natural Resources Conservation Service
12:30 Lunch
1:30-3:00 Session 5
5a. Alternative Private Capital and Good Old Fashioned Bootstrapping Alternative lending programs exist to help cover gaps in lending options for businesses, such as a need for more risk-tolerant capital. But don’t forget about some other good old fashioned financing tools like using cash flow or vendor financing to cover capital needs over time. Come hear from two lenders and two entrepreneurs about the use of these tools, what alternative lenders are looking for and why, and what scenarios make the most sense for certain businesses at certain stages of growth.
- Facilitator: Tim Storrow, Castanea Foundation
- Pete Johnson, Pete’s Greens
- Victor Morrison, entrepreneur and business consultant
- Dorothy Suput, The Carrot Project
- Greg Huysman, Opportunities Credit Union
5b. Case Studies of successful capitalization
Hear capitalization success stories from two entrepreneurs. Learn about their businesses, what financing they needed, how they sought capital, what worked and what didn’t, and from what individuals and organizations they received support along the way.
- Facilitator: Nancy Everhart, VT Housing & Conservation Board
- Linda Ramsdell, Claire’s Restaurant, Hardwick
- Abbey Duke, Sugarsnap, Burlington
3:15 Closing Remarks
Gus Seelig, VT Housing & Conservation Board
Chuck Ross, Senator Leahy’s Office
3-4pm Networking/Tabling Session
- Vendor tables for providers of capital
- Snacks and beverages
4-5pm Adjourn/Vendor Clean Up
Download the agenda and registration form
(Please check back to this page to see changes as presenters are confirmed.)
Directions to Vermont College of Fine Arts: In downtown Montpelier, at the intersection of State Street and Main Street, head up East State Street (between Coffee Corner and LaBrioche Bakery). Travel up East State Street to the end of the street, where there's a 'T' with College Street. You can park in the lot directly across College Street or along College Street or East State Street. The conference activities are taking place in College Hall, the large ornate building in the center of the green.
*To reserve a table in the hall (no fee) to showcase a lending, investing, grant-making or other kind of capital offering organization or program, please contact Laurie Graves at laurie@vhcb.org
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