Help Find Farm Credit 100 Fresh Perspectives!

Do you know an individual or group of individuals whose leadership and vision is changing the future of agriculture and rural America for the better? Farm Credit is searching for 100 leaders who are positively shaping what is next for rural communities and agriculture.

Farm Credit is asking you to nominate leaders who demonstrate qualities in one or more of the following categories:

• Leadership (over 21)
• Youth Leadership (21 and younger)
• Rural Policy Influence
• Beginning Farmer or Rancher Achievement
• Entrepreneurship and Innovation
• Sustainability and Natural Resource Conservation
• Financial Stewardship
• Mentoring and Volunteerism
• Agriculture Education and Community Impact
• Rural and Urban Connection

If you know a dynamic leader who fits into one or more of those categories, we encourage you to nominate them for recognition as one of the Farm Credit 100 Fresh Perspectives in three easy steps:

1. Consider: Identify the category or categories outlined here that best represent your nominee’s area of influence.
2. Visit: Go to FarmCredit100.com/fresh for entry materials.
3. Complete: Submit nomination form and brief essay. Nominations accepted until December 18, 2015.

A panel of experts on rural matters, including Farm Credit leaders and representatives from around the agriculture industry, will evaluate and select the top 100 honorees who showcase the ability to build appreciation for rural communities and agriculture and further contribute to a vibrant future for rural America. The final 100 names will be announced in early 2016.

Go to FarmCredit100.com/fresh for more info!

Yankee Directors, Guests and Staff Participate in Northeast Kingdom Farm & Food Tour

Directors, guests and staff of Yankee Farm Credit recently toured an array of farms and food-related organizations in the Notheast Kingdom. As part of an annual tour, Yankee's Derby office organized a day chock full of agriculture and local food-related establishments. Find below a few highlights from the day:

The first stop of the day was to Eureka Satellite, LLC, a project owned and operated by brothers Mateo and Andy Kehler of Jasper Hill Creamery. The project we visited is a hay drying facility and solar array system (still under construction). The Kehlers' main product is artisan cheese, which is their key focus. Mateo explained to the group why they prefer to feed their cattle dry hay versus grass silage and why it makes a difference in their cheese. The hay dryer is quite an innovation and depending upon the moisture content of the hay when it is harvested, takes anywhere between five and 12 hours for drying. It's the first of its kind in the U.S. and was imported from Germany. You can read about the Kehler's installation here.

Mateo Kehler addressing the group.

Yankee director Brad Maxwell checking out the equipment.

Group shot, L-R, Yankee director Rocky Giroux, Mateo Kehler, Derby branch manager Loren Petzoldt, Andy Kehler, Yankee CEO George Putnam. 



Group waiting outside the hay drying facility.
 

The next stop was Pete's Greens, Inc., a four season organic vegetable farm growing a vast array of specialty crops with emphasis on baby greens, heirloom tomatoes and root crops. Starting in 1995, Pete Johnson cleared land owned by his parents and grew mostly greens. He has added crop land since and now operates 375 tillable acres. Pete also has an extensive year-long CSA (Community Supported Agriculture) program which includes other products such as cheese, meat, eggs and apples from neighboring farms. Additionally, a wholesale unit and retail operation round out the business.

A cheery mural on one of the main walls in the main building.

The group toured several acres of production and is heading back toward a building currently being installed with solar panels on the roof.

Tim Fishburne from Pete's Greens led the tour through the operation.
 

We stopped for lunch at Sterling College where we learned about Sterling's Sustainable Agriculture and Sustainable Food Systems programs. Our hosts were Topher Bordeau, director of Advancement and Alumni Relations, faculty members Charlotte Rosendahl and Allison Van Akkeren, executive chef Simeon Bittman and Katie Lavin from the president's office. We were treated to a delicious meal of food from Sterling's farm and other local farms. Yankee Farm Credit recently partnered with Sterling College for it's Veteran College-to-Farm program. You can read about it here.

A bulletin board announcing the day's lunch at the entrance to dining hall.

We made our way to the Center for an Agricultural Economy's Food Venture Center next and were greeted by Sarah Waring, executive director of the Center, Connor Gorham, facilities manager and professional production assistant and Daniel Keeney, farm and food business advisor. Launched in 2004, CAE's mission is to engage the public to build a regenerative, locally based, healthy food system through collaboration opportunities, food access and hunger relief, educational outreach and providing infrastructure.

The Food Venture Center is a multi-use processing facility. The center is an incubation space for food businesses. Over 60% of the rents paid to the facility comes from farmers. Jasper Hill is a core tenant producing cheese at the facility. The center offers support services to clients as well as recipe development, co-packing services and process development. The Food Venture Center also has food chemists available for users if needed to develop their product. Currently over 30 businesses are using the facilities for production.



Connor Gorham (third from left) and Sarah Waring giving an overview of the Center when we arrive.

Connor using a mural as a prop to explain.

A display of products from some of the Center's clients.

Our last stop of the day was Kingdom Creamery of Vermont, LLC. Located in East Hardwick, Vt., Kingdom Creamery is a family business owned by the Michaud family - Denis and Claire along with sons Jeremy, Travis and Daniel and their families. The creamery produces premium ice cream, soft serve mix, frozen yogurt and yogurt made from milk purchased from the family's dairy farm, Claire-a-Den Farm. Their own maple syrup is also featured in many of their products. Products are marketed under their own and private labels for other companies. Their product can be found in grocery stores and scoop shops all over New England and New York. Quite often they attend local events and festivals where a family member - maybe even a grandchild - will scoop your cone for you.

Leslie Michaud, Jeremy's wife, and Claire Michaud happily scoop ice cream for some anxious onlookers.

A pint ready to be filled in the assembly line.

Jeremy Michaud (right, in royal blue) explaining a process to a few tour goers.

 

We have a lot of wonderful agriculture and farm and food businesses to be proud of in the Northeast Kingdom. Our group learned a lot and enjoyed the trip.

The Boston Public Market - UPDATE

A few weeks ago, we reported on the Boston Public Market (BPM), a functional farmers market in Boston, Massachusetts that also serves as a showcase for agriculture and farming in New England (original post can be found HERE).

April Smith, a loan officer in Yankee's White River Junction office, toured the BPM on July 30th and participated in its open house. April brought back photos from the BPM and a map that details the layout of the facility and provides brief descriptions of each vendor.

Photos:

 

 

 

The BPM map (click to enlarge):

*Special thanks to April Smith for attending the open house and providing the above images*

Q2 Financial Reports

Finally! The rain has slowed down, the sun has come out and summer has decided to arrive in Yankee’s territory. It feels good and so does Yankee’s financial health. Yankee’s second quarter financial results are now available and we can announce that we had another good quarter. Favorable net income was primarily due to a negative provision for loan losses. This is a result of the improving quality of the loan portfolio, which remains strong. It is expected to remain that way in the foreseeable future. The balance sheet shows that loans were down from year-end, but up from the previous quarter. Great members and staff are two reasons for these results.

Quarterly net income for Yankee was $3.1 million, an increase of $1.1 million over the same period in 2014. The most significant factor driving the increase was a negative provision of $468 thousand to the provision for credit losses, as compared to a provision of $424 for the same period in 2014. This was due to the improving quality of our loan portfolio.

For the first six months of 2015, net income was $5.7 million, an increase of $1.3 million from 2014. There was a negative provision for credit losses of $604 thousand through the second quarter of 2015, as compared to a provision of $732 during the same period of 2014. Other income increased $197 thousand, primarily due to an increase in income from fees for financial services.

Loans held by the Association at June 30, 2015 were $423.4 million, down 2.3 percent from year end but up 0.9 percent from March 31, 2015. The loan portfolio continues to be concentrated in the dairy industry with 49 percent of loan invested in dairy businesses. The second largest concentration is timber, with 15 percent of loan volume at quarter end.

Credit quality across Yankee’s loan portfolio remained strong during the quarter and well within the risk-bearing capacity of the Association. At quarter-end 0.6 percent of the Association loans were classified as nonperforming, 0.1 percent improved from the previous quarter and unchanged from year end. This statistic was 0.2 percent improved from the same period in 2014. There were no loan charge-offs, but $1 thousand in recoveries in the quarter. The Association’s capital position remains strong.

Click here for the full quarterly Report to Shareholders and here for the quarterly financial news release.

Personnel Changes in our WRJ Office

After serving the Association’s members for more than 33 years, Ken Nelson has announced his retirement effective August 31st. Ken began his Farm Credit career in February 1982 in South Deerfield, MA, but soon thereafter moved to the St. Johnsbury office. He transferred to the White River Junction office in 1992 when the St. Johnsbury office closed. Ken has served the Association in a number of capacities over the years. He has been a credit representative, loan officer, real estate appraiser, senior loan officer, and for the past three years has been the branch manager of our White River Junction office. We’ll miss Ken’s experience and dedication, and we thank him for his service and wish him all the best in his well-deserved retirement.

Morgan Rilling, currently the Association’s Credit Operations Coordinator, has been named Interim Branch Manager of the White River Junction office effective August 1st. Morgan began her Farm Credit career in 2004 working as a part-time employee in the Williston office while attending the University of Vermont. Following her graduation in 2005 she became a full-time employee, serving in the White River Junction office. Morgan started as a credit analyst/FRS assistant, became a loan officer in 2006, and assumed her current position in 2012. Morgan’s experience in both credit and administrative roles will serve the Association well. One of her first duties will be to work with Ken Nelson to re-assign his loans to other members of the White River Junction credit staff.

After a 39 year career with Farm Credit, Senior Loan Officer Jeff Temple retired on June 30th. Jeff started out working for the Mohawk-Schoharie Association in Fultonville, NY in 1976, then transferred to Champlain Valley Farm Credit (one of Yankee’s predecessor associations) in 1984. Jeff worked in the Association’s Rutland and Middlebury offices before transferring to White River Junction in 1995. He served there as a loan officer and senior loan officer, becoming the branch manager in 2006. Three years ago Jeff decided it was time to begin transitioning into retirement and stepped down from branch manager to part-time senior loan officer. Jeff’s loans have been re-assigned to other members of the White River Junction and Middlebury credit staff. Just like with Ken Nelson, we’ll miss Jeff’s experience and dedication. We express our gratitude for his service and extend our best wishes for his retirement.

On August 3rd Cory Haggett will begin work as a credit representative. Cory is a native of Brookfield, VT where his parents operated a dairy farm. He holds a degree in agricultural economics from the University of Nebraska. For the past 17 years he has operated his own business in the Randolph area. Cory is enthusiastic about joining Yankee and is looking forward to working with our borrowers.

On June 22nd Kristen Murray began work as a Financial Services Assistant. Kristen is from Ryegate, VT and holds degrees in economics and history from the University of New Hampshire. Immersing herself immediately in tax training, Kristen is looking forward to learning the intricacies of farm taxation.

While there’s been a considerable amount of change in the White River office please be assured that Association management, as well as the entire White River Junction staff, remain committed to continuing to provide you with the highest quality credit and financial services

A Century of Service: Farm Credit Enters Its 100th Year

 

The Farm Credit System celebrates its 99^th anniversary today, officially entering its 100^th year of service to the country’s agricultural and farm community. On July 17th, 1916, President Woodrow Wilson signed into law the Federal Farm Loan Act—thereby establishing the Farm Credit System. For a century now, Farm Credit has provided reliable credit and quality financial services to America’s farmers, farm-related businesses, and rural homeowners. Through its relationships with rural utility providers, Farm Credit has promoted healthy and sustainable growth to the infrastructure of rural America. Farm Credit is grateful for the continued enthusiasm, diligence, and devotion its customers exhibit in their work and conduct, and is proud to celebrate this extraordinary milestone with those who make it all possible.

 

 

Every county in the United States is served by the Farm Credit System. Four counties in New Hampshire (Coos, Grafton, Sullivan, Cheshire), two in New York (Clinton and Essex), and all fourteen counties in Vermont are served by Yankee Farm Credit. But it hasn’t always been that way. Before the creation of Yankee in 1995, those 20 counties across three states were served by two separate Associations—Farm Credit of the Connecticut Valley and Champlain Valley Farm Credit. The Farm Credit System is fluid and adaptable, and there have been many changes throughout its history—names have changed, territories have shifted, and Associations have merged. The thing that has never changed—the one unflinching principle the Farm Credit System abides by—is the commitment to its customers.

Yankee’s motto is “building relationships that last generations.” This is not just a catchy slogan—it is a virtue all of our employees honor and believe in. It is the core of our business. As such, the celebration of  Farm Credit’s 100 years of service is not just about the Association and its employees, it is about you—those customers with whom we forge these relationships. We invite you all to join in the celebration.

Farm Credit's Centennial Program, Farm Credit 100, will last all year, and will encompass many features and events across various mediums. Continue to follow the Yankee blog for updates throughout the year. For more information, please visit these sites:

-Farm Credit 100 website: http://www.farmcredit100.com/

-The AGgregator blog post about the Farm Credit Centennial celebration: http://www.farmcreditnetwork.com/newsroom/the-aggregator

 

 

 

 

The Boston Public Market

It’s a busy week on Hanover Street in Boston. 35 agricultural and farm vendors from all over New England are moving into their stalls in preparation for the grand opening of the Boston Public Market (BPM). A self-described “permanent, year-round, self-sustaining market featuring fresh locally-sourced food brought directly to and from the diverse people that make up Massachusetts and New England,” the BPM will be both a showcase of agriculture in New England as well as an active, functioning marketplace. The BPM will open to the public on July 30^th.

Image courtesy bostonpublicmarket.org

Occupying over 28,000 square feet of retail space and with 325 available parking spaces, the Boston Public Market is the local farmers market on an enormous scale. A partnership between the Boston Public Market Association, the Commonwealth of Massachusetts, the City of Boston, various foundations, and individual and corporate donors, the BPM is a massive and ambitious undertaking, and is claimed to be the only locally-sourced market of its kind in the United States. (SOURCE). The BPM’s organizers hope to create a space that will not only allow people to taste and purchase products, but also educate them about their food: how it is made, its nutritional value, and its impact on the environment.

The Boston Public Market is focused on the retail, consumer products side of agriculture. The vendors come from all corners of the region and embody all the flavors of the New England farm and ag community—from dairy to fishing to beekeeping to brewing. Though the majority of the BPM’s vendors are from the state of Massachusetts, Rhode Island and Vermont are also represented in this initial incarnation of the market. The two vendors from Vermont with stalls at the BPM are The Cellars at Jasper Hill, an artisan cheese maker from Greensboro Bend, VT who specializes in aging single-herd sourced cheeses, and Harlow’s Vermont Farmstand, a diversified farm in Westminster, VT that focuses on organic produce. A complete list of BPM vendors can be found HERE.

The Boston Public Market is located above the Haymarket MBTA Station at 100 Hanover Street in Boston. Once open, the market’s hours will be Wednesday-Sunday from 8am-8pm. Applications for potential vendors are still being accepted, and those interested in applying are asked to fill out an application (they can be found HERE). Those interested in working on location for the vendors at the BPM can find information on how to apply HERE. For more information about the BPM, visit their website: https://bostonpublicmarket.org/ 

Farm Credit Fellow - Mara Michaud

This past week Farm Credit Fellow Mara Michaud, of Old Town, Maine visited the Derby office. Mara will be going into her senior year this fall at the University of Maine at Orono. She will graduate with a Bachelors Degree in Financial Economics, with a minor in Business.

During her time in the office she learned about being a loan officer, spent time with related financial services (taxes, payroll and records), worked with appraisal staff on a farm inspection, and met with a Yankee consultant to learn more about their role on farms.

Mara has time before she has to make plans for after graduation, but is interested in record keeping and other financial related services. She was surprised to learn about the many different roles within Farm Credit. 

Yankee Partners with Sterling College's Farmer Veteran Grant Program

Original Press Release from Sterling College:

Sterling College Helps Veterans Launch Farms with $10,000 Grants

Veteran College-to-Farm Program established in partnership with Center for an Agricultural Economy, the Farmer Veteran Coalition, and Yankee Farm Credit

JUNE 23, 2015 • CRAFTSBURY COMMON, VT • Building on the growing interest of veterans in farming at a time when the Department of Labor reports that the nation’s farmers are nearing retirement with an average age of 56, Sterling College has announced the creation of the Veteran College-to-Farm Program.

Sterling was among the first institutions in the United States to focus on sustainable practices in agriculture and, starting this fall, veterans that complete a degree in Sustainable Agriculture or Sustainable Food Systems at the Vermont college will receive a $10,000 grant to launch a farm or food business.

“We are proud to launch this first-of-its-kind program and enlist veterans in furthering a more sustainable future for farming,” said Sterling College President Matthew Derr. “With these grants, Sterling will help start the post-service careers of veterans who will redesign the nation’s food system into one based in environmental stewardship that is more just, healthy, and doesn’t exacerbate climate change.”

Eligibility to join the first cohort is limited to veterans who are admitted and enroll at Sterling College for September 2015. Assistance with post-graduation careers in food entrepreneurship will be augmented by continued support from the Center for an Agricultural Economy and Yankee Farm Credit.

The Center for an Agricultural Economy, based in Hardwick, Vermont, will offer business and technical services for farm and food businesses started by veterans. Through its multi-use shared food business incubator, the Vermont Food Venture Center, veterans will have access to food safety training and regulatory assistance, industrial production kitchens, and specialized food business advising, such as marketing, nutritional labeling, and more.

“With our shared-use food hub facility, we’ve worked with over 200 specialty food and farm products in the past four years,” said Sarah Waring, Executive Director of the Center for an Agricultural Economy. “The range of services can be tailored to meet the needs of each veteran’s specific enterprise. With this new program, we’re thrilled to partner with Sterling to provide support as the next generation of agricultural entrepreneurs is fostered in Vermont and beyond.”

In collaboration with Sterling’s partners at Yankee Farm Credit, each veteran who meets the criteria of the program will also be provided with access to business and financial planning consulting and management development programs. Additionally, based on creditworthiness, qualified participants will be eligible for the FarmStart program which includes up to a $50,000 working capital investment, a personal FarmStart advisor, and a written business plan.

“Yankee Farm Credit is enthusiastic to collaborate in the launch of the Veteran College-to-Farm Program at Sterling,” said George Putnam, President and CEO of Yankee Farm Credit. “We are proud to work with America’s farmer veterans and look forward to this partnership to help support the transition from service to college and then to launching farm businesses where veterans will continue to serve their neighbors and communities.”

This new program will enroll five students for September 2015. Priority will be given to those who apply by July 15, 2015. For more information, please contact Mr. Tim Patterson, Director of Admission, via email at tpatterson@sterlingcollege.edu or by telephone at 802-586-7711 x124. For more information about Sterling College and the College-to-Farm Program, please visit www.sterlingcollege.edu/collegetofarm.

FarmStart - Ben Haigh and Hilary Hammond

Ben Haigh and Hilary Hammond are a recent FarmStart investment for Yankee. Ben and Hilary operate a diversified farm in Shoreham, VT, and will be using the FarmStart funds to purchase haying equipment.

Ben and Hilary, both 26, are a married couple with diverse backgrounds in agriculture. Ben, a graduate of Paul Smith’s College with a degree in Ecological Forest Management, has worked as an independent forester, consultant, digital mapmaker, and sawmill operator. He also works part-time on his uncle’s 200 cow dairy farm. Hilary, who holds a degree in Animal Science from The University of Vermont, is a certified butcher and meat cutter, and also has experience working on both dairy and diversified farms.

In 2014, Ben and Hilary started Rolling Bale Farm, Inc, a diversified produce and animal farm in Shoreham. They grow hay and strawberries, and raise beef cows, poultry, and lamb. They sell various cuts of meat, pelts, and value-added products like baked goods and salad greens on location at the farm and at the Middlebury Farmers Market. They also have plans to do a CSA in the near future. To learn more about Rolling Bale Farm, visit their website at www.rollingbalefarm.com.

Loan officer Kyle Lussier out of Yankee’s Middlebury office worked with Ben and Hilary during the FarmStart application process, and he will serve as their FarmStart advisor during their time in the program. Yankee is excited to work with these two motivated and creative farmers!

The goal of FarmStart is to provide working capital to help start-up farmers establish a positive business and credit history during the early phases of their business careers. Within five years recipients should be positioned to graduate to a conventional line of credit from Yankee or another lender.

To learn more about FarmStart please visit our website or contact your local office.