Kennebec County farmer gets key startup support from lending co-op
Courtesy / Farm Credit East
Steven Christianson, owner of Christianson Farm LLC, in Readfield, is joined by his wife, Caroline, and their son, Easten, along with their FarmStart advisor Kathryn Bisson from Farm Credit East's Auburn office.
A Readfield farmer credits Farm Credit East’s FarmStart program with providing the working capital and business advice that have helped him establish what is now a 300-acre diversified farm of livestock, vegetables and hay.
Farm Credit East’s FarmStart program has invested more than $11.3 million with over 250 farming and fishing entrepreneurs in the Northeast, including Maine, since it was launched more than a decade ago. The program provides working capital of up to $75,000 to agricultural, fishing and forest products ventures showing promise of success, with a particular focus on helping young and beginning entrepreneurs in those sectors.
“The future of Northeast agriculture, commercial fishing and forest products industries is dependent on new entrants,” Farm Credit East CEO Bill Lipinski said in a news release about the program that launched in August 2006. “That is why we initiated this innovative program more than a decade ago to meet the demands for capital and financial management skills that entrepreneurs need to get started in various agriculture sectors.”
How FarmStart works
Steven Christianson, owner of Christianson Farm LLC in Readfield, runs a diversified business growing a mix of vegetables for its farm stand, while also raising beef and hogs that are sold retail at the farm stand and direct to local customers. According to Farm Credit East, Christianson purchased his first two cows in 2009 and today has more than 60 animals and harvests about 300 acres of corn, hay and vegetable crops.
He turned to the FarmStart program after being denied commercial financing because he only had two years of crop and tax records.
“Then I learned about FarmStart and they were willing to work with me,” he said. “My FarmStart advisor understands my goals and how my operation works. It’s been a very good relationship.”
Christianson’s FarmStart advisor Kathryn Bisson said compared with traditional lending relationships, she takes on a greater advisory role with FarmStart customers.
“I assist in the preparation of business plans, the tracking and follow up of management goals and objectives, while also helping to connect customers with other Farm Credit East resources,” she said. “It is rewarding to be able to work with beginning farmers through the early stages of their business, and see how their hard work pays off over the next few years.”
Matt Senter, Farm Credit East senior vice president, who’s based in the Auburn office, said the FarmStart program’s combination of “working capital and the valuable insight” provided by advisors like Bisson, give startup businesses “much improved odds of long-term success.”
“In a business like Steven’s, his strong farm management and marketing skills are complemented by the expertise of FarmStart staff and the flexibility of repayment terms,” Senter said.
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