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Member financed greenhouse
AN INVESTMENT OPPORTUNITY—WITH 10% INTEREST!
Want to take a larger role in improving our local food system? On the lookout for an investment with high returns?
Philly Foodworks is financing a second greenhouse for one of our longtime farming partners, John Glick, and we are inviting our members to contribute capital, which will be repaid in two years with 10% interest. Similar to traditional CSA programs, in which consumers absorb some of the financial risk of the farmers growing their food, this loan is an opportunity to build a stronger connection with the food you eat and partner with PFW to build a more sustainable local food system for our area.
This isn’t the first time we have helped John finance a greenhouse. In 2016, Philly Foodworks financed a new greenhouse for John’s farm, and he has since paid back that loan. This was an unheated greenhouse, which enabled him to extend his season for raspberries and tomatoes and supply the Philly Foodworks market with more fresh produce throughout the year. The greenhouse we are now financing will be fully heated, allowing him to grow in the ground during the dead of winter, and enabling him to expand his offerings even more—including some crops exclusively for PFW! Here are some details about the loan and how you can participate in this investment opportunity:
Why we are helping
What is the loan for, and how much do we need to raise?
The greenhouse will cost $17,000, and it will allow John to extend his growing season through the winter (think local kale in December and January, fresh bunched beets and turnips in February and March, and early cucumbers in May!).
Why does he need a loan?
John is running a very successful farming operation and recently just purchased more land. While his business is stable, he cannot get a loan from a bank for this greenhouse until the new land he purchased shows up on his taxes, which won't happen until next spring. If he gets the loan from us, rather than waiting a year for the bank to grant it, John will be able to start producing for our members much sooner, making his business more profitable. Philly Foodworks has always been invested in John's success; by tying our businesses together financially, we deepen that mutually beneficial relationship.
John will be able to grow in the winter!
How you can help
How can you invest?
We are asking for loans in $1,000 increments, which will be paid back with 10% interest by 2021. Repayment of the loan will be paid by Philly Foodworks in two installments—the first in October of 2020 and the second in October of 2021. Half of the accrued interest will be paid with the loan repayments, and the other half will be in Philly Foodworks credits at the beginning and middle of the loan term.
If you are interested in contributing to this loan—or simply learning more about it—please email Dylan at info@phillyfoodworks.com.
Philly Foodworks is a distribution network and online market in which eaters, distributors, and producers are all in it together. By investing in the mutual success and satisfaction of all parties along the way from the farm to your plate, we are determined to create a truly sustainable food system for our region.