Total of $1,033,400 Invested to Cultivate Food Production
NEWS RELEASE FarmWorks Investment Co-operative Limited
For Release March 30, 2015
Funds for Food – FarmWorks is cultivating food producers
FarmWorks has reached its first million! A fourth offer of FarmWorks Shares has raised $312,400 from Nova Scotians interested in supporting food producers and growing the Provincial economy. This brings the three year total to $1,033,400 and to date loans have been granted to 34 businesses across the Province. Funds from the new Offer will be loaned to applicants who meet FarmWorks criteria of excellent business planning, and home-grown production and sales.
FarmWorks Investment Co-operative Limited sells Community Economic Development Investment Fund (CEDIF) Shares to raise capital for strategic and responsible investment in sustainable food production. This capital is loaned to qualifying food-related enterprises that contribute to the Provincial economy by creating jobs on farms and throughout the food system, stimulating the economy, increasing food sufficiency and providing benefits for all Nova Scotians. As loans are repaid the capital is loaned to new applicants.
To date the following businesses have received FarmWorks loans: Pie r Squared, Big Spruce Brewing, Kingsville Farm, Fenol Farm, Stewart’s Organic Farm, Oakview Farm, Meander River Farm, Valley Flaxflour, Meadowbrook Meat Market, Charcuterie Ratinaud French Cuisine, Wandering Shepherd Cheese, Rocky Top Farm, Helen B’s Preserves, Savour Deli, Local Source Market, Gold Island Bakery, Vincent Food Dressings, Good Lake Farm, Field Guide Restaurant, Fruition, Hoppy’s Farm, Millennium Gardens, The Port Grocer, Boxing Rock Brewing, Down on the Corner Farm, Flying Apron Cookery, South Shore Farm, Forever Green Farm, Highland Drive Storehouse, Getaway Farm, Rockwell Local No 9, Meadows’ Brother’s Farm, Loré’s Strawberry Farm, Thousand Hills Farm.
Across the Province FarmWorks hosts Information Sessions for potential investors and Entrepreneurs’ Showcases with “Gentle Dragons” asking questions of entrepreneurs interested in applying for FarmWorks loans. Mentoring and promotion is provided, and annually in October FarmWorks Flavours brings producers together with people who are interested in sampling and learning more about their products.
The fourteen Directors of FarmWorks Investment Co-operative Limited come from across Nova Scotia and, in collaboration with many knowledgeable Advisors, bring expertise in agriculture and food production, economic development, education, health, and business finance and funding decisions.
FarmWorks Share Offers, which require a Certificate of Registration under the Nova Scotia Equity Tax Credit Legislation and non-objection by the Nova Scotia Securities Commission, enable investors who meet the criteria set out in the Legislation to purchase shares in FarmWorks CEDIF and receive a personal 35% non-refundable Nova Scotia Equity Tax Credit. Investors may be eligible for further Tax Credits of 20% and 10% at the 5 and 10 year investment anniversaries. Investments may be eligible for RRSP tax deferral.
FarmWorks Annual General Meeting will take place on April 30th at 3 pm at the Louis Millett Community Centre, Room 119, 9489 Commercial Street, New Minas. In the same location, at 6 pm the annual April Flavours Dinner sponsored by Friends of Agriculture will feature food and beverages provided and prepared by FarmWorks clients and other food producers. Tickets are $40, are required to be purchased in advance, and are available from Linda Best, various local sources and online (details at http://farmworks.ca/fans/)
For more information about this press release contact:
Peter Hicklenton or Linda Best
Co-chairs, FarmWorks Investment Co-operative Limited
Phone: 902-542-3442 or 902-670-3660