SOIL Sangre de Cristo, the new peer-to-peer community-agriculture lending club in this area is accepting applications for its first round of zero-interest farm loans. The application deadline is Oct. 15 and the application is available at soilsangredecristo.org.
Graphic courtesy SOIL SDC
Funds will be awarded by the SOIL Sangre de Cristo membership on Nov. 12. Local farmers and food producers who are members of SOIL are eligible to apply for loans of $500 to $5,000, with flexible repayment plans of one to five years. Application finalists will pitch their proposals at the virtual Nov. 12 meeting.
SLOW is the acronym for Slow Opportunities For Investing Locally. PJ Bergin, chair of the local SOIL steering committee, said that conventional bank loan practices can be overwhelming for farmers, who may lack the collateral for loans or they may simply get bogged down in the required paperwork.
“We’re looking at the whole picture of the farmer and not just the financials,” she said. “We want to support farmers that are supporting the local food economy. Taking care of their soil, thinking about climate change, celebrating our tradition of farming locally. In other words, they’re good stewards.”
The local SOIL chapter began on March 23 of this year. SOIL Sangre de Cristo extends through south-central Colorado from north of Buena Vista down through Chaffee County, eastward including Howard, and south through the San Luis Valley.
The revolving loan program means that when one farmer repays a loan, the money becomes available to go out to another recipient. “It’s completely community driven,” Bergin said. “It stays here in the community.”
SOIL Sangre de Cristo holds monthly online gatherings that are open to all and which typically feature guest speakers. Bergin said they usually have 25-35 attendees on the Zoom meetings.
Farmers and food producers can join SOIL for $25 annually. General memberships start at $250 per person and include one vote per membership on loan distributions. The mission of SOIL Sangre de Cristo is to unite the communities of South Central Colorado through direct support for local farmers, ranchers and food producers, improving food security and resiliency for all residents.
SOIL Sangre de Cristo’s member-funded, zero-interest lending model is based on the Slow Money Principles developed by author and activist Woody Tasch. In Colorado, SOIL-affiliated groups are already creating more resilient food systems in the communities around Boulder, Durango, and Carbondale, with more than $700,000 in loans for crucial items such as tractors, worker housing, and irrigation.
More information and a membership form for SOIL Sangre de Cristo can be found at soilsangredecristo.org Background and information on the Slow Money Principles can be found here: https://slowmoney.org/publications
Featured image: SOIL is offering interest-free loans to local farmers. Photo courtesy SOIL
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