Salisbury Bank and Partner, The Carrot Project, Finance Turner Hill Malting Co. in South Egremont, Massachusetts
June 2, 2016
The Carrot Project and Salisbury Bank and Trust Company are pleased to announce a loan provided through the Greater Berkshire Agriculture Fund (GBAF) to Turner Hill Malting Co. in South Egremont, Massachusetts.
In 2012, the Greater Berkshire Agriculture Fund and Salisbury Bank announced a loan fund to assist farms and farm-related businesses obtain financing which otherwise would be unavailable. Eligible businesses may apply for loans in amounts of up to $75,000 to help farmers and other food system enterprises such as local food processors and distributors finance capital investments and meet operating costs.
Turner Hill Malting Co.
Turner Hill Malting Co. ventures to provide the best quality malt possible to local breweries and distillers in Massachusetts. In researching local breweries Darrell Turner discovered that local breweries are sourcing most of their bulk material, more specifically malted barley, from the mid-west and farther. Mr. Turner plans to open a malt house to offer local breweries malted barley produced locally. This would add selling leverage to the local breweries by advertising locally sourced materials.
For the past four years, Mr. Turner has worked on his family’s dairy farm, Turner Farms, Inc., which is the last dairy farm in South Egremont. Mr. Turner plans to grow his own barley for the malt process on this farm, beginning in 2018. Mr. Turner has developed a plan to source out the waste product created from the grain. The grain must be deburred, which is the act of removing the rootlets from the barley seed. The rootlets can then be sold as high protein animal feed for chickens. Operations for Turner Hill Malting Co. will begin in October 2016 with sales beginning in November.
Mr. Turner approached The Carrot Project for a micro-loan to finance capital costs (equipment and supplies) associated with the fabrication/construction of his small-scale malt process. Of the loan, Mr. Turner stated, “Working with The Carrot Project has been a motivating experience. It is refreshing to find a program with people who are genuinely excited and interested in startup businesses related to agriculture. Their micro-loan program has helped me obtain startup capital to begin to realize my dreams. Their business plan development review process has aided me in conceptualizing those dreams and making them real.” The Carrot Project Executive Director Dorothy Suput stated about the partnership, "We are thrilled to have a part in helping support the development of beverage companies seeking increasing amounts of locally sourced ingredients. It is also a great pleasure to support a long-time dairy farm in the area."
The Carrot Project works at the forefront of change by helping to create a sustainable local farm and food economy. The Carrot Project work facilitates access to financing and business support so that today’s small farm and food businesses can grow into thriving, enduring enterprises. The Carrot Project makes long-term investments in the building blocks of the food system that contribute to healthful food for consumers, a replenished environment, and strengthened regional and local economies.
The Carrot Project works with family farms that use sustainable growing methods, and food system businesses that sell their products locally and regionally. Despite their strong skills as growers and craftspeople, these farmers and food entrepreneurs face difficulties accessing capital. The Carrot Project helps them to understand their financial picture, and, when appropriate, apply for and manage financial capital. The Carrot Project administers four business technical assistance and regional loan funds, in New England and the Hudson Valley.
Salisbury Bank is a full-service community bank headquartered in Lakeville, Connecticut and presently operates full service branches in Canaan, Lakeville, Salisbury and Sharon, Connecticut; Great Barrington, Sheffield and South Egremont, Massachusetts; as well as Dover Plains, Fishkill, Millerton, Newburgh, Poughkeepsie, and Red Oaks Mill, New York. The Bank has been serving families and businesses for over 160 years and offers a full range of consumer and business banking products and services as well as trust and investment services.