1. INVESTING IN FARMLAND WITH GOOD FARMERS
Dirt Capital Partners invests private capital in farmland in the Northeast United States, facilitating farmland access and security for sustainable farmers with viable businesses.
Farmers sign a 9-year lease with a fixed price purchase option after 5 or 6 years, and at the end of the lease term. The goal of each project is transfer of the farm to the farmer.
We work with local partners – land trusts, University extension services, technical service providers, agricultural lenders – to position the project for long-term success.
INVESTING IN FARMLAND WITH GOOD FARMERS

2. 12 FARMS PURCHASED SINCE 2014 6 Organic Dairy 5 Diversified
1 Small Grains
2,000 acres total

3. COMMON PROJECT THEMES
Relocate an existing farm to a more secure or larger property
Expand a successful operation by acquiring nearby land
Transfer a farm to non-family or family successors
Conserve when land trusts look to partner with a like-minded organization
Transform a farm with infrastructure updates for the next generation’s efficiency

4. FARMER AND PROJECT CRITERIA
Organic practices, certification not required
New England, New York, New Jersey
$100,000+ in annual gross revenue projected
2+ years of sales, or prior farm management experience and purchasing an established business
Project acquisitions range roughly $200,000-1M

5. Moxie Ridge Farm & Creamery Argyle, NY
PROJECT PROFILE
Moxie Ridge Farm & Creamery
Argyle, NY
45-Acres of Pasture/Woods, Farmhouse, Outbuildings
Creating a Diversified Livestock, Farmstead Cheese and Agritourism Operation
Purchase and Expansion of an Existing, Operating Business from a Retiring Farmer Couple
Multiple Project Technical Assistance and Financing Partners: Hudson Valley Agribusiness Development Corporation, American Farmland Trust, GrowNYC, Agricultural Stewardship Association, USDA-FSA

12. California FarmLink

13. California FarmLink offers training and technical assistance related to land, capital and succession.
A Community Development Financial Institution (CDFI)
Filling the capital gap for farms and ranches in California, with a focus on beginning, immigrant and minority, direct-market and alternative production systems
Initial focus of lending was operating capital; financing for purchase and refinance of land began in 2015
California FarmLink links independent farmers and ranchers to the land and financing they need for a sustainable future.

14. CDFI provides structure to:
Pool capital from diverse sources
Mitigate risks traditional lenders don’t have an appetite for
Integrate “development services” for deal development, risk mitigation and servicing over the life of the loan

15. FarmLink’s Path to becoming a CDFI
Farmer Education and TA organization founded in 1999
Through provision of education and TA focused on preparing for financing and loan packaging assistance, learned just how limited the options were for small, beginning and immigrant farmers.
raised $1 million for loan fund
2006 – 2011 loans underwritten and serviced through Cal Coastal, a local, ag-focused CDFI
2011 began direct lending
2013 became Certified CDFI through Dept of Treasury
2017 $4 million available to lend
2016 $2.3 million in loan volume
2017 $3.5 million projected in loan volume

16. Access to Capital
FarmLink’s 168 loans have supported more than 75 farmers across California. Impacts include:
764 jobs sustained and 196 new jobs created
30% average annual increase in gross business revenue
10% average annual increase in family income
More than 85% of borrowers are certified organic farmers.
“You guys were literally our only option. You didn’t just lend us money, but you understood our perspective, and guided and taught us in the process as well.” – Farmer-Borrower

17. Financing Criteria Gaps Deals to Date 3 years operating experience
Price
Adequate Debt Service Coverage
Down Payment
Unable to secure financing elsewhere
Experience
Financial Records
Deals to Date
Succession
Risk profile
Purchases (3)
Participating Lenders (3)
Succession (1)
Down Payment Program (2)
Refi’s (1)
Conventional Residential Mortgage
Expansion/Projection-based

19. JSM Organics
Diverse organic farm
Started in 2012 by Javier Zamora
Operating on 40 acres across 3 parcels prior to purchase
Direct to consumer and direct to retail markets
Property: ALBA’s Triple M Ranch
195 acres, 60 farmable
Natural Resource & Ag Easement, held by Elkhorn Slough Foundation, conveyed with title
5-7 small farmer tenants continued under new ownership

20. Deal Profile
$1.3 million asking price
Partnerships and Capital Stack Critical to Deal
Capital Stack
FSA Down Payment Program
5% down
$300,000 FSA Direct Farm Ownership Loan
$650,000 FarmLink FSA Guaranteed Loan
$250,000 RSF Social Finance Loan
Partnerships
Kitchen Table Advisors
FSA
RSF
ALBA