Gray Harris


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  • Part of industry infrastructure with people on the ground, and access to the dealsOr 3 P’s: people, planet, profit…or other…
  • Gray Harris

    1. 1. Sustainable Agriculture and Food SystemsGray HarrisDirector, Sustainable Agricultureand Food SystemsCEIgharris@ceimaine.orgFFFF conferenceMay 24-25, 2013Toronto
    2. 2. The Intermediary: CEI Mission: To help create economically and environmentallyhealthy communities in which all people, especially thosewith low incomes, can reach their full potential Organized as a CDC in 1977, certified as a CDFI in 1995 88 Staff $898.5 million capital under management/committed 41,044 businesses/people counseled $2.44 billion leveraged Support the Triple Bottom Line – Economy, Equity andEnvironment Three areas of focus: Financing and Investment Business Development Services Policy
    3. 3. Sustainable Agriculture and Food Systems at CEI:Creating Opportunity Along the Value Chain fromFarms to Retailers Supports viability and expansion of rural foodeconomies in Maine and the Northeast Committed to increasing food self-sufficiency andaccess to healthy food for all Provide: Business Technical Assistance Financing Sector Initiatives
    4. 4. Business Technical Assistance Coordinate team-based business planning Leverage resources and networks Provide sector expertise
    5. 5. Financing Flexible debt; lines of credit; equity and equity-likefinancing; guarantees Amounts from <$10,000 to >$500,000 or more Coordinate multiple sources of capital
    6. 6. Sector Initiatives Food access initiative for underserved populations State and federal policy and advocacy networks Strategic collaboration with regional farming and foodorganizations
    7. 7. Programmatic Impact Over our 35 year history, CEI’s food system work hasresulted in over 295 direct investments totaling morethan $15 million and leveraging an additional $75million. In the past 5 years, food system lending has created orretained 323 jobs and kept 6,773 acres of farmland inproduction. Our current portfolio totals $5.7 million; and withinthat our agriculture and value chain portfolio $2.7million.
    8. 8. Village Farm – Freedom, Maine Organic farm in midcoast Maine,offering over 100 varieties ofvegetables, herbs and flowersfor 75+ CSA member householdsand several wholesale accounts. $15,000 microloan to construct agreenhouse and install an irrigationsystem. 2 CEI Fund sources: Maine FarmBusiness Loan Fund (partnershipwith The Carrot Project); TheOrganic Loan Fund
    9. 9. Northern Girl – Caribou, Maine Value-add processing oflocally grown vegetables, inMaine’s northernmostcounty, Aroostook. $25,000 equity investmentto support operations. Sources of funds: CEI’sHealthy Food Finance fundand Annie E. Caseyfoundation funds.
    10. 10. Fossa’s General Store – Dexter, Maine Community store that sourceslocal farm products year round.Phase II plans include vegetableprocessing, and a creamery. $50,000 term loan for workingcapital, renovations, and debtrefinance. CEI Fund source: Healthy FoodFinance Funds.
    11. 11. Community Development Frame: Mission-Based Results, creating opportunity for economic prosperity in underserved communitiesWHEREWEARESUBSIDY BASED MODELTransformative Capital-Seed Capital Funds-Catalyst Fund-"Debt with Training Wheels"-Innovative Capital/FinancingFundTransitioning Businessesin the sustainableagriculture and foodsystem sectorCommitment to develop a revenue based modelWHAT WHOCRITERIAREVENUE BASED MODELCEIVSJF/StOnge
    12. 12. Q & A