This is a business owner who has reached out to Slow Money NC.
How did you hear about Slow Money NC?
From fellow farmers, Ben Grimes and David Heeks
Tell us your story. Who are you? What is your business idea? Tell us your plan. Feel free to get into the details.
My husband Scott and I own Bull City Farm with our 3 children. Our farm holds an Animal Welfare Approved certification (AWA) from A Greener World and raises pastured meats including pork and turkey, grass-fed lamb and pastured eggs from heritage breeds of chickens. We also offer a herd share program using raw milk from our small herd of Jersey cows.
We are interested in getting help funding a Mobile Milking Parlor.
About the Mobile Milking Parlor: We are currently set up to milk one cow at a time in one of our stalls under our pole barn. Instead of milking in a stationary parlor we would like to take the parlor to the cows. This will allow us to rent land and distribute any waste effectively.
Please briefly describe your commitment to sustainable food systems in North Carolina.
Almost all our family’s food comes from within a 50-mile radius of our home. We raise all our own meat and eggs, produce milk, buy/trade locally grown vegetables and fruits and either make our own or buy cheese from local cheese makers, even our baked good are from Durham based businesses. When we go out to eat, we support local, independently owned restaurants not chains. In order to thrive as a local business, we feel the need to encourage and help foster an environment that sees local as the norm not the exception.
What will your sales be? What do you anticipate your profits/your margins will look like? How will you make the money to pay this loan back?:
We currently milk 1 out of our 5 lactating cows and have a pilot herd share program consisting of 17 participants/shares with the room to add between 46 and 175 more (depending on the number of cows milked). Each share has an initial buy-in of $50, a yearly fee of $25 and a monthly fee of $22.50. Each share nets $343.47 the first year then $293.47/ year from the 2nd year on. Over the 3 year loan period each share will net $930.41 per share.
The herd share program has the potential to net between $42,798.86 and $162,821.75 (depending on the number of cows being milked) over the 3yr loan period which is more than enough to reimburse the lender.
Have you borrowed money before? How much did you borrow? From where? How long was the term? Is there a balance still due on that loan?:
We have borrowed from Carolina Farm Credit and from Farm Bureau for larger purchases of equipment for the farm. The CFC loan was for 1 year and the Farm Bureau was an equipment loan for 5 years. Both loans are paid off. We do not currently have any business loans outstanding.
Do you have people who would vouch for your credit worthiness? Who are they?: Carolyn Rose-Seed
Tell us about your business background. Have you been in business before?:
Bull City Farm has officially been in business for 8 years, but our farm informally began 16 years ago. We currently sell pasture-raised meats (pork, lamb and turkey), herd shares and eggs to restaurants and at the South Durham Farmers’ Market year-round plus seasonally at The Duke Market.
Are there other lenders involved in your project or business?
What is your timeline for this project? Would you like it to start in a month? 6 months? A year?
Lots more photos here!