It’s a cozy Sunday along Market St. in Louisville’s NuLu neighborhood. Most businesses are closed, yet the weather has brought some out to stroll, enjoying the fine day. At Harvest restaurant (624 E. Market St.), a small group has gathered to do something revolutionary—something that could change lives. This often happens at Slow Money Kentucky meetings.
Founder of the Slow Money movement, Woody Tasch was no outsider to investments. He is a leader in mission-based investing, which seek to put money in places that do well and enrich communities. Inspired by the Italian Slow Food movement, Tasch sought to bring that idea to the United States and support it with capital that follows its pace. According to its mission statement Slow Money’s aim is to, “catalyze the flow of capital to local food systems, connecting investors to the places where they live and promoting new principles of fiduciary responsibility that bring money back down to earth.”
In a nutshell, Slow Money seeks to bring investment to the grassroots/community level, encouraging capital investment from community members at all levels in sustainable, local, food-based businesses. To date, 23 local chapters and eight investment clubs exist. According to www.slowmoney.org, more than $46 million has been invested.
A KY Movement Blossoms
In Kentucky, the Slow Money movement has blossomed. In June 2013, the Kentucky network officially began. One of the Network leaders, Carrie Van Winkle says of her inspiration to bring Slow Money to Kentucky, “Several years ago, I was watching the live stream of the national conference and was really excited. The next year, I saw the promotion before the national conferences and they were saying, ‘we have people coming from all of these states, but we don’t have anybody yet from this state, this state and this state’ and Kentucky was one of those. I thought this is crazy; Kentucky is such a food state and Louisville being the epicenter.”
With a team of four including: Van Winkle who works professionally with Just Money Advisors, Larry Snyder (who is retired from Mercer, Inc.), Bob Kissinger (who works at GE Appliances), and Brigitte Mader-Urschel (who works at GE Appliances), Slow Money Kentucky is giving local, sustainable food businesses some very necessary support.
Some of the businesses didn’t realize that they needed or could access funds on such a small level. “A lot of business owners that have been successful know that outside investments at key points in the growth of the business are really important,” says Van Winkle. “We not only want to help businesses connect at the right time with potential investors. We also want to help them get the information they need.”
Slow Money Kentucky operates in a very simple way. The network provides opportunities for these food businesses to meet local investors, many of whom donate very small amounts of money. It’s important to note that Slow Money isn’t a bank, and they don’t make the loans. They simply provide the connection opportunities. It is up to the business and investor to set terms and conditions of any financial support.
Van Winkle provides some caution, “We’re not the end-all-be-all solution, but we are one piece that is helping create these local food systems.”
Easier Deliveries for Barbour Farms
This piece has provided farmers such as Andre Barbour of Barbour Farms, LLCthe opportunity to expand his delivery business by assisting him in purchasing a new truck.
Van Winkle beams about the success of Slow Money Kentucky in helping Barbour, “He was driving back and forth on market day multiple times an hour each way to bring his produce into Louisville, and he really needed a box truck,” she says. “We helped him raise $10,000 to buy a box truck, and it’s refrigerated. Now he only has one trip each way. It’s better preserved when it gets here because it doesn’t get hot in the truck.”
Barbour is a fifth-generation African American farmer from Hart County. His business supports many Louisville restaurants in obtaining fresh locally sourced meats and vegetables. But Barbour isn’t the only success.
Field Day Scores Winter CSA
Field Day Family Farms (9001 Limehouse Lane) run by Ivor Chodkowski needed to extend its growing season. With funds through a Slow Money Kentucky investment, Chodkowski and Field Day expanded the greenhouse and extended the growing season.This allowed Chodkowski to provide a longer season for their CSA (Community Supported Agriculture) farm share, which provided CSA subscribers with the chance to get more vegetables throughout the year. This was the first time Field Day was able to offer a winter CSA.
Not all Slow Money Kentucky loans happen through introductions. Some work through the Kiva Zip platform, which allows potential investors inside and outside the community to find businesses that support their passions and, through a crowd-funding style platform and a zero percent loan, to invest in that business. Outside of the Kiva Zip platform, Slow Money Kentucky suggests that loans be low interest, between 2 and 5 percent on average.
Supporting Our Rich Food Culture
Slow Money Kentucky is helping small dreams grow into big dividends for some local, sustainable, food businesses.
At Harvest, four speakers presented their ideas to an eager crowd of potential investors and other food business owners. Each detailed their plans, discussed the funds they were seeking and how they would be used. Each business owner was a neighbor, a friend, and a necessary component to the rich food culture that exists in Louisville; as well as an integral part of the farm-to-table cycle afforded by living in an agricultural state.
Good food is easy to access in Kentucky. Sitting in front of the presenters at the Slow Money Kentucky event makes that concrete and enhances the desire to keep this mission central to those present. To care about food and to want the best food means that the providers need financial protection and support. Slow Money Kentucky is helping make the connections to do just that.
