For Immediate Release
 
Contact: Permaculture Credit Union       
         Donald Sarich, CEO                         
         505-954-3479 phone                        
         866-954-3479 toll free                      
         505-424-1624 fax                             
         pcu@pcuonline.org e-mail 

        Santa Fe Farmers' Market Institute
        Sarah Noss, Executive Director
        505-983-7726 phone
        505-983-8015 fax
        sffminstitute@yahoo.com e-mail


Santa Fe Farmers' Market Institute Extends Micro Loans to New Mexico Farmers
Santa Fe, NM, February 20, 2008 - The Santa Fe Farmers' Market Institute, the fundraising arm of the Santa Fe Farmers' Market, has entered into collaboration with the Permaculture Credit Union, a national credit union based in Santa Fe, to offer micro loans to Farmers' Market members. The organizations envision the program, believed to be the first of its kind in the nation, as a practical way to support area agricultural producers.

The idea originated with John Strow, a vendor at the Farmers' Market and the chair of the Institute's Loan Committee. Fresh News, the SFFMI newsletter, carried an article about the proposed program which caught the eye of Permaculture Credit Union board member Nora Haskins. She and credit union CEO Donald Sarich met with the Institute's Executive Director, Sarah Noss, to offer assistance in bringing the micro-loan program to fruition, and they agreed to work together. Says Sarich, "This partnership embodies the ethics of permaculture that our members strive to follow: that is, care of Earth, care of people, and the sharing of surplus. We are proud to play a small role in this collaboration and hope many more like this will follow throughout the country".

In only four months nearly $20,000 was donated to the Institute to launch the pilot program. Loans of $250 to $3,000 will be awarded to members at a 6% fixed rate. The Institute recently disbursed $16,000 in micro loans to six local farmers.  The loans will be used: to install drip irrigation on a new three acre plot of land; to build fencing to expand poultry production to bring more eggs to the Market and for grasshopper control; to expand a grain facility and chicken coop on another farm; for seasonal labor expenses; to buy seeds and equipment; and to rebuild a cold frame/green house that collapsed in the snow. As the program's principal grows, the Institute hopes to assist farmers in meeting more expensive needs, such as acquiring tractors and irrigated land.

"These loans show the potential of the program," Institute Executive Director Sarah Noss said.  "The idea is for the loans to help farmers expand their businesses, to grow and diversify the offerings at the Market, to help put more land in production, and generally to give farmers a boost when cash flow is low in the spring and they need to invest in their farms."
 
Applications are reviewed by the Institute's Loan Committee. The PCU handles the paperwork when a loan is awarded so the Institute can use donated funds for loans instead of for administrative costs. No collateral is required in this phase, and no application fees will be charged, but borrowers must establish an account with the PCU with a minimum balance of $50. Terms and repayment schedules are determined case by case.

The Permaculture Credit Union and the Santa Fe Farmers' Market Institute hope that their collaboration will serve as an inspiration for other communities that seek innovative ways to support the growth of their own farmers and their markets. Noss said the Institute is seeking additional donations to the micro loan fund for future funding cycles.  Contributions can be made to the Santa Fe Farmers'  Market Institute, 607 Cerrillos Road, Suite F, Santa Fe, NM  87505 or by calling 505-983-7726.