Today, we want to talk about a powerhouse making a difference in Northern Ontario’s agri-food sector: The Fair Finance Fund (FFF). Since 2018, the FFF has been mobilizing accessible and equitable capital, providing loans, and investing in small to medium-sized food and farm businesses, particularly those operating in Northern Ontario. The Rural Agri-Innovation Network (RAIN) was one of the founders of the FFF and is excited about its future potential to expand the North’s agri-food sector.
The Fund’s Growth & Impact
Their approach addresses the significant challenge of accessing funding and capital, thereby strengthening the region’s economic growth, and yielding social and environmental benefits for the communities. Let’s dive into the numbers to understand the Fund’s impact.
In 2022, the FFF doubled its applications and loans, inching closer to its target of $3 million in Assets Under Management (AUM). As of February 2023, they had issued 36 loans, with approximately a quarter going to agri-food enterprises in Northern Ontario. This financial backing has supported diverse businesses, including Indigenous, LGBTQ2+, and women-led enterprises, engaged in producing a variety of products from beef and fruits to vegetables, pork, and fish.
Success Story: Pitch Creek Farm
Consider the story of Pitch Creek Farm in Nolalu, Ontario. This innovative market garden has been growing vegetables following organic practices since 2017. Their commitment to sustainable farming and community engagement is commendable. With a grant from RAIN’s Sustainable New Agri-Food Products & Productivity (SNAPP) Program and a loan from the FFF, Pitch Creek Farm plans to build four new moveable tunnels, which will allow them to extend their Spring and Fall CSA, increase the availability of highly demanded crops, and contribute to community resilience and food security. This is just one of many stories showcasing the transformative role of social finance in the agri-food sector.
More Than Just a Fund: Mentorship and Assistance
Beyond financial support, the FFF also provides mentorship and technical business assistance through the REAL Assist Program, helping clients overcome challenges, scale their businesses, and gain new skills. They prioritize diversity, equity, and inclusion, with half of their Northern Ontario clients identifying as BIPOC, women, or LGBTQ+.
Looking to the Future: FFF’s Vision
Looking ahead, the FFF has an ambitious vision for 2023 and beyond. They aim to increase access to farmland for equity-deserving farmers and grow their fund to $10 million by 2025. Their focus on impact investing spans climate change adaptation, food insecurity, supporting underserved communities, job creation, and building local food economies and distribution networks. They also engage in community education and democratic governance, ensuring meaningful stakeholder involvement.
Inclusive Prosperity Project: A Commitment to Equity
To solidify their commitment, the FFF launched the Inclusive Prosperity Project to increase access to farmland for equity-deserving farmers. They consulted experts, received training, and conducted a feasibility study, exceeding their targets for 2023 and setting their sights on a $10 million fund by 2025. The investments in distribution, infrastructure, Indigenous food sovereignty, sustainable agriculture, and agroforestry bring economic, social, and environmental benefits to Northern Ontario, aligning with the UN Sustainable Development Goals.
Be a Part of the Change
If you’re a part of the agri-food sector in Northern Ontario, we hope this introduction to the Fair Finance Fund has piqued your interest. The FFF is not only bringing a financial return but also aiding in building resilient food systems, supporting local markets and suppliers, and generating economic, social, and environmental benefits. Are you ready to be a part of this change and contribute to the robust growth of our agri-food sector?
Let’s work together to foster a thriving, resilient, and inclusive agri-food sector in Northern Ontario. Look at their loans page to apply for a loan. If you aren’t a producer but are interested in investing in Northern Ontario agri-food producers, the FFF has launched a new offering statement that can be viewed on its website. For more information on Pitch Creek Farm, visit here.
You can read the full Fair Finance Fund Northern Impact Report Here.