I grew up in a small town between the flat Kansas Plains and the rocky Ozark hills. My father worked a 320-acre centennial family farm, split down the middle by a worn-out state highway, cattle on one side, soy and corn on the other.
When I was 3, my parents divorced, and my mother, my siblings, and I moved to town, where I stayed until earning a bachelor's in English. I’ve always felt divided between my rural roots and my urban upbringing, so it makes sense that I was drawn to urban farming.
In 2017, I fundraised $5,000 on Kiva (thank you!), which made it possible to farm at a large enough scale for the chefs I supply in Little Rock. But this loan is for a new company: FareMarket.
In December 2018, I completed a second degree in Information Science and combined my skills in farming and writing with new skills in programming and data analysis. Partnering with other farmers, I began work to build a business around selling fresh produce and other local foods online with same-day delivery.
Local food is important for many reasons: preserving ecosystems and sequestering carbon, creating more local jobs, improving public health, building urban and rural communities, and more. That’s why I continue to farm and support the creation of small farms and businesses. And I believe FareMarket holds the seed for creating this kind of economy, and I am thankful to the friends, family, and Kiva lenders who have supported me in the past.
Adding to basket
Funded
A loan helped me hire, purchase inventory, and scale my local foods e-grocery company.
Benjamin's story
This loan is special because:
More about this loan
Business Description
FareMarket began as a simple school project, designed to let customers in my community order produce from my urban farm. I wasn’t sure I’d even use it. But the more I worked on it the more I saw the possibility to partner with small farms and producers and simplify how we buy local food.
As an urban farmer and food justice advocate, I’m a longtime local food fanatic, because the way we eat determines so much about our ecosystem, the communities we live in, and how our economy works. Awareness of the impact of local food is growing, and so is online grocery shopping.
My biggest challenge right now is scaling the operation to meet the needs of the farms, producers, chefs, and customers we work with. To do that, I’m seeking investment for more inventory, marketing costs, employee wages, and general operating costs.
This loan will help me move beyond the beta period—a soft launch with a smaller group of customers—during which the software and service are tested and fine-tuned. This will help us offer great service and keep customers at later stages.
In the long term, my goal is to create sustainable jobs, promote the creation of new small farms and food companies, and shake up the grocery industry by making local food accessible to all. Because if only a small portion of people can afford quality food now, no one will be able to afford it later.
Thriving farmers build strong communities, and strong communities help farmers thrive. That’s why I started FareMarket, and I’m extremely proud that these principles are part of my company’s ethos.
What is the purpose of this loan?
I leased an 8,200 sq ft refrigerated warehouse in December 2019, and in April 2020, my company will launch a beta trial period in which we test our software and service with a small group of customers. This is a crucial time in which we test the waters and gather data. That way, we can work out any issues with our small band of die-hard local foodies before taking on more customers and investors.
A Kiva loan will help me purchase inventory, maintain the lease and utilities on our warehouse, and hire employees to pack and deliver orders of local groceries to our customers' doors. I plan to use the loan in the following ways: $3,990 for inventory; $4,310 for supplies, wages, rent, and utilities; $350 for marketing; and $1,220 for software.
Loan details
Loan length:
Repayment schedule
Monthly: One repayment made per month
End of term: One repayment made at the end of the loan term
Irregular: Any other repayment schedule
To see a detailed repayment schedule for a specific loan, click the "Repayment schedule" link on the loan profile under "Loan details."
What is the disbursed date?
In the case of partner loans, many of our Lending Partners choose to disburse loan funds before the loan request is posted on Kiva. We allow pre-disbursal because it ensures that the funds reach the borrower as soon as they are needed. Loan funds from Kiva lenders then go to backfill that amount and as a lender you assume the risk of the loan. By doing this, our Lending Partners assume the risk that, if the loan isn't funded by lenders, they will have to fund the loan without any funds from Kiva.
If a partner loan is not pre-disbursed, it will be listed on Kiva with an expected "post-disbursed" date. If a post-disbursed loan is not funded on Kiva, there is a chance that the borrower may not receive their loan. Some Lending Partners choose to disburse loans with other sources of funding, while other partners don't have the resources available to fund loans without Kiva lenders' support. No direct loans will be disbursed unless they fully fundraise on Kiva.
Funding model
What does "Partner covers currency loss" mean & how could it affect my Kiva loans?
Potential for currency exchange loss is noted on every loan profile under the loan details:
"Yes" means the Lending Partner will cover any currency loss. Lenders will not bear losses due to currency fluctuation
"Partial" means that the Lending Partner has opted to cover losses only up to 10%. If the U.S. dollar appreciates more than 10% against the local currency, those losses will be passed onto lenders.
"No" means that the Lending Partner is not covering any currency losses and all losses will be passed onto lenders.
"N/A" means the Lending Partner disburses loans to borrowers in USD so their loans are not subject to any currency fluctuation.
Do Kiva borrowers pay any interest on their loans?
Our partners collect interest from borrowers because there are many operational expenses associated with microfinance in developing markets, especially in rural areas. Many of Kiva's Lending Partners also provide additional services alongside their loan products such as business training, financial literacy lessons, or health services.
Kiva will not partner with an organization that charges unreasonable interest rates, and we require Lending Partners to fully disclose their rates. In addition, we only partner with microfinance institutions and organizations that have a social mission to serve the poor, unbanked, and underserved.
There are some 0% interest loans on Kiva, including all direct loans in the United States. To learn more about the interest rates Kiva borrowers pay, you can review the "Average cost to borrower" field on a loan profile.
We also encourage you to read the following articles if you are interested in further educating yourself on the topic: Microfinance 101 (https://www.kiva.org/microfinance), Top 10 things to know about microfinance (https://www.kiva.org/blog/top-10-things-to-know-about-microfinance), Microfinance interest rates explained (https://www.kiva.org/blog/whats-up-with-microfinance-interest-rates)
What is a risk rating?
The Lending Partner risk rating reflects the risk of institutional default associated with each of Kiva’s Lending Partners. A 0.5-star rating means the organization has a relatively higher risk of institutional default, while a 5-star rating indicates the organization is at a relatively lower risk of default, based on Kiva's analysis and the available information displayed in the Lending Partner section of every loan. Lending Partners with the lowest credit tier undergo a lighter level of due diligence and do not receive a risk rating; instead, in places where a risk rating would normally appear, these partners are labeled as “Experimental.” For more information, see "What is an Experimental Lending Partner?"
Direct loans also do not receive a formal risk rating. Instead, these loans are approved through “social underwriting”, where trustworthiness is determined by friends & family lending a portion of the loan request, or by a Kiva approved Trustee vouching for the borrower. Direct loans will appear as "Unrated" and lenders should always assume these loans represent the highest level of repayment risk on Kiva.
How are loans facilitated?
Kiva loans are facilitated through 2 models, partner and direct, that enable us to reach the greatest number of people around the world.
For partner loans, borrowers apply to a local Lending Partner, which manages the loan on the ground. Lending Partners are responsible for screening borrowers, disbursing loans, posting borrowers to the Kiva website for funding, collecting repayments and otherwise administering Kiva loans on the ground to borrowers.
For direct loans, borrowers apply through the Kiva website and may or may not be endorsed by a Trustee. Unlike Lending Partners, Trustees don't handle any financial transactions or have any duty to repay loans on behalf of their borrowers. Instead, Trustees take the role of providing support and business advice to their borrowers throughout the term of the loan.
More information about successive and concurrent loans
Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Lending Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These additional loans are typically smaller than the borrower's primary loan and serve a different purpose. We trust our partners to determine whether a borrower has the means to be able to repay a successive or concurrent loan.
About FareMarket
Lenders and lending teams
Country: United States
Trustee: Central Arkansas New Agrarian Society (CANAS)
What are Trustee tiers?
For for more information about Trustee tiers, visit: kivaushub.org/trustee-tiers
Why are you endorsing Benjamin?
Back in 2017 the Central Arkansas New Agrarian Society endorsed Ben for a $5000 loan over the course of 24 months. We're happy to report that he was super quick in repayment and the community was happy to see the growth of Sprout Urban Farms. This next chapter of Ben's vision is needed to grow our community food system here in central Arkansas. The services and goods offered by FareMarket will help local producers and consumers connect and grow together. The folks with CANAS are happy to endorse Ben for this second crowd-sourced Kiva micro-loan for FareMarket. Last campaign we saw 131 individual lenders perhaps this second time we'll see the same enthusiasm for local food and agri campaigns, good luck Ben! :)
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Loan tags help lenders find loans that match certain areas of interest.
Loan details
Loan length:
Repayment schedule
Monthly: One repayment made per month
End of term: One repayment made at the end of the loan term
Irregular: Any other repayment schedule
To see a detailed repayment schedule for a specific loan, click the "Repayment schedule" link on the loan profile under "Loan details."
What is the disbursed date?
In the case of partner loans, many of our Lending Partners choose to disburse loan funds before the loan request is posted on Kiva. We allow pre-disbursal because it ensures that the funds reach the borrower as soon as they are needed. Loan funds from Kiva lenders then go to backfill that amount and as a lender you assume the risk of the loan. By doing this, our Lending Partners assume the risk that, if the loan isn't funded by lenders, they will have to fund the loan without any funds from Kiva.
If a partner loan is not pre-disbursed, it will be listed on Kiva with an expected "post-disbursed" date. If a post-disbursed loan is not funded on Kiva, there is a chance that the borrower may not receive their loan. Some Lending Partners choose to disburse loans with other sources of funding, while other partners don't have the resources available to fund loans without Kiva lenders' support. No direct loans will be disbursed unless they fully fundraise on Kiva.
Funding model
What does "Partner covers currency loss" mean & how could it affect my Kiva loans?
Potential for currency exchange loss is noted on every loan profile under the loan details:
"Yes" means the Lending Partner will cover any currency loss. Lenders will not bear losses due to currency fluctuation
"Partial" means that the Lending Partner has opted to cover losses only up to 10%. If the U.S. dollar appreciates more than 10% against the local currency, those losses will be passed onto lenders.
"No" means that the Lending Partner is not covering any currency losses and all losses will be passed onto lenders.
"N/A" means the Lending Partner disburses loans to borrowers in USD so their loans are not subject to any currency fluctuation.
Do Kiva borrowers pay any interest on their loans?
Our partners collect interest from borrowers because there are many operational expenses associated with microfinance in developing markets, especially in rural areas. Many of Kiva's Lending Partners also provide additional services alongside their loan products such as business training, financial literacy lessons, or health services.
Kiva will not partner with an organization that charges unreasonable interest rates, and we require Lending Partners to fully disclose their rates. In addition, we only partner with microfinance institutions and organizations that have a social mission to serve the poor, unbanked, and underserved.
There are some 0% interest loans on Kiva, including all direct loans in the United States. To learn more about the interest rates Kiva borrowers pay, you can review the "Average cost to borrower" field on a loan profile.
We also encourage you to read the following articles if you are interested in further educating yourself on the topic: Microfinance 101 (https://www.kiva.org/microfinance), Top 10 things to know about microfinance (https://www.kiva.org/blog/top-10-things-to-know-about-microfinance), Microfinance interest rates explained (https://www.kiva.org/blog/whats-up-with-microfinance-interest-rates)
What is a risk rating?
The Lending Partner risk rating reflects the risk of institutional default associated with each of Kiva’s Lending Partners. A 0.5-star rating means the organization has a relatively higher risk of institutional default, while a 5-star rating indicates the organization is at a relatively lower risk of default, based on Kiva's analysis and the available information displayed in the Lending Partner section of every loan. Lending Partners with the lowest credit tier undergo a lighter level of due diligence and do not receive a risk rating; instead, in places where a risk rating would normally appear, these partners are labeled as “Experimental.” For more information, see "What is an Experimental Lending Partner?"
Direct loans also do not receive a formal risk rating. Instead, these loans are approved through “social underwriting”, where trustworthiness is determined by friends & family lending a portion of the loan request, or by a Kiva approved Trustee vouching for the borrower. Direct loans will appear as "Unrated" and lenders should always assume these loans represent the highest level of repayment risk on Kiva.
How are loans facilitated?
Kiva loans are facilitated through 2 models, partner and direct, that enable us to reach the greatest number of people around the world.
For partner loans, borrowers apply to a local Lending Partner, which manages the loan on the ground. Lending Partners are responsible for screening borrowers, disbursing loans, posting borrowers to the Kiva website for funding, collecting repayments and otherwise administering Kiva loans on the ground to borrowers.
For direct loans, borrowers apply through the Kiva website and may or may not be endorsed by a Trustee. Unlike Lending Partners, Trustees don't handle any financial transactions or have any duty to repay loans on behalf of their borrowers. Instead, Trustees take the role of providing support and business advice to their borrowers throughout the term of the loan.
More information about successive and concurrent loans
Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Lending Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These additional loans are typically smaller than the borrower's primary loan and serve a different purpose. We trust our partners to determine whether a borrower has the means to be able to repay a successive or concurrent loan.
Trustee: Central Arkansas New Agrarian Society (CANAS)
What are Trustee tiers?
For for more information about Trustee tiers, visit: kivaushub.org/trustee-tiers
Why are you endorsing Benjamin?
Back in 2017 the Central Arkansas New Agrarian Society endorsed Ben for a $5000 loan over the course of 24 months. We're happy to report that he was super quick in repayment and the community was happy to see the growth of Sprout Urban Farms. This next chapter of Ben's vision is needed to grow our community food system here in central Arkansas. The services and goods offered by FareMarket will help local producers and consumers connect and grow together. The folks with CANAS are happy to endorse Ben for this second crowd-sourced Kiva micro-loan for FareMarket. Last campaign we saw 131 individual lenders perhaps this second time we'll see the same enthusiasm for local food and agri campaigns, good luck Ben! :)
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