Cairnspring Mills has raised over $1 million on Steward in just one hour, receiving the backing of 196 investors, according to a note from the platform. Cairnspring Mills went on to raise $2.8 million.
Cairnspring Mills is a “craft flour mill” located in Washington’s Skagit Valley. The mill sources grain from regenerative growers in the Pacific Northwest to produce flour at a regional scale. The mill is described as offering a premium price above the commodity market to make it economically possible for farmers to employ regenerative farming strategies while conserving and improving their farmland. Cairnspring’s market also includes direct-to-consumer, wholesale food businesses, retail bakeries, and restaurants.
Steward is a crowdfunding platform, or peer-to-peer lending, that enables investors to lend money to farms or agriculture-based businesses. To date, Steward has funded over 85 farms, totaling $30 million in capital.
The loan from Steward is expected to be used by Cairnspring to purchase regenerative grain directly from its networks of growers throughout the Pacific Northwest. The loan carries an interest rate of 9% paid over 1 year.
Cairnspring’s market includes direct-to-consumer, wholesale food businesses, retail bakeries, and famous eateries like Tartine in San Francisco.
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