Angel Investors Keep Cash Close to Home
Loose networks match money with strapped local producers
28 December 2010
Farmers Crystie and Keith Kisler in the tasting room of their new cidery which was made possible by a local 'angel' investor.
One way some Americans avoided steep losses in the stock market in recent years was by making unusual alternative investments in small farms and food businesses. These so-called angel investors are organizing loose networks to match their money with cash-hungry local producers.
Farmers Crystie and Keith Kisler proudly pour samples of their hard cider and fruit liquors in the tasting room of the new cidery on their small organic farm. Just four years ago, the Kislers weren't sure they could keep their farm whole, let alone launch a new venture.
"We didn't have the income, or the assets or the confidence perhaps even to approach a bank at that time," says Crystie, who didn't even bother trying to borrow money from the bank.
Investing locally
At that same time, Steve Moore - who'd retired after making money in the software business - was looking for investment alternatives. "I started thinking about where else can I get some kind of reasonable rate of return where return can actually be defined more fully than just how much money did I make."
The two parties were introduced by a mutual acquaintance. They sat down at the farmhouse's kitchen table and negotiated the terms of a $205,000 private loan. Moore charged no interest, but instead received a minority share of the new cidery business.
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