By Wendy Elliott
The FarmWorks Investment Co-op is selling shares in a Community Economic Development Investment Fund.
Linda Best, who is secretary treasurer, explained how shares in the co-op will appeal to those who are interested in Nova Scotia farms, farmland, food, health, the provincial economy and the environment.
Best used the example of the Nova Scotia pork industry as one aspect of the food sector that could be strengthened. Six years ago, she noted, the province supplied 55 per cent of the pork consumed in Nova Scotia. Now the figure is less than one per cent, she said Dec. 5.
This province grows three per cent of its vegetable needs, 55 per cent of its apple requirements and 92 per cent of its eggs.
Best noted that in 1931 Nova Scotia boasted 39,000 farms and, according to the last census in 2006 now there are 3,763 farms.
Launched in April, Best said FarmWorks can give Valley residents the option to shift two or 10 per cent of their investments to local agriculture. That way, she said, millions of dollars worth of new economic activity could be generated.
Currently, most of the money invested by Nova Scotians leaves the province, Best noted, and support external economies.
There are 48 Community Economic Development Investment Funds in the province now with a combined $40 million in investment.
“Nova Scotians invest $600 million in RRSPs annually, but less than two per cent of that amount in reinvested in Nova Scotia,” Best said.
The FarmWorks board will look across the province at potential investments. Solar greenhouses are one possibility, Best noted.
“See where agriculture is today and how much of our food is imported,” Best said, “we are truly committed.”
The plan is to invest in five businesses. Twelve applications have already been received with business plans that satisfy the FarmWorks advisors, Best said.
FarmWorks’ executive includes chairman Richard Melvin of Canning, vice-chairwoman Ann Anderson of Wolfville secretary/treasurer Best. Members include: Alison Scott Butler, Stephen Anderson, Mark Parent and Carol Harris.
Among the advisors to the board are David Upton of the Nova Scotia Agricultural College, Dr. Edith Callaghan of the school of business at Acadia University and Kris Keddy of Investors Group.
The fund provides unique benefits to shareholders, Best said, including an initial 35 pre cent non-refundable provincial tax credit, followed by additional credits of 20 per cent after five years and 10 per cent after 10 years if the fund meets certain conditions, and money invested is eligible for RRSP tax deferral.
The price per share is $100. Shares will be sold until Feb. 29.
For further information contact Anderson at 542-0572 or Best at 542-3442.
