Ottawa farmer uses investors to sell beef
Paul Slomp, 31, is an engineer turned farmer who has designed his own business model. He sells $500 bonds called "Grazing Days" to investors who receive four-per-cent interest.
Slomp then uses the money - he currently has 49 investors - to raise grass-fed livestock. From there, Slomp takes the approximately $25,000 he makes from the bonds and uses it to maintain his 60 acres of rented land and his herd of cattle.
He started this past season with 30 cows, but only has 10 left because Slomp sells the beef to about 160 people. They subscribe to his monthly sale of beef boxes, which are in high demand by city dwellers.
"Instead of the traditional buying a side or a quarter of beef, I make beef available to households in small portions," he told CBC Ottawa's Ashley Burke. "It fits in people's freezers above their fridges."
Slomp insisted this new business venture, which he said will soon expand to poultry and sheep, is about more than the money. The farmer added he wants to inspire a new breed of farmers.
"You don't need to follow the standard procedures that farmers have traditionally followed. Just go out and invent your own system," said Slomp.
The final 10 cows will be processed next week and boxed up for buyers as this season comes to a close.