ShoreBank moves inland

Pleasant Valley cabbages will soon be sauerkraut.

ShoreBank Pacific expanded its reach in Washington in June with an eye toward helping the Skagit Valley stay covered in farms instead of pavement by making two loans in June to two local businesses: Farm Power Northwest, a 750-killowatt biodigester; and Pleasant Valley Farms, one of the only remaining local pickle processors in the Pacific Northwest. 

Located north of Seattle, the Skagit Valley is a fertile farm community at risk of overdevelopment. It is replete with stunning views and offers easy access to Seattle and Vancouver, British Columbia making it extremely attractive to developers. With roots in Ilwaco, Wash., a fishing community facing similar threats, ShoreBank sees an opportunity to help and make an investment, says Dave Williams, ShoreBank's CEO.

"Is it going to be a farm community or is it going to be taken over by developers," he says. "The objective is to retain that as a farming community."

Pleasant Valley Farms, which produces about 2,500 acres of crops, is one of the key entry points to market for farmers in the valley, which is why ShoreBank worked with them, Williams says.  Because pickling plants such as Steinfeld’s in Portland, Ore., and Farman’s and Nalley’s closed, wholesalers in the region asked it to fill the void by pickling its crops. ShoreBank's loan will help it reach an even wider audience, says Jocelyn Stafford, a co-owner of the farm.

"We're very focused on the Skagit Valley where we think we can make a significant difference," says Williams. "It's not a one-off transaction."

"Keeping agriculture here is a goal for a very large segment of the population here in Skagit County,"  Stafford says. "ShoreBank, I think they can help play a bigger role to help all of us here."