In the 1960s, Al and Betty Ackermann moved to Vermont to pursue their farming dream. They purchased 300 acres in Cabot that would eventually sustain three generations of farmers, but not without help. In 1994, they turned to the Vermont Economic Development Authority for financing to secure their farm's future, sparking a relationship that continues today.
Their grandsons, Ian and Jimmy Ackermann, still farm that same Vermont landscape. Ian and his wife, Caitlin, manage nearly 150 acres, producing maple syrup and firewood and tapping over 17,000 trees each spring. Jimmy and his wife, Sara, operate an award-winning organic dairy in nearby Hardwick, milking 60 to 65 Holstein cows and earning recognition as Vermont's 2023 Dairy Farm of the Year. Both operations remain connected to VEDA, the same mission-based lender that gave their grandparents a start.
Having a lender who has worked with our family for multiple generations is great. They know our history and are willing to go above and beyond for what we want and need.
This continuity reflects exactly what CoBank aimed to support when we first partnered with VEDA in the 1990s. VEDA, Vermont’s statewide economic development finance organization, strengthens the state’s economy through financing programs that create jobs and advance public policy goals. To serve agriculture specifically, VEDA operates the Vermont Agricultural Credit Corporation, which provides loans to farmers and forestry businesses.
Together, CoBank, VEDA and Farm Credit East forged a partnership that secured VACC's ability to serve beginning farmers, small-scale producers and multi-generational operations. When VACC faced a funding shortfall, a former Farm Credit executive helped broker a solution—leveraging relationships within the Farm Credit System to create an innovative partnership supporting our mission. CoBank became VACC's sole direct lender, providing a flexible line of credit, while Farm Credit East joined through a loan participation structure, typically purchasing one-third of the line. This collaborative approach expanded VACC’s capacity while sharing risk, ensuring Vermont producers had access to the critical financing they needed.
For more than two decades, this partnership has supported approximately 1,000 agricultural customers with $357 million in financing, helping dairy, fruit and vegetable farms, maple producers, equine operations, forestry enterprises and more. This model has been transformative for families like the Ackermanns. When Ian and Caitlin sought a loan in their early 20s with little collateral but a solid business plan, traditional lenders declined. VACC— backed by CoBank's capital—saw potential. Today, the Ackermanns have expanded their acreage more than fivefold from the 26 original acres of their grandparents' farm.
“Starting off as a young family in agriculture is hard,” Ian Ackermann reflected. “Doing it without VACC would be nearly impossible.”
The CoBank, Farm Credit East, VEDA and VACC partnership demonstrates how collaborative financing structures can open doors for producers who might otherwise be left behind, expanding access to capital for multi-generational family farms like the Ackermanns and helping them continue to anchor rural communities for decades to come.