Current stage of $1M, opening Wed, Aug 5.
This loan will be used to purchase 2026 harvested grain from growers to use as inventory at Cairnspring’s mill in Skagit Valley, Washington.
Funded on 08/05/2026
It was a decade ago that a determined group of community leaders in Washington’s Skagit Valley founded Cairnspring Mills, a new kind of flour mill in the Pacific Northwest. They aimed to ensure viability for local farmers, build markets for regional grains, and make the local communities more resilient—all while stone-milling premium, identity-preserved flour from a crop synonymous with the region. Cairnspring’s Skagit mill is expected to produce more than 12 million pounds of grain in the coming year, and the company’s founding principles are still guiding production today.
Steward is providing inventory financing so Cairnspring can purchase 2026 harvested grain from their network of contracted growers for processing at the Skagit mill.
Cairnspring Mills only buys wheat that is free of neonicotinoids (insecticides), desiccants (for burn down prior to harvest), and biosolids (given the high level of PFAs). Their unique stone-milling process intentionally incorporates the natural oils and fats into the flour, preserving flavor and nutrition. Cairnspring pays a premium for premium grain.
The company also supports the farmers with planning and resources to implement regenerative practices specific to each farm's bioregion. Cairnspring has committed to certifying all of their growers who are not Certified Organic as Certified Regenerative through a Greener World in 2028. “I’ve never had a company invest in us the same way that Cairnspring is,” says one of the company’s farmers in eastern Oregon.
Paul Glowaski, Carinspring’s Sustainability Manager, points to these bioregion-specific practices as core to the success of the company and its farmers. “One of the principles of regenerative farming is context,” he says. “What is regenerative in the Skagit is very different from what is regenerative in the high desert in the PNW. So no one practice is the end-all-be-all.”
The funds from this loan will be used to buy 9.9 million pounds of recently harvested, identity-preserved grain from Cairnspring’s network of contracted farmers in the region for milling at Cairnspring’s original Skagit mill. Historically, Cairnspring’s grower contract outlined payment in December of each year; however, Cairnspring recently shifted its grain contracts to pay net 30 terms, which is industry standard. This will enable Cairnspring growers to get paid shortly after harvest, which will help them with farm expenses and cashflow and save on interest on their loans.
Cairnspring Mills is a flour mill that is committed to producing fresh milled flours made from identity-preserved grains. Their commitment to producing excellent flour starts with their farmers. Cairnspring upholds their dedication to rebuilding local food systems through the following practices:
Cairnspring’s commitment to producing the highest quality flours is coupled with its focus on operating a business that has positive ecological, social, and economic outcomes.
Ecological Stewardship:
Social Stewardship:
Economic Stewardship:
This loan will be made to Northwest Mills and Specialty Grains (DBA Cairnspring Mills), a Washington State Special Purpose Corporation, which stone-mills regenerative wheat into flour.
This loan will be used to purchase 2026 harvested grain for milling at Cairnspring’s Skagit Valley Mill. Throughout the following year, they will then pay down the balance of this loan from monthly flour sales.The total loan amount is $2,153,000 which will assist Cairnspring Mills in growing and expanding their business. Given that the mill will continue to mill mostly 2025 harvested grain until November, a three month interest only period has been built into the repayment schedule.
This is a secured loan with a second lien on all business assets subject only to Steward’s existing amortizing grain inventory note which has a balance of $1,085,460.25 and will be repaid in full by December 2, 2026. Upon repayment of last year's inventory loan this loan will assume a first priority position on all of the company’s assets. This includes the grain inventory they will purchase with this loan (both raw and finished), along with cash, accounts receivable, equipment, and other business assets. This loan will be made in two disbursements, the first of which will be made in mid August and the second in early September. This loan is set at a 9.50% interest rate for the borrower, net interest rate 9% for lenders, with a 13 month term, 3 months of interest only payments beginning one month after funds are disbursed followed by fully amortized monthly payments for the remainder of the term.
Get project announcements, farmer introductions, company updates, and more by subscribing to the Steward newsletter. Join our growing community of people who are making regenerative agriculture the foundation of our future.
Join a growing community of sustainably-minded lenders reaping the rewards from responsible farming