Vision Credit Education, Inc.

[UPDATED September 6, 2011] Farmers who are directly affected by the Townsends, Inc. closure are eligible for financial counseling through a special initiative. A telephone hotline has been established for eligible parties to request financial counseling on behalf of each business and family.

Townsends Hotline: 800-319-7254

The Townsends Hotline is staffed by the Accredited Financial Counselors at Vision Credit Education, Inc (Vision Credit). Vision Credit is a nonprofit 501(c)(3) charity organized to provide financial education for public benefit. The initiative is made possible by the North Carolina Rural Economic Development Center and Vision Credit.

Information Sessions

Information sessions will be held in order to provide additional feedback on the Townsends situation. Those who have been directly affected by its closure, either as employees or small businesses whose contract with Townsends was cancelled, are encouraged to attend these sessions. The times, dates and location of information sessions are as follows:

• August 15, 2011 at 6:00 p.m. Townsend Growers sponsoring meeting at Best Foods Cafeteria, 220 E. 11th Street, Siler City, NC 27344
• August 17, 2011 at 6:00 p.m. Randolph County Farm Bureau sponsoring meeting at Bethel Friends Church, 2519 Bethel Friends Road, Asheboro, NC 27205
• August 25, 2011 at 6:30 p.m. Meeting at Carolina Stockyards (Siler City), 260 Stockyard Road, Staley, NC 27355
• August 30, 2011 at 6:30 p.m. Harnett County Cooperative Extension Center is hosting a meeting, 126 Alexander Drive, Lillington, NC 27546
• September 8, 2011 at 6:30 p.m. Meeting at Carolina Stockyards, Farming Alternatives: Forage based enterprises, livestock and horse related enterprises: Elena Eller – NCCES; Landscape and nursery alternatives: Al Cooke – NCCES; Value-added products and marketing online:  Mary Helen Ferguson – NCCES; Vegetable and fruit production alternatives, Area Farmer’s markets: Debbie Roos – NCCES; NC Cooperative Extension family and consumer resources: Phyllis Smith – NCCES; N.C. Housing Finance Agency – Chris Bishop; General legal considerations and tax issues: Ted Feitshans – NCSU, Guido van der Hoven – NCSU

• September 29, 2011 at 6:30 p.m. Meeting at Carolina Stockyards, Situational updates: Kim Decker, Marketing Division – NCDA; Setting up home/business websites:  Brandon King – NCSU; Exit and reorganization options, voluntary liquidation, workouts outside of bankruptcy and various bankruptcy options: Ted Feitshans – NCSU, Guido van der Hoven – NCSU; Aquacultural enterprises: Speaker TBA

• October 4, 2011 at 6:30 p.m. Meeting at Carolina Stockyards, Resources available: Holly Coleman – Chatham County Health Department; Sandy Coletta – Chatham County Division of Social Service; Ashley Brewer – Chatham County Piedmont Health Services; Phyllis Smith –NCCES; Beginning a new business: Gary Kibler – NC Small Business Center, Pittsboro; Locating new employment: Geraldine Brady – Chatham County Employment Security Commission

• October 27, 2011 at 6:30 p.m. Meeting at Carolina Stockyards; Topics and speakers to be announced

We will specifically address the series of events that led to the closure as well as the types of intervention that officials are working on as an attempt to keep the plant and its related businesses afloat. You will have an opportunity to ask questions and receive any recent updates. We will of course keep communications channels open in order to provide up-to-date information as new developments occur.

Financial Counseling

Vision Credit will be on hand to schedule private counseling sessions. Financial counseling sessions are provided specifically to farmers who have lost contracts with Townsends, Inc. due to the plant closures. These sessions are confidential and will be held where it is convenient for you. Financial counseling is also available via the toll-free Townsends hotline at 800-319-7254.

It is recommended that you gather your financial details, including information on your largest assets, outstanding debt and monthly living costs. We will be on hand to help you assess your situation, review the feasibility of individual options for meeting your immediate financial needs and help you transition out of the current crisis.

We are prepared to provide updates to you as new developments occur, so we encourage you to check back frequently for new information. We realize that the Townsends closure was a shock given the recent investment and upgrades that had been made to the Siler City and Mocksville plants. Please understand that government officials and numerous state agencies are working diligently to arrange a solution.

Our goal with this financial counseling initiative is to help you proactively plan for getting through this crisis with your assets and businesses intact. If operations at the company can be restored, then we will help facilitate discussions with your lenders to keep your loans in good standing.

Additional details will be forthcoming.