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　　One way some Americans avoided steep losses in the stock market in recent years was by making unusual alternative investments in small farms and food businesses. These so-called angel investors² are organizing loose networks to match their money with cash-hungry local producers.
最近几年，美国的一些投资人为了避免在股市上遭受巨大损失而采取了一种非同寻常的作法，这就是，对小型农场和食品业进行投资。这些所谓的“天使投资者”正在组成松散的网络，把资本投给缺少现金的地方生产商。
Farmers Crystie and Keith Kisler proudly pour samples of their hard cider and fruit liquors in the tasting room of the new cidery on their small organic farm. Just four years ago, the Kislers weren't sure they could keep their farm whole, let alone launch a new venture.
农场主克里斯蒂和基什·基斯勒经营了一个小型有机农场。他们在新建的苹果汁酿造场的品尝室里，自豪地倒出一些发酵苹果汁和水果酒样品。但是，4年前，基斯勒夫妇连能否保住自己的农场都不敢说，更别提开发新项目了。克里斯蒂还记得，她甚至都不愿费心去银行申请贷款。
"We didn't have the income, or the assets or the confidence perhaps even to approach a bank at that time," says Crystie, who didn't even bother trying to borrow money from the bank.
她说：“当时，我们既没有收入，也没有资本，连去银行贷款的信心都没有。”
Investing locally
At that same time, Steve Moore - who'd retired³ after making money in the software business - was looking for investment alternatives. "I started thinking about where else can I get some kind of reasonable rate of return where return can actually be defined more fully⁴ than just how much money did I make."
与此同时，史蒂夫·摩尔退休了。在软件业挣了一大笔钱之后，他开始寻找其它的投资方式。摩尔说：“我开始考虑可以从哪些地方得到一些合理的投资回报，这些回报要有更丰富的含义，而不仅仅是我赚了多少钱。”
The two parties were introduced by a mutual⁵ acquaintance. They sat down at the farmhouse's kitchen table and negotiated the terms of a $205,000 private loan. Moore charged no interest, but instead received a minority share of the new cidery business.
双方经一个共同的熟人介绍，在农场的餐桌前坐下来，商讨20万5千美元私人贷款的条件。摩尔贷款不收利息，但是，他要从这个新的苹果汁生意中提取少量股份。
For the Kislers, the notion of an angel investor¹ seemed miraculous⁶ but Moore sees it differently.
"This isn't charity. I'm not giving them money. It's not about a tax deduction," he says. "I am actually getting return in full of what I originally put forward, plus a participation⁷ in the cidery, plus consumables as dividends⁸."
摩尔说：“我实际上得到了我最初投资的全额回报。除此之外，我还因为加入到苹果汁生意中来，得到了一些食物消费品作为红利。”
And the Kislers are happy to write a check to people whose names they know who have actually been to the farm.
农场主基斯勒说：“我们喜欢把支票开给我们知道名字而且面孔熟悉的人。”
LION's club
Moore is one of the founding members of a group in western Washington state dubbed⁹ the Local Investing Opportunities Network or LION. He says the well-to-do members have various reasons for joining.
摩尔是西华盛顿州一个被称为“地方投资机会网”的创始人之一。他说，这个组织的成员都很富有，他们加入进来各有原因。
"They wanted out of Wall Street. They wanted to diversify¹⁰. They just wanted to help strengthen the community fabric¹¹."
“有的想摆脱华尔街的控制，有的想进行多种投资，还有的希望帮助加强社区结构。”
The members of LION screen investment requests together, but it's up to each individual to decide whether or not to put up their money. Retired pediatrician Kees Kolff also invested in the Kisler's Finnriver Farm. In addition, he's loaned money to and taken an equity¹² stake in a local artisan cheese maker¹³, the Port Townsend Creamery. He gets some unusual dividends.
“地方投资机会网”的成员一起筛选投资请求，但是，是否进行投资由个人决定。退休儿科医生基斯·考尔夫也对基斯勒的农场进行了投资。他还贷款给当地一个工艺奶酪制造商，并从中收取股权报酬。考尔夫说，他得到了一些非同寻常的红利。
"Those of us who have invested get seven percent return per year in cheese," Kolff says. "We get a cheese card. I can show you my cheese card, right here."
“我们这些投资人每年可以得到百分之7的回报，而且是奶酪回报！我们每人有一张奶酪卡，我可以给你展示一下我的奶酪卡。瞧，就在这儿！”
There are risks to consider. Most of the loans are unsecured, meaning there's no collateral¹⁴. The equity investments are long term and liquid, meaning investors can't pull their money out quickly. There is also no regulatory oversight¹⁵ because these are all private transactions.
不过，考尔夫承认这么做会有风险。大多数贷款都是无担保的，也就是说没有抵押作保。股权投资是长期的，投资者不能很快把钱抽出来，而且没有法规监督，因为这些投资都是私人之间的交易。
That presents more risk than a traditional bank would take on. But Mark Bowman, a senior loan officer with the commercial lender Enterprise Cascadia, says private loans and seed money can provide a lifeline to new businesses.
虽然这么做比传统银行愿意承担的风险要大，但商业贷款机构Enterprise Cascadia的资深贷款员马克·鲍曼指出，私人贷款和种子资金可以为新的企业提供一条生命线。
"Having local investors like the LION group is very complementary to the lending that we do," he says. "It even fills gaps of higher risk lending that we can't."
鲍曼说：“像‘地方投资机会网’这样的地方投资者对我们的贷款业是一个很大的补充。它甚至填补了我们无法从事的高风险贷款的空缺。”
According to Moore, LION fields lots of calls from across the country on how to copy their local investment model. He sees it as a sign that more people want to give literal meaning to the old phrase, put your money where your mouth is.
摩尔说，“地方投资机会网”收到来自全美各地的电话，询问如何仿效他们的地方投资模式。他把这看作是一个征兆，套句老话说就是，更多的人愿意“说给钱就给钱”，言外之意，不会只说不动，干什么就拿出实际行动来。