PFI Savings Incentive Program Opens

OMAHA (DTN) -- Applications are open for Practical Farmers of Iowa's Savings Incentive Program, a two-year program that helps beginning farmers create successful farm businesses through mentorship, business support and financial support.

Launched in 2010, the program has helped more than 200 beginning farmers on their path to establish a farm business, according to a news release from the organization.

"Beginning farmers face many challenges, one being a lack of financial resources to buy equipment, machinery and other vital assets," stated Savanah Laur, PFI's business viability manager, in the release. "This program helps farmers overcome that obstacle, and, to date, participants have been able to purchase over $489,000 in farm assets once completing the program."

Beginning farmer Stennie Nelson, is a graduate of the 2023 Savings Incentive Program. She said the program helped provide the framework and accountability to revise her business plan, and the reminder that it can serve as a living document to guide management during the year on her Turin, Iowa, farm.

"I also appreciated the mentorship aspect of the program, and the savings match was really helpful, too," Nelson said.

Throughout the program's two-year structure, participants can expect mentorship from experienced farmers, business plan support, opportunities to save money and receive matching funds, opportunities to attend a range of learning events and access to a network of supportive peers.

After 24 months and completing all program requirements, participants can earn a dollar-for-dollar match on money saved up to $2,400, for a possible $4,800 they may use to help purchase a farm asset. Additional funds are available for farmers of color. For every $1 these participants save, PFI will provide a $2 match, up to $4,800.

To be eligible, applicants must be a farmer or farm operator with fewer than seven years of experience; reside in Iowa or farm in the state of Iowa or adjoining states; be a member of Practical Farmers of Iowa.

Those who are not members can join at www.practicalfarmers.org.

The applications deadline is Nov. 4. Full details and the application form are available at www.practicalfarmers.org/savings-incentive-program.

For questions, to check eligibility or for help getting signed up, farmers should contact Savanah Laur at 515-232-5661 or email savanah.laur@practicalfarmers.org.

Susan Payne can be reached at Susan.Payne@dtn.com

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