Iowa Farmers Get Savings Boost From PFI

OMAHA (DTN) -- Beginning and aspiring farmers in Iowa or surrounding states have an opportunity to save and earn money through Practical Farmers of Iowa's (PFI) two-year savings program that starts in December.

Since its launch in 2010, the Savings Incentive Program (SIP) has supported 222 beginning farmers on their path to establishing a healthy farm business.

To date, program participants have saved over $320,000, and after receiving their match dollars, have been able to purchase more than $570,000 in long-term assets to further their operations, according to PFI.

"SIP helped us think more deeply about our farm as a business," Carly Zierke, a past participant who farms in northeast Iowa, stated in a news release. "We looked at our plan, the tools, and the financing that would help us reach our goals. We also got a mentor, an experienced farmer in our area, who came to see the farm, and helped us identify gaps and workable solutions."

Applications for the next class are due Oct. 24. Those enrolled in the program will start in December as part of the SIP Class of 2027.

After 24 months and completion of all program requirements, participants earn a dollar-for-dollar match on money saved, up to $2,400, for a possible $4,800 they may use to purchase a farm asset.

Throughout the two-year program, participants can expect mentorship from experienced farmers, have business plan support, attend learning events and access a network of supportive peers.

"Beginning farmers face many unique challenges, and limited access to capital is one of the biggest," said Savanah Laur, PFI's business development viability manager, in the news release. "This program helps farmers tackle that challenge, and so far, participants have been able to purchase over $570,000 in essential farm assets after completing the program."

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

Full details and the application is available here: https://practicalfarmers.org/….

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

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

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