Savings Incentive Program

The Savings Incentive Program is a two-year program that supports beginning and aspiring farmers in creating successful farm businesses. SIP offers:

Targeted learning and networking opportunities, with guidance from experienced farmer mentors
Support setting goals and creating a business plan
Matching funds saved by participants during the program to support the purchase of a farm asset or assets

When starting a farm, you are in charge of everything from production to business management. The Savings Incentive Program is designed to help you stay accountable to your goals and to creating a business plan. Over two years, you will increase your network and invest your savings into an account; PFI will match your savings when you complete the program requirements.

Since the program’s launch in 2010, the Savings Incentive Program has helped 183 beginning farmers on their path to establishing a healthy farm business. To date, these farmers have saved over $302,000 – and after receiving their match dollars, have been able to purchase more than $489,000 in long-term assets to further their farming operations.

How SIP Works

Business Planning

Create, implement and improve your farm business plan. During the two-year program, you practice using your business plan as a decision-making tool with support, accountability and learning opportunities throughout the process.

You will draft a farm plan for each year in the program and leave with a three-year plan to guide your farm business after graduating. You will receive expert feedback on your final business plan.

Network-Building

Participate in networking and mentoring activities through PFI events, class specific farm visits and a personalized one-on-one mentor match. Access to mentors and peers will help you learn new skills and gain knowledge.

You will leave the program with an expanded network of people who can help nurture your farm development, and the tools to continue to build relationships in agriculture.

Capital Investing

Over the two-year program, you will save up to $2,400 in your farm savings account. After completing the program, Practical Farmers of Iowa will match your savings dollar for dollar, up to $2,400, to use toward the purchase of a farm asset or assets.

Additional funds for farmers of color: This includes a 1:2 match: for every $1 participants save, PFI will provide a $2 match, up to $4,800.

Who Is Eligible?

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.
Be a member of Practical Farmers of Iowa.

“I encourage any new or even somewhat experienced farmer to apply for a spot in the SIP Program. There’s been a lot of great networking opportunities, as well as really helpful financial planning tools. I’ve also enjoyed getting to know the mentor farmers and touring their operations.”

– Steve Strasheim, 2023 graduate of the Savings Incentive Program

How to Apply

Applications for the next round of the Savings Incentive Program will open next fall. Sign up for Beginning Farmer News or Practical News to receive announcements about this program in your email inbox. You can also contact Savanah at savanah.laur(at)practicalfarmers(dot)org for more information.

Those who applied for the most recent round of SIP will hear back from us in mid-December, and those accepted into the program will start January 2025.

View current and past SIP recipients