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Savings Incentive Program
Apply to Participate: Savings Incentive Program
The Savings Incentive Program (SIP) 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
Savings Incentive Program applications are open until Nov. 4, 2024. Submit your application with the form below. Please email Savanah at savanah.laur(at)practicalfarmers(dot)org for more information.
You will hear back from us in mid-December, and those accepted into SIP will start January 2025.