Program Overview

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

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.

Key Benefits

  • 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 

Eligibility 

  • 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. 

Program Requirements

Business Planning
In Year 1, SIP participants complete two virtual trainings: one called “Farm Finance Fundamentals” and another called “Marketing Fundamentals.” They also receive personalized one-on-one training from the instructors and receive guidance on how to start crafting or refining their farm business plan. During Year 2, participants dive deeper into their business plans and financial statements. The goal is for participants to walk away with valuable tools they regularly use to make sound business decisions.

Network-Building
Participate in networking and mentoring activities through PFI events 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.

How to Apply

The latest application period for the Savings Incentive Program has ended. Please contact Savanah for more information.