News

Beginning farmers can gain support through PFI's Savings Incentive Program

By 
Elizabeth Wilhelm
Sep 26, 2024
3 minutes
Applications open for program that helps beginning farmers establish successful farm businesses
Contact: Elizabeth Wilhelm | Media Relations Coordinator | (515) 232-5661 | gro.sremraflacitcarp@mlehliw.htebazile
AMES, Iowa (Sept. 26, 2024) — Beginning farmers looking for mentorship and support are invited to apply for Practical Farmers of Iowa's Savings Incentive Program (SIP). The two-year program, which helps beginning farmers create successful farm businesses through mentorship, business support and financial support, is now accepting applications.
“Beginning farmers face many challenges, one being a lack of financial resources to buy equipment, machinery and other vital assets,” says Savanah Laur, PFI's business viability manager. “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.”
Since the program's launch in 2010, the program has helped over 200 beginning farmers on their path to establishing a healthy farm business.
"This program provided me with the framework and accountability to revise my business plan, and the reminder that it can serve as a living document to guide management during the year," says Stennie Nelson, a member of the Savings Incentive Program Class of 2023 who farms in Turin, Iowa. "I also appreciated the mentorship aspect of the program, and the savings match was really helpful too."
Program 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
  • Access to a network of supportive peers
Those enrolled in the program will start in January 2025 and be part of the SIP Class of 2026. 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 help purchase a farm asset. The program has additional funds available for farmers of color. For every $1 these participants save, PFI will provide a $2 match, up to $4,800. To be eligible, farmers 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. Those who are not members can join at practicalfarmers.org
Applications are due Nov. 4. Full details and the application form are available here. For questions, to check eligibility or for help getting signed up, farmers should contact Savanah Laur at (515) 232-5661 or gro.sremraflacitcarp@rual.hanavas. This work is supported by the USDA National Institute of Food and Agriculture, project 2020-03788.
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About Practical Farmers: Practical Farmers of Iowa is a nonprofit with more than 8,000 members that equips farmers to build resilient farms and communities. We create learning opportunities via farmer-led events, on-farm research and educational content through our robust network of farmers. We also provide funding and technical assistance to help farmers adopt regenerative farming practices and grow farm businesses. Our vision is an Iowa with healthy soil, healthy food, clean air, clean water, resilient farms and vibrant communities. To learn more, visit https://practicalfarmers.org.  
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