By Andi Anderson
Practical Farmers of Iowa (PFI) has opened applications for their Savings Incentive Program, a two-year initiative aimed at supporting beginning farmers in Iowa and surrounding states.
The program, which has been running since 2010, offers valuable mentorship, business development tools, and financial support to help farmers establish and grow successful farm operations.
The Savings Incentive Program addresses a key challenge for many beginning farmers — the lack of financial resources needed to acquire essential equipment, machinery, and other farm assets.
Savanah Laur, PFI’s business viability manager, explained that the program helps farmers overcome this financial barrier. Since the program’s inception, more than 200 beginning farmers have benefited, with participants collectively purchasing over $489,000 in farm assets upon completing the program.
The program pairs farmers with experienced mentors, providing them with guidance in both the technical and business aspects of farming.
Participants also receive financial support in the form of savings matches, which they can use to purchase essential farm assets, helping them build a foundation for long-term success.
One successful participant, Stennie Nelson, a graduate of the 2023 Savings Incentive Program, shared how the program helped her refine her business plan and maintain accountability.
She emphasized that her business plan has become a living document, guiding the management of her farm in Turin, Iowa.
Applications for the Savings Incentive Program are open to beginning farmers in Iowa and nearby states, offering them a chance to gain valuable tools, resources, and mentorship as they work toward building their farm businesses.
The program’s combination of financial aid, business planning support, and mentorship has proven instrumental in helping new farmers succeed in a competitive agricultural landscape.
Photo Credit: gettyimages-d-keine
Categories: Iowa, Sustainable Agriculture