Iowa Beginning Farmer Savings Incentive Program

Practical Farmers of Iowa Beginning Farmer Update August, 2014 – We are taking applications for our Savings Incentive Program!

Practical Farmers of Iowa is excited to announce we are once again taking applications for our Savings Incentive Program.

Applications will be accepted now through October 3, 2014. Get an application here. Up to 25 beginning farmers will be admitted to this fifth round of programming.

The Savings Incentive Program works by encouraging you to save up to $100 per month for two years. After 24 months and completion of all program requirements, you earn a dollar-for-dollar match on money saved up to $2,400, for a possible $4,800 to use toward the purchase of a farm asset.

Requirements: As part of the program, participants will be paired with a mentor, with whom they must meet in-person at least three times in the first year. Participants also:
Open and manage a savings account with Practical Farmers’ partner bank
Create or fine-tune a business or whole-farm plan
Attend at least four PFI events per year. PFI events include online trainings, field days, conferences, workshops and more
Conduct quarterly reviews via email, phone or in-person with PFI staff to check on progress toward goals and program requirements
Complete all forms and requested information on time
Eligibility: To be eligible for the Savings Incentive Program, you must either be farming on your own now and have farmed for five or fewer years, or have some experience working for a farm business. This includes, but is not limited to: internships, apprenticeships, working as an hourly or salaried employee or working on the family farm.

You must also reside in Iowa or farm in the state (out-of-state residents are eligible, so long as they are farming in Iowa), and be members of Practical Farmers of Iowa.

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