Savings Incentive Program Applications are NOW OPEN for the 2018-2019 class. You can submit you application by clicking here before November 11, 2017.
How it works
The two-year Savings Incentive Program works by encouraging enrollees to save up to $100 per month for two years. After 24 months and completion of all program requirements, participants will 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. The program also pairs beginning and aspiring farmers with experienced farmer mentors; provides targeted learning and peer networking opportunities; offers business planning support and guidance; and gives participants the chance to save money while learning how to build a profitable farm.
The Savings Incentive Program is more than a dollar match, however; it is a program designed to help beginners succeed. Those enrolled will:
- Open and manage a savings account with Practical Farmers’ partner bank.
- Meet in person at least once with a business plan reviewer.
- Create or fine-tune a business or whole-farm plan
- Meet at least three times with an assigned mentor; once at beginner’s farm, once at the mentor’s farm and once at a place of their choosing
- Attend at least four Practical Farmers events per year (online, on-farm or in person). Practical Farmers events include online trainings, field days, conferences, workshops and more
- Conduct quarterly reviews via on-line with Practical Farmers staff to check on progress toward goals and program requirements
- Complete all forms and requested information on time