Savings Incentive Program Application
Thank you for your interest in becoming part of the Savings Incentive Program Class of 2020!
Practical Farmers of Iowa’s Savings Incentive Program is a two-year program designed to guide and support beginning farmers to the next level of their farming goals. The program helps to:
- build valuable farmer-mentor and peer relationships
- promote regular attendance at learning and networking opportunities
- promote good financial habits
- encourage participants to plan for their farm as a business
- motivate participants to take action steps toward their farming goals
If you are accepted into the program and successfully complete all requirements, you will receive a one-to-one match on money you have saved during your time in the program, up to $2,400, for a potential total of $4,800 that may be used to help purchase a long-term asset (or assets) for your farm.
To be eligible for the Savings Incentive Program, you must:
Have some farming experience
- Have been farming on your own 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 employee or a salaried employee, working on your family farm, etc.
(NOTE: Preference will go to those with at least six months of experience — but all applicants with some experience will be considered).
Be a Practical Farmers of Iowa member
- Not currently a member? No problem! Simply click here to join, or call (515) 232-5661.
Live or farm in Iowa
You are eligible if:
- You live outside of Iowa, but your farm is located in Iowa (for instance, you reside in Omaha but your farm is near Harlan, Iowa).
- Your farm is located outside of Iowa but your primary residence is in Iowa (for instance, your farm is located in northern Missouri, but you live in Lamoni, Iowa).
Questions about your eligibility based on your farm or residence location? Call Greg Padget at (515) 232-5661, or email email@example.com.
If you meet all the criteria, we’ll explain the program requirements. You’ll need to read and agree to them before submitting an application.
These program requirements were created by our member committee, and must be met in order to receive the savings match.
If accepted into the Savings Incentive Program, you must agree to:
- Develop or update a business or whole-farm plan based on SIP criteria.
- Meet in-person with a business plan reviewer at least once during the program.
- Attend at least two mentor farm visits in the first year and host a mentor farm visit on your farm in the second year.
- Participate in at least four Practical Farmers events each year, including one that is finance-oriented. – (PFI events include online trainings, field days, conferences, workshops and more.)
- Open and manage a savings account, based on your savings goals. – (Note: The savings must be your own income earned from the farm or an off-farm job. When program requirements are met, Practical Farmers will match your savings one-to-one, up to $2,400, to use toward a qualified long-term farm asset purchase.)
- Conduct quarterly reviews online with Practical Farmers staff to check on progress toward your goals and program requirements.
- Complete all forms and requested information on time.
If you are willing to meet these seven requirements of the Savings Incentive Program then click below to start your application.
Note: Once you’ve started an application you will not have a chance to save or return to what you’ve started, you will have to start over. If you would like to see or print the list of questions before starting your application, please click here.