Matched Savings for Farmers – Farm Asset Builder

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Farm Asset Builder: Matched Savings for Farmers – From Angelic Organics

NEW! The Farm Asset Builder matched savings for farmers program is fully funded for 2016. Angelic Organics Learning Center is looking for 4 farm families to participate in this matched savings opportunity!

The Farm Asset Builder Program begins its third year in 2016. Farmer participants will make a plan to save a portion of their earned income over the course of one year. While there is no minimum savings amount required, the maximum amount of savings that will be matched is $1,200. With a 1:1 match, participants will be eligible for as much as a $2,400 disbursement (a $1,200 match to the participant’s savings of $1,200).

Angelic Organics Learning Center is accepting applications for the Farm Asset Builder matched savings for farmers program now through December, 10th.  Click here for the application form.

Program Eligibility

Angelic Organics Learning Center welcomes applications from farmers that:

• Farm in northern Illinois, southern Wisconsin, or southwestern Michigan
• Are Upper Midwest CRAFT members or Stateline Farm Beginnings graduates
• Have been producing and selling farm product for at least one year
• Demonstrate gross farm revenue of at least $15,000 for the previous fiscal year
• Plan to expand their farm businesses and earn most of their income from farming

Education and Technical Assistance for Participants

Participants will be required to complete the following educational and financial training objectives before the end of the one-year program:

• Share the farm’s recordkeeping practices with the program coordinator and together formulate and implement best practices as needed
• Complete a business plan with three years of financial and cash flow projections
• Meet with a banker
• File a schedule F with their tax return
• Commit to a savings plan

With the assistance of AOLC staff, financial professionals, and experienced farmers, participants will implement or refine financial recordkeeping systems and key financial statements that successful farmers use to track and manage their finances. In January participants will meet at AOLC with whatever records, recordkeeping systems, and financial tools they have to make a financial tracking plan for the year that will be reviewed quarterly for tweaking and course-correction.

Participants will also meet informally with lenders to discuss their businesses’ needs and financial positions, and they will work over the course of the year to determine the best use of the program funds.

Classroom-style workshops are no longer a requirement of this program, but AOLC will support and encourage participants to engage in educational opportunities that will further the financial viability of their farm businesses.

Matched Funds – Matched Savings for Farmers

Angelic Organics Learning Center will match the participants’ savings at a ratio of 1:1 for the purchase of an intermediate- or long-term farm business asset at the end of the one-year program as long as all program requirements have been met. Below are some examples of how the matched funds can be used. (This is not a complete list.)

• Greenhouse/hoophouse
• Irrigation system
• Farm Equipment
• Farm Vehicle
• Tractor
• Breeding livestock

Matched funds cannot be used for general operating cash or short-term/current assets.

Cost of Program

There is no cost for this program, and there is no application fee.

Application Process

Please take the eligibility quiz to see if you qualify. If you qualify, we invite you to apply for the program!

Click here for the application form.

Strong applications will demonstrate:

• A need for financial support
• A desire to grow the applicant’s farm operations
• A need for additional financial management coaching
• A strong connection with the local farming community and a desire to give back
• Potential to complete the program:
  • Capacity to save $1,200
  • Ability/motivation to share and improve recordkeeping practices, maintain communication with AOLC, and complete/update a business plan with three years of financial projections

Once you have completed the application form, please email us a copy of a personal credit report (https://goo.gl/5yVc8T) and last year’s tax return. A balance sheet will also be required as part of the application process-it is not intended as a test of financial skills, and AOLC staff can help you in preparing it.

All information that is sent will be held strictly confidential by Angelic Organics Learning Center. This program is intended to help those that need extra financial support to grow their farm operations, so please keep this in mind before applying.

Please submit applications by December 10.

Questions? Please contact our Farm Finance Project Coordinator at farmassetbuilder@learngrowconnect.org.