FarmStart assists beginning farmers and new cooperatives through their start-up years by providing working capital investments of up to $75,000. The repayment period for these funds is up to five years. FarmStart is envisioned as a key element in the success of startup agricultural businesses. Recipients can develop a successful credit record and learn the discipline of effective cash flow management.
The goal of FarmStart is to provide working capital to help start-up farmers establish a positive business and credit history during the early phases of their business careers. Within five years, recipients should be positioned to graduate to a conventional line of credit from Yankee or CoBank.
Who is eligible?
Farmers, forestry producers, fishermen, farm-related service businesses and cooperatives, generally in their first three years of business.
Each FarmStart participant will work with a Farm Credit adviser, knowledgeable in financial management. Advisers stay in touch with participants to help them follow through with their business plan. They also encourage FarmStart recipients to use other professionals, as necessary, to solve problems and develop their business venture.
We’re looking for substance, not fluff. The business plan is a productive way for new business owners to demonstrate their ability to successfully use their FarmStart investment. Five key business components should be included in the plan. Please refer to guidelines, available in your local branch or from your adviser, on how to write a business plan.
Free ag-specific computer software
Yes! Red Wing Software, America’s premier provider of financial management software for agriculture, will provide CenterPoint software to FarmStart participants at no cost with the purchase of a Silver Level Customer Care Plan.
For more information contact your local branch or e-mail FarmStart@yankeefarmcredit.com.