Seeds Of Success

Slow Money Northwest and the Cascade Harvest Coalition recently partnered up to create “Seeds of Success”, Washington’s first rural agricultural Individual Development Account program. Japhet Koteen, Project Manager with Slow Money Northwest, explains the main objective behind “Seeds of Success”.

KOTEEN: Our focus is getting new farmers the resources they need to build successful businesses. Seeds of Success is one of the ten programs across the country that is trying to adapt the individual development account model, from where it’s been used in urban areas for small business, home ownership and education, to the rural areas for agriculture - beginning farmers and ranchers.

Koteen says the looming farmer shortage is one of the drivers to putting such a program in place.

KOTEEN: We’ve got plenty of good farmland here in Washington State, but there are a lot of farmers that will be retiring over the next ten years and we need a new generation to work the land.

Koteen explains the basic parameters of the program for participating farmers and ranchers.

KOTEEN: They commit to save for at least a year and they establish a savings goal, and we will match up to $2,500 a year of their savings. Right now we have funding to run the program for two years, so each one who participates could potentially save up to $5 thousand and get up to $5 thousand in match money.

Koteen says while the match funds help, the real key is the training and support networks that go along with them. “Seeds of Success” is expected to launch in January 2013. Those interested should submit applications by December 31st. For more information, visit slowmoney.org or call 206-326-9828.

I’m Lacy Gray and that’s Washington Ag Today on the Ag Information Network.