Ask for $5 million for Beginning Farmer and Rancher Individual Development Accounts
The future health and vitality of agriculture, the food system, and rural communities depends on increasing opportunities for those who want to pursue a farming livelihood. Over the next two decades an estimated 400 million acres of U.S. agricultural land will be passed on to heirs or sold as farmers 65 and older retire. Currently one third of all farmland owners are at retirement age or older.
BFRIDA is a competitive matching grant program available to non-profits, tribes, and local government agencies that enables beginning farmers and ranchers to open individual development accounts (IDAs) to save for a farming-related asset such as farmland, farming equipment, and breeding stock or trees. To ensure their future success, program participants are required to complete financial training programs – business planning, banking, market development – and develop a savings and business plan before the funds may be used.
The 2008 Farm Bill directed the USDA to establish Beginning Farmer and Rancher IDA pilot projects in at least 15 states, and authorized appropriations of $5 million per year for 5 years. Despite inclusion in President’s proposed budget, no funds were appropriated for the first year of the program in FY 2010. If fully funded over the remaining four-year period, the program could still assist approximately 3,200 new farmers to establish farming livelihoods.
Existing IDA programs have been highly successful. Participants in IDA programs designed for small business start ups are 84 percent more likely to become business owners than those who have not participated in IDA programs.
What you can do:
Please call your Representatives and Senators today and urge them to ask for $5 million for the Beginning Farmer and Rancher Individual Development Account program for Fiscal Year 2011.
The Message is Simple: I am a constituent and am calling to urge Senator/Representative _________ to support funding of $5 million for the Beginning Farmer and Rancher Individual Development Account Program. BFRIDA will spark the creation of thousands of new farm businesses which translates into more jobs.
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