Farm Finance Updates | August 2024
By Julie Davenson, Farm Finance Specialist
Excerpt from ‘Farm Finance Digest’: SCI’s Monthly Farmer Newsletter
Happy Summer, everyone!
Farm Finance Digest brings you the latest insights, trends, and tips in the world of agricultural finance. Whether you’re a seasoned farmer, a budding agripreneur, or simply interested in the financial aspects of farming, this newsletter is designed to provide valuable information tailored to your needs.
In each issue, you can expect to find:
Grant Opportunities: The latest grant opportunities for farms.
Regenerative Finance Innovations: Information on new funds, finance options, and innovative approaches to funding healthy soil practices and scaling regenerative agriculture.
Success Stories: Learn from the experiences of fellow farmers who have successfully navigated financial challenges.
Expert Insights: Gain knowledge from industry experts on best practices and innovative financial solutions.
Our goal is to empower you with the knowledge and tools necessary to make informed financial decisions, ensuring the sustainability and growth of your farming business.
We look forward to growing together!
FARMER RESOURCES
Sustainable Aviation Fuel
Tax Credit Guidance
This article from the Farm Journal provides an in-depth review of the new guidance issued by the U.S. Treasury and IRS issued updated guidance on the Sustainable Aviation Fuel (SAF) tax credit, aligning with the Inflation Reduction Act's goal to boost SAF production by providing incentives based on lifecycle greenhouse gas (GHG) reductions.
The initial guidance on the Biden Administration's SAF subsidy program, which includes three climate-smart practices for corn-based ethanol to qualify; two qualifying practices for soy-based biodiesel and producers of SAF are eligible for a tax credit of $1.25 to $1.75 per gallon.
Farm Service Agency
Changes to Enhanced Coverage Option (ECO)
The U.S. Department of Agriculture (USDA) announced changes to the Enhanced Coverage Option (ECO) beginning with the 2025 crop year.
USDA’s Risk Management Agency (RMA) is expanding coverage options to additional crops as well as increasing premium support to make the policy more affordable for producers. This expansion is part of RMA’s larger effort to provide more options for specialty crop producers.
“The Risk Management Agency is continually responding to producer needs and adapting our insurance coverage options to give producers more choices when it comes to managing their risks,” said RMA Administrator Marcia Bunger. “This expansion is part of RMA’s larger effort to provide more options for specialty crop producers.” (USDA.gov)
RESOURCE | Federal Grant Writing Tips
Finding the right resources to improve your community is important!
This informative webinar, by the Center for Rural Affairs, was held to provide tips for filling out a grant application and about resources like a grant guide, SAM.gov resource, and a grant writer list to help community members apply for these grants. The presentation also includes grant opportunities and how to search for grants.
CONFERENCE | The Systems Change Conference | Sept. 9-10 in Statesville, NC
The Systems Change Conference convenes key stakeholders from philanthropic, corporate, government and environmental organizations to create intentional roadmaps on how Regenerative Farming, Corporate and Government Sustainability, Food as Health initiatives, and our Supply Chains can create system-wide and scalable impact.
Meet members of the SCI team there in person! Julie Davenson, SCI Finance Specialist will be speaking, and Alisa Gravitz, SCI Executive Committee, will be there, along with our partners from Soil Regen’s, Co-owners, Liz Haney and Russell Hedrick.
The first day will be a farm visit to Russell Hedrick's farm and the second day is at the Statesville Civic Center.
WORKSHOP | Farmer Bootcamp at the RFSI Forum | Oct. 8 in Denver, CO
Join the Regenerative Food Systems Investment Forum early to attend the Farmer Bootcamp designed specifically to offer a deep-dive introduction to the regenerative capital ecosystem for agriculture and food. With specific tracks for farmers/producers, entrepreneurs, and investors/funders there is something for everyone hoping to get a primer on the space and how you can engage in it.
They also have farmer scholarships for the conference but apply now before they are gone!
UPCOMING GRANT DEADLINES
Southern SARE Education Grants
Grants allow applicants to conduct education and outreach activities for the benefit of the greater sustainable ag community, and promote efforts in farmer innovations, community resilience, business success, ag diversification, and best management practices. Education Grants are open to academic institutions and organizations, such as nonprofits and non-governmental organizations.
Deadline: AUGUST 2
Apply: HERE
Rocky Mountain Rangelands Program
NFWF is soliciting proposals for projects that voluntarily conserve, restore, and improve habitat in the Intermountain West. The objective of this program is to work in focal landscapes in the region to restore and conserve wildlife species associated with sagebrush, irrigated meadows and aquatic systems while conserving the phenomenon of large mammal migration. Approximately $5 million in grant funding is available.
Deadline: AUGUST 6
Apply: HERE
Livestock Conservancy Microgrants
This program provides support from $500 to $2,000 for farm-related improvements by residents and organizations in the United States who are actively working with livestock and poultry breeds listed on the Conservation Priority List.
Deadline: AUGUST 15
Apply: HERE
Composting and Food Waste Reduction Pilot Project
USDA is soliciting proposals from eligible applicants to host a Composting and Food Waste Reduction pilot project. Approximately $7.8 million is available to fund as many as 30 projects.
Deadline: SEPTEMBER 4
Apply: HERE
Illinois Cover Crop Initiative
American Farmland Trust and ADM are launching the next season of a program that supports Illinois’s farmers and the environment. The ADM re:generations™ program in Illinois encourages farmers to incorporate regenerative agriculture practices into their operations while offering financial incentives for doing so. Enrollment began in May.
Deadline: SEPTEMBER 13
APPLY: HERE
Small Business Innovation Research & Business Technology
The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs at the U.S. Department of Agriculture (USDA) offer competitively awarded grants to qualified small businesses to support high quality research related to important scientific problems and opportunities in agriculture that could lead to significant public benefits.
Deadline: SEPTEMBER 17
APPLY: HERE
Western Sare Grant - Professional & Producer
This grant program involves agricultural technical advisor (main applicant) and producers implementing projects to address identified needs in sustainable agriculture. With the collaboration of at least three producers, projects must integrate research and education aiming to advance the three components of sustainable agriculture- environmental, economic, and social- and use innovative educational outreach to disseminate new knowledge to producers and other agricultural stakeholders. $85,000 limit/one-three years in scope.
Deadline: OCTOBER 22
Apply: HERE