The Finance and Funding Working Group set out these priority strategies to implement the regional goal and objectives developed at the Farm Route to Prosperity Summit, February 24, 2009:
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Establish a high-visibility Web location for comprehensive information about financing opportunities and support services for local food and farm businesses.
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Conduct a meat processing facility feasibility study.
UpNorth Food and Farming: Resources for Northern Michigan's Agricultural Sector from the NW Michigan Small Business and Technology Development Center
Financial Resources, links to agencies and companies offering loans, grants and business development assistance.
A new 'funding source continuum' with links to the indicated lenders is available as a download at the bottom of the page, labeled Funding Sources with Links.
USDA Know your Food, Know your Farmer Blog
This resource offers simple guides and links to programs that small growers can access for technical assistance, loans and grants.
Agriculture Individual Development Accounts
The Michigan Saves IDA Program is a savings program for people who want to build financial assets. We will work with you to provide the extra dollars and tools to help you build your own bright future. Open an IDA Account and every $1 you save (up to $1000) will be matched with $2 toward small business startup or expansion (including purchase of equipment). Other eligible IDA uses are for first home down payment or college or training tuition.
To be eligible for the Program, you must:
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Agree to save an average of at least $20 per month from your earned income.
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Agree to complete an educational series on financial management and asset planning.
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Agree to meet other IDA Program requirements as described by NMCAA's IDA Counselor.
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Show proof of your earned income that meets the income eligibility guidelines (i.e., a family of 4 can have an annual household income of up to $44,700 and be eligible) and maximum asset limitation of $10,000.
A schedule of financial fitness classes and an IDA application form are available below. The classes are available to anyone who is interested,whether an IDA applicant or not.
