Completed Project Report


Mitigating risk for beginning and socially disadvantaged farmers through bilingual financial literacy and farm business management training

  • Award Amount: $70,000
  • Regional Center: Western Extension Risk Management Education Center
  • Grant Program: 2021 Underserved Projects

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Project Overview

75 socially-disadvantaged and beginning organic specialty crop producers were served in Skagit and King Counties of Washington State through trainings in business planning and structures, accounting concepts, financial recordkeeping, enterprise budgets, cash flow management, farm taxes, insurance, capital access, sales/marketing strategies, employment legalities, crop-planning, and mechanical cultivation for a total of 622 participant hours of risk management education.

Culturally and linguistically responsive instructional practices were used to ensure participation equity and maximize social learning. A combination of bilingual (Spanish-English) simultaneous interpretation utilizing a wireless two-way audio system or single language presentation was used to facilitate engagement as needed. A hybrid of in-person and virtual group training with interactive exercises, experiential learning and peer-to-peer discussion accompanied by 1:1 individualized technical assistance was provided at the time, location and/or medium that was most appropriate for the participant.

100% of participants demonstrated understanding of the importance of financial recordkeeping, cash flow projections and enterprise budgets as a risk management strategy. 24 business plans were created including marketing and efficiency strategies. 10 participants started a farm business; all established proper business entities, business accounts and licenses. One participant secured a $25K operating loan to grow their business based on their Capital Access learning and technical assistance.

Number of Participants: 75

Outcomes

Project Steps

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EDUCATIONAL MATERIALS

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DELIVERY AREA

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