This $499,998 federal Project Grant award, funded by the United States Department of Agriculture's (USDA) Farm Business Management and Benchmarking Competitive Grants Program (CFDA 10.319), supports initiatives to expand and sustain the FBMB national database. The key objectives are to:
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Increase the amount of economic data and maintain data quality in the national farm financial database, with a focus on expanding data from small and underserved producers. This includes developing multi-year trend data to inform producer decision-making during challenging economic times.
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Provide new educational resources, benchmarking tools, and peer group data to help producers, particularly small and medium-sized farms, make more informed financial management decisions and implement sustainable practices.
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Deliver mentorship and training to new agricultural financial management professionals to ensure quality support is available to producers during periods of increased economic stress.
The award involves a collaborative effort across five partners in four states, including the University of Missouri, University of Minnesota, Illinois Farm Business Management, and Wisconsin Technical College's Farm Business Instructors. Sub-awards to Minnesota State Colleges & Universities and Illinois Farm Business Farm Management A will contribute data to the national benchmarking database, provide training and technical assistance to producers, and develop enterprise-level cost of production reports.
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