The British Columbia and federal governments have pledged $965,000 of Growing Forward funding over four years for a farm business advisory services program in the province.
“We need to build the business management capacity of our farmers and provide them with the tools and knowledge to do so,” provincial Ag Minister Steve Thomson said in a release last week.
“The agriculture industry is increasingly dependent on innovative business acumen to remain competitive and incorporating a sound, strategic, business development plan is the foundation to success.”
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The program is meant to help producers access basic financial analysis and specialized business planning services that will “enable them to effect better, more informed management decisions,” the two governments said in their release.
The program provides two tiers of funding support to producers for business consulting services. Under Tier 1, consulting services for a basic farm financial assessment are covered for up to $1,900, at a cost of only $100 to the producer.
Tier 2, meanwhile, is to cover up to 85 per cent of the cost of consulting services to a maximum of $3,000, for specialized business planning to adopt “progressive” farm business management practices and strategies in nine business management areas.
Those business management areas are to include business strategy; succession planning; marketing strategy; business structure; production economics; risk assessment; human resources; value-added ventures; and financial management.
To access funding through the program, the governments said, an eligible B.C. farmer will need to complete a farm action plan and submit an application.
Once an application is approved, a farmer can select from a list of pre-approved consultants to begin the business planning process.
For more information about the program or to apply, farmers can contact the provincial Agri-Food Business Development Program toll-free at 1-877-702-5585.
