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Financial Literacy Training for Socially Disadvantaged Beginning Farmers in Alabama

E'licia Chaverest and Duncan M. Chembezi

Summary

Financial Literacy is vital for farmers to prosper in their farm operation. Alabama A&M University Small Farms Research Center (AAMU-SFRC) has over 20 years of proven experience working with and assisting socially disadvantaged and limited resource farmers, including new and beginning farmers. Through personal observation, effective community outreach and targeted technical assistance, AAMU-SFRC sees a real need to develop a holistic approach to assisting the target audience with farm financial literacy education including credit and creditworthiness. This presentation will discuss the many challenges, opportunities, and effective strategies to better serving and assisting socially disadvantaged farmers regarding the How, What, When, Where and Why of financial literacy training to improve farm operations and overall profitability. The presentation will also highlight and share success stories. Financial literacy is critically important, especially for the survival of farms operated and managed by socially disadvantaged beginning farmers. AAMU-SFRC has developed holistic approach in educating and assisting farmers and ranchers who own and manage small operations, often with limited resources. The paper will highlight techniques used to inform, educate and assist producers and influence their behavior. The presentation will also share and discuss success stories from the financial literacy training and education AAMU-SFRC has provided over the past two years. Overall, the presentation will showcase simple, yet effective tips to lure the target audience and keep them engaged and interested in the training.

Details

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