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Session One: Foundations for Growth
Welcome to the first session of the GROW Your Knowledge to GROW Your Farm series. In this session, you'll be introduced to the foundational elements that support a successful agricultural operation.
What’s Included:
- Farm Credit 101 & Knowledge Center Overview
Learn about the mission, resources and support available through Farm Credit and the Knowledge Center. - Balance Sheets, Income Statements & Business Plan Workbook
Gain practical tools to assess your financial position and begin building a business plan tailored to your farm’s goals.
This session is designed to help you establish a strong starting point for your agricultural journey. Feel free to watch at your own pace and revisit the materials as needed.
Farm Credit 101
- Joey Cornwell, Regional Sales Manager, Farm Credit of the Virginias
- Farm Credit History
- Farm Credit Overview
- AgFirst and Farm Credit of the Virginias (FCV)
Learn more about patronage by visiting the Farm Credit of Virginias website.
- Eligibility, Loan Terms, Credit Reports and Collateral
Note: At times it may be prudent for a borrower to select more exhaustive perils or coverage amounts which are above our requirements for their own protection. These conversations should be held between the customer and their insurance agent to ensure they are fully covered in case of loss.
- How to Prepare for a Loan Application
To learn more about the application process, reach out to your local Farm Credit office.
Key Takeaways
- Section Key Takeaways
This section of Session One provided a foundational understanding of Farm Credit and its role in supporting agriculture and rural communities.
Below are the key takeaways that highlight the most impactful moments and lessons from this portion of the session.
- Farm Credit was established over 100 years ago and still proves to be a necessity to the agricultural industry.
- Farm Credit supports both rural communities and the agricultural industry.
- Farm Credit has a cooperative business structure and a unique funding model.
- Farm Credit of the Virginias cover 96 counties across the states of Virginia, West Virginia and Maryland.
- Farm Credit of the Virginias offers many types of financial assistance to many different types of agriculture.
Knowledge Center Overview
- The Farm Credit Knowledge Center
Join Director Kyley Clevenger for an insightful overview of the Farm Credit Knowledge Center. Discover how the Center empowers farmers through in-person and virtual events, as well as a wide range of digital resources.
Balance Sheets, Income Statements & Business Plan Workbook
- Balance Sheets and Income Statements
Filling Out a Balance Sheet
Completing a balance sheet can feel overwhelming, especially if you're unfamiliar with financial documentation. This resource guide and article titled Filling Out a Balance Sheet, are designed to make the process clear and approachable by providing a step-by-step breakdown of how to accurately record your financial position using real-time values.
The resource guide and article will walk you through:
- Assets: Understanding and categorizing your current, intermediate and long-term assets.
- Liabilities: Identifying your current, intermediate and long-term debts.
- Net Worth Calculation: Using your total assets and liabilities to determine your financial standing.
- Additional Considerations: Including co-signed liabilities, documentation tips and common oversights.
Whether you're preparing for a loan application, organizing your personal finances or managing a farm or business, these resources help ensure your balance sheet is complete, accurate and useful. It’s a practical tool for anyone looking to gain a clearer picture of their financial health.
Read Filling Out a Balance Sheet Article
Filling Out a Balance Sheet Resource Guide
Balance Sheet and Income Statements
Understanding your farm’s financial health is essential for long-term success. This article provides a clear overview of two key financial tools: the balance sheet and the income statement. It explains what each statement measures, how to build them and why they matter, especially when making management decisions or planning for the future. Whether you're new to farm finance or looking to refine your recordkeeping, this resource offers practical tips and guidance to help you get started.
- Developing a Business Plan Workbook
Creating a business plan can be a daunting task. This workbook is designed to make the process manageable, practical and tailored to your needs. The Developing Your Business Plan Workbook offers a guided, step-by-step approach to help you build the foundation of a comprehensive business plan.
This resource walks you through six essential sections:
- Business Overview – Define your mission, goals, ownership structure and services.
- Organization & Management – Outline your team, identify strengths and weaknesses and assess risk management practices.
- Marketing – Clarify your target audience, pricing strategy and promotional plans.
- Business Support – Identify key advisors and professional resources.
- Financial Information – Record income, expenses, assets, liabilities and complete a balance sheet.
- Evaluation – Establish how you’ll measure success and plan for contingencies.
Each section includes estimated time commitments, preparation levels and helpful resources to guide your progress. Whether you're starting a new venture or refining an existing operation, this workbook is a valuable tool to help you think strategically and prepare for long-term success.
- Workbook Tutorials
Introduction
3m27s
Section 1: Business Overview
8m1s
Section 2: Business Organization & Management
7m29s
Section 3: Marketing
4m43s
Section 4: Business Support
2m6s
Section 5: Financial Information
6m12s
Section 6: Evaluation
5m17s
Additional Resources
- Sample Business Plans
- Developing Goals for the Agricultural Business
Effective goal setting is essential for the long-term success of any agricultural business. This resource from Ohio State University Extension outlines how to develop SMART goals and build consensus around personal, production and operational objectives to support strategic growth and transition planning.
- SMART Goals for Marketing
SMART Goals are effective in creating obtainable goals for personal or business success. They also help identify strengths, weaknesses and potential collaborators.
- Vision and Mission Statement
Read the article from Iowa State Extension on creating a roadmap for where to want to go and how to get there.
IMPORTANT NOTICE AND DISCLAIMER
These materials are provided for educational and informational purposes only and do not constitute legal, financial, tax, or investment advice on any matter. We do not warrant that the materials provided are current and up-to-date with applicable laws and practices. You should not act or refrain from acting based on these materials or the information they contain without seeking legal advice from an attorney licensed in your jurisdiction or other appropriate professional. To the fullest extent provided by law, Farm Credit of the Virginias, ACA will not be liable for any loss or damage caused by your reliance on these materials or any information contained in these materials. Your use of the materials is at your own risk, and by accessing the materials, you hereby waive and hold harmless Farm Credit of the Virginias from any claims resulting therefrom.
Copyright© 2025 by Farm Credit of the Virginias ACA. All Rights Reserved. No portion of these materials may be copied, modified, distributed, transmitted, or publicly displayed without prior written permission of Farm Credit of the Virginias, ACA.