Producer training session targets financial reports

6 years ago

CARIBOU, Maine — Agricultural producers and those who would like to become producers can learn more about USDA Farm Service Agency loans and programs and get some basic business skills at the same time.

A free producer training workshop is planned Thursday, March 1, at the Northern Maine Development Commission office in Caribou from 2 to 4:30 p.m. and will focus on financial statements.

Participants will learn how to understand and use financial statements to provide a clear and accurate visual of how a business is currently performing and identify opportunities for growth.

“Financial statements act as a historical record of the overall success of your business, if there is ever a decision to pass it on to family, sell the business or obtain new investors,” said Alain Ouellette, planning and development director at NMDC. “New clients and suppliers may also request financial statements while trying to determine if they should conduct business with your company.”

FSA officials will explain federal programs and services designed to help producers learn about, and gain access to, FSA’s popular loan programs.

This is the fourth of five different business training workshops for producers and would-be producers. The fifth and final session will be held in the St. John Valley on March 22nd at the St. John Valley Technology Center in Frenchville.

Last year the USDA announced cooperative agreements with partners to educate producers, including those who have been historically underserved by USDA programs, about FSA programs that provide financial, disaster or technical support. Under a cooperative agreement with FSA, NMDC received funding to provide educational services to agricultural producers in Aroostook County.

Ouellette encouraged producers to attend, but says the information is also valuable to anyone who wishes to better their business skills.