Going to the bank is confusing. There are lots of forms that all look the same. There are many lines, many people. For new farmers, increasing financial literacy is an important step in establishing their business.
All New Roots farmers have opened a bank account. Until this point, staff have been making weekly deposits into their accounts. Each farmer saves 20% of all of their sales to pay for their farming. This week, we turned a corner. Many of our farmers will now be making their own bank deposits. We met with all of the farmers and explained how to fill out deposit slips and go to the teller's line.
Here is a video of our first meeting this morning with some of the Karen farmers.
At the end of the meeting, we took the farmers to the bank to practice what they had learned. Check out the photo below! Proudly showing our deposit reciepts!