For those in the agricultural and farming business who may or may not deal with animals, there’s a high chance you’ll require some kind of agricultural finance at some point along the line. There are several types of AG loans out there, including for farmland, livestock and many more.
At Farm Mortgage Loan, we’re here to help. We helpline clients up with the best farm loans for their particular situation, with experts who have years of experience in the field. Here are a few aspects of the agricultural loan process you should consider if you’re thinking of applying.
Have a Business Plan
Whether you’re a current farmer or a new farmer looking to break into the industry, it’s important to have a detailed and thorough business plan before you consider AG loans. Your business plan should highlight your current financial status, as well as future cash flow forecasts and any major expected changes.
Doing this allows a lender to take careful stock of your finances and determine what sort of loan amount you require – as well as what sorts of amounts you seem likely to be able to pay back on time. Being able to present the best picture possible here raises your chances of getting the best loan.
Different organizations offer different rates and least loan amounts, so be sure to do your research in advance. Figure out minimum amounts, installment periods, lending terms, marginal payment options and more. There are simple tools online to then help you analyze the information you receive and determine which deal is best for you.
Know About State Programs
Most US states offer basic agricultural finance programs, and certain smaller in-state programs will usually offer additional programs as well. Be sure you’re up to date on these programs – this is where our experts can help.
For more on agricultural loans and the factors involved in getting them, or to learn about how we can help, speak to the pros at Farm Mortgage Loan today.