You’ve dreamed of starting your own farming business for years. While you were too reluctant in the past to get going, you now finally have the courage and the resources (well, most of them) to get started! There’s just one piece of the puzzle missing… MONEY. To start a business, you need money, and you need a lot of it. So how on earth are you going to start your farming business without money?
When it comes to starting a new farming business, obtaining funding resources such as grants and loans is not only desirable but also crucial most times. Farm business planning usually is essential in getting the funding, so you’ll need to do your homework!
So what do you need to do to get your farming business on its feet? Almost always, you’ll need to seek out a lender to help you get the funds necessary to get the your farming business going. But you can’t go in blind. You’ve got to know your story inside and out, know your business thoroughly, and assess your abilities to produce the income to repay your financial obligations to the lender in the future.
The lender you seek will ask for a lot from you – your story, how much money you need, your employment history and debt history, how much money you make, and so on. You will need to provide them the information that they need so that they can make a financial plan about selling you a loan and doing so with the least risk possible. In short, if you have good or great credit, it should be easy for you to get a good loan!
Just remember, your “stuff,” that is, your money, credit score, and what you are willing to repay in debt, is NOT your story. Your story is your passion for your farming business, what you’ve done thus far to help get it started, and what you’re willing to do (or plan to do) to give it life and make your dream a reality.
Are you struggling with the lending process or need some advice? Feel free to call us here at FamilyFarms at 1-877-221-FARM. We’ll do what we can to help you and your team get on the right track and make your business dreams an agriculture reality! Until then, check in next week for the second blog in this series!