What can I afford?
One of the top questions we hear when it comes to financing is, "what can I afford" in addition to a few others about down payment amounts, loan terms and interest rates.
The answer will be different for each person, but this article will clarify what you need to think about to determine this for yourself.
How do I write a Business Plan?
An operating loan or a raw land loan is way different than a home loan because your cash flow has to be considered before we can fund it. Building a farm business plan will help you outline the important details that will help to determine financial projections.
Hint: Your loan officer will ask to see this if it applies to your loan, and will want to see the financial pieces that go along with it. We've got a good starting place here.
Use the blog below to learn how to create a business plan for your farm and download a free farm business plan template!
What do I need to apply for a loan?
When it comes to getting a loan for your ag operation, preparation is key to showing others the viability in your dream operation. Check out this blog post for:
- what to look for in a lender (how to choose the best lender)
- what you need to apply for a farm loan
- the most common mistakes you make when getting a loan.
Build your Local Network
Farming isn't easy - it takes a village to grow a sustainable business. That's why you need a network of mentors and advisors in your corner ready to answer questions and give you advice.
USDA's New Farmer Program has many resources, like an article all about taking your first steps and a checklist for new farms.
We have also put together more regionally specific resources as well. Click your state below to download a list of helpful organizations dedicated to helping young and beginning farmers in your area:
Better your business skills with AgBiz Masters, with courses covering:
- Megatrends in agriculture
- Strategic business planning
- Preparing for your lender
- Constructing financial statements (balance sheet, income statement and cash flow projection)
- Farm business management factors
- Growth and transition management
- Personal financial management
- And more!
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Upcoming Farmer Resources and Events
Create a Crisis Communication Plan
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Do the Math
Already know what you're looking for and want to see how the math works out? Use our payment calculator to see how interest rate and down payment amounts affect each other.