Taking out an agricultural loan for farm-specific needs such as land or animal breeding often makes better financial sense than adding expensive credit card debt. It may be difficult to qualify, though, if you lack training and experience. It's even harder if you commit some common mistakes. Learn how to avoid errors in applying for an agricultural loan to increase your chances of success in securing the funding you need for your farm.
Chances are, you know other farmers or can contact agriculture professionals familiar with the loan application process. There may be local cooperative extension staffers, for example, who can walk you through what to expect and how to prepare. Take advantage of their knowledge and experience.
Once you have double-checked the numbers, do a gut check to see if it all makes sense. Because even if you don't, you know the lender will.
© Copyright 2016 NerdWallet, Inc. All Rights Reserved
This article was produced and provided by Nerdwallet. Nerdwallet gives consumers and small businesses clarity around all of life’s financial decisions. When it comes to credit cards, bank accounts, mortgages, loans or other expenses, consumers make almost all their decisions in the dark. NerdWallet is changing that, helping guide consumers' decisions with free expert content.
Due to recently increased security requirements, we at Heartland Bank are no longer able to support version 10 or older of Internet Explorer. We are sorry for this inconvenience, and encourage you to upgrade to more secure options such as Internet Explorer 11, Google Chrome, or Mozilla Firefox.