Beginning farmers can secure their first farm loan if they develop a plan for how the money will be spent, and how the loan will be repaid. A plan can allow a farmer to purchase equipment using a low interest cash flow loan instead of building expensive credit card debt to finance farm operations until harvests bring income.
Before visiting a lender, gather and review personal financial records and farm business documents. Correct any typos and math errors to present a strong case. Verify that your credit score is high enough. [Learn more here.]