Oklahoma is a wonderful place to live and work the land. However, having enough capital to sustain your farm isn’t always easy. For the Oklahoma farmer who’s trying to get farm loans to stay afloat, here are some things to look out for.
Margins are tighter than ever. The cost of land and equipment have driven up the fixed cost to higher levels than ever before and price changes for final products happen constantly. With varibles like these you need an experienced, and trusted financial partner who can get you the financing you need that fits your operational capacity. That financiang may be through the Farm Service Agency or it may be through a more conventional loan product.
A little research might show you that there are more ways to get working capital than you’d expect. With a farm loan that’s designed for your specific needs, you can finance your operation and build a long-term sustainable plan for financial success.
It’s not easy to start or maintain a farm or ranch, but it’s certainly worth the effort if you can make it work. If you need more information about the financial side of farming
, visit Financial Consulting Inc. in Pawnee.
Small business owners are the backbone of our economy. Whether you’re financing a new venture or looking to expand your current operation, a small business administration loan can be the key to unlocking your business’s future. Here are three hurdles you may encounter when applying for a loan
Poor Credit Score
Even good people sometimes have bad credit. If your credit report indicates that you’ve had trouble repaying your debts in the past, it might be hard for you to get a new loan.
No Business Plan
Be prepared to present a business plan that shows what you will do with the loan and how you will pay it back. Otherwise, the lender might not consider you a good candidate for a loan.
Lack of Assets
Lenders need collateral, and if your business doesn’t own property or have sufficient cash flow to back your loan, they are likely to turn you down.
Applying for a small business administration loan can be intimidating, but a financial consultant can guide you through the process. Contact Financial Consulting, Inc.
today to get the expert assistance you need.
Running a farm is more than just a job; it’s a way of life. With a feast-or-famine workday and crop or livestock yields that can be wildly impacted by many factors outside your control, keeping your farm cash-flow positive all year long can often be a challenge.
For these reasons farmers can have a hard time accessing cash for equipment, livestock or even next season’s seedlings. If you’re like many farmers, you may feel like you have to jump through endless hoops just to access farm financing. However, understanding the different types of farm loans and the federal programs in place can help you secure the funds you need.
Continue reading Struggling To Get Farm Financing You Need To Keep You Afloat? What Are Your Options?
Applying for small business loans can be frustrating, and according to some surveys, lenders reject roughly 66 percent of applications. Three of the most common obstacles to getting SBA 7a loans are poor credit scores, lack of business assets and no business plan, but beyond that, there are other hurdles in the process.
To improve your chances of getting your 7a small business loan application approved, you need to understand and avoid the following hurdles.
Continue reading Applying for a Small Business Loan? You Need to Know About These 7 Hurdles
Running a small business is not an easy task, especially when your cash flow is not as positive as you would like. Did you know that 25% of all small businesses
fail from poor cash flow? If your small business has cash flow issues, here are three important things to know.
Continue reading How a Business Loan Can Help With Poor Cash Flow Issues
You’ve probably heard the phrase you need to spend money to make money. And whether you’re running a farm or any other type of business, that sentiment is largely true. However, in some cases, you need to borrow money so you can spend it.
Taking out a loan costs money, but there are ways to save. Take a look at these tips.
Continue reading 7 Tips to Save Money on Farm Loans