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Document Requirements For Farm Loans Application

By Kenneth Green

A capital that is borrowed may be an expensive cost for growers who decides of putting up a small farm. Producers loan to be able to give best supplies to seeds, fertilizers, and other product inputs. Competition between banking industries is already increasing because of the increased demand of loans. They compete for better loans so they can lend it to producers. And to be able to keep better services than other banks, they usually offer lower loan fees, lower interest rates, and some other services.

For you to know which is better, try to make a comparison between different lenders. And one important thing is that be always prepared. Before going to a bank and before asking them the amount of money that you can borrow, prepare yourself. Farm loans and some other important business plans must be provided with many documents for any evidences that will serve as your explanation for your loan.

When applying for loans, prepare all the needed documents. These documents include you resume. It must have your personal background, work experiences in other farms, and educational background. You must also provide a copy of income tax returns for at least the past 3 years.

Financial statement documents must also be provided. These documents would include your assets and your liabilities which are listed in a balance sheet. Another one is your income statement. These are statements that contain your loss and profit for last year. And the last part of your financial statement is the development of cash flow budget. This contains your sources and funds in the past year.

Some other documents may be required like titles for real estates and personal properties. You must include the identification numbers and serial numbers of newly purchased equipment. Do not forget to also provide the list of outstanding loans including its account numbers and as well as the production of the growing crops if ever they are included in the assets.

A map that shows the field of crops production should be included, as well as the cropping plans. The map must also include information of the lease agreement and ownership property current status. Liabilities, crops, and equipment insurances are important as well. Information of insurances for policy numbers, coverage amounts, and carriers are also needed.

A marketing plan is also important when you want to loan. So if there are any sale contracts, you must include it. These marketing plans will give the bank an assurance that you really do understand the regulations and that you did your part for crop production and for live stocks.

Questions can be asked by you or by the lender if ever there are some clarifications. There may be time that the lender will charge you for the document requirements. Make sure that you can find out about what these costs are. Ask the lender if the payment is part of the loan or not.

So it is concluded that obtaining a capital for you to put up a farm will really need preparations when you apply for it. What is important here is the lender must be sure that a borrower can repay it. Federal agencies are also there to guide you if ever you have some concerns about it.

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