Once you’ve decided to start your own farming operation, your next step should be to review your financing options. As you can probably imagine, there are several start-up expenses that come along with establishing an independent farm. Property is certainly one of them – but there are also equipment, transportation, labor, and renovation costs to bear in mind.
This is precisely where farm and agriculture loans can provide some much-needed financial assistance. Through a loan, you’ll be able to afford the investments you need to get your farming production up and running.
The tricky part is finding a lender who will be able to provide you with the perfect farm loan option. Tricky, but not impossible.
Entering “ag lenders near me” into Google is a great starting point, but you’ll need to do some additional legwork. Here are some tips to keep in mind to help you to find the right ag lender in your area.
Tips for Finding Ag Lenders Near You
When searching for an ag lender, it’s important to choose a company that you feel like you can trust and rely on. Here are some tips to help you with the process:
- Find a lender who will be able to connect you with government-backed loans. The United States Department of Agriculture (USDA) offers a variety of loan options that are perfect for first-time farm owners. To make the process as affordable as possible, be sure to seek out lenders with access to USDA loans.
- Understand your personal credit history. Lenders will use your credit score to determine how much money they will be able to lend to you. In most cases, the minimum credit score that you’ll need to be approved for a USDA loan is around 640. (It’s possible to receive a USDA loan with a credit score below 640, but the process will likely take longer.)
- Shop around and compare interest rates. As a general rule, no aspiring farm owner should ever sign-on with the first lender that they find. There are tons of options out there, which means it’s important to take the time to find the optimal option. This is especially true when you’re comparing interest rates, which can ultimately turn into a significant long-term expense. Before you sign-on with a lender, make sure that you will be able to afford their monthly payments – plus interest!
Searching for Ag Lenders Near Me? Work with the Experts at MSF Agriculture!
At MSF Agriculture, we make it easy to find the perfect loan option for your future farming operation. We specialize in accommodating the needs of first-time farmers, and understanding the particulars of your unique financial circumstances.
Stop searching for “lenders near me” and work with us instead! To submit your application for an agriculture loan, please contact us today!