2 Ways to Get the Best Rates on Agricultural Loans
A single bad farming season can mean the difference between keeping a farm running and shutting it down. Even when you’re just managing to make ends meet, that doesn’t leave you a lot of room to expand and get out of your rut. If you want new machinery or livestock or you want to hire new staff, agricultural loans could make the difference between shutting down and having one of the best agricultural seasons of your life. Get the best rates and save even more money.
Deal with Specialists
Virtually any bank can promise a loan, but only banks that specialize in agriculture services know the farming business intimately. They know what a difference a few months can make and are willing to work with you to make sure you get a rate of interest you’re comfortable with.
Do All Your Banking in One Place
Once you find the right bank, do all of your business’ banking there. Process staff paychecks, create a commercial checking account and sign up for commercial cash management. When you’re a loyal bank customer, the bank is more likely to offer you a lower rate.
Talk to a representative from a bank that specializes in business and agriculture services about getting the best deals on loans for your farm. Don’t be afraid to take risks. That extra cash now could be exactly what you need to keep the farm not just running, but prospering.