“Agribusinesses are up against a wall right now with their lenders. Even the tiniest misstep or discrepancy during the year can provide banks and other lenders with reason to deny credit requests or offer credit at higher interest rates,” says Peter Martin, finance and growth consultant with K·Coe Isom.
Loan Preparation is Critical: What Information You Need to SupplyThe best practices for ensuring a smooth and successful loan renewal process, as Peter explains in his monthly Farm Journal columns, include positioning your business, exploring alternative lending options, and building a healthy relationship with your lender. Here are some guidelines for setting expectations, providing beneficial information, and tips on how to properly request a loan. Peter also includes an ‘Ag Loan Package Outline’ example to explain what a lender expects from your business.
- Improve Your Loan Renewal Process
- Loan request tips:
- What to Include in Your Loan Request (Part I)
- What to Include in Your Loan Request (Part II)
- Ag Loan Package Outline – a checklist of key points to cover, in writing, when requesting a loan.
- Tips for exploring alternative lending options: Gear Up for Alternative Lending