Advice for Financially Stressed Farmers

07:42AM Apr 08, 2019
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It’s no secret farmers across the country are facing financial uncertainty. Lower income continues to strain working capital. Find advice below on how to create an offensive farm business strategy to push you in the profit zone. 

Advice for your Lender Meetings

Waiting On An Operating Loan? Here’s What You Should Do
Farmers throughout the country are frustrated by operating loan delays that are creeping too close to planting time for comfort. What can you do if you’re in this position?

4 Tips To Secure An Operating Loan
If you’re planning on seeking financing in the coming year, there are four things top operators can do to make securing that loan easier and faster.

Tips To Prepare To Meet With Your Lender
Because of the economic environment, securing an operating loan will not only be more difficult, but will take longer to process this year.

Are You With the Right Lender?
While some farmers treat their lenders as a means to an end, top operators know their lender is and should be considered an ally to their business’ success. But how do you know if you’re getting bang for your buck?

Checklist for Farm Loan Success
Take all of the items on this checklist to your lender to make his or her job easier.

Alternative Lending Options

How To Handle Operating Loan Denial
As many farmers wait impatiently on operating loan applications to be processed, it’s important to have idea what your options are if you get denied. Ashley Arrington of of Farmhold Financial, says there are a few steps you need to take if you find yourself in this position. 

The Pros And Cons Of Alternative Lending
Non-traditional lending has risks, but it provides additional options for farmers.

Request Denied: Worried About Securing Financing For 2019?
Don’t be surprised when your lender asks harder questions during the loan renewal season or is quicker to deny a request.


Financial Best Management Practices

Take Control of Farm Financials
Nearly six years of lows profits are taking their toll. The farmers who are surviving and even thriving in the current economic climate have what he calls a strong “Management IQ.”

Be Financially Fit in 2019
Financial fitness—just like physical fitness—requires desire, willpower and consistency. Play offense and pump up your farm’s health.

4 Ways to Bolster Working Capital
Are you needing to borrow a larger line of credit this year? Do you wish you had more financial cushion? Develop a working capital improvement plan.

Repayment Capacity: Analyze It Just Like Your Lender Does
Ever wonder why your banker cares to know the total of your nonfarm income when you apply for a loan on a new combine? The lender is trying to determine repayment capacity.

4 Financial Strategies That Pay
When the right players from your team are at the table with your financial advisers, the whole team wins. Here are a handful of the key financial strategies.

Coping with Stress

Chasing Away the Blues
When anticipation gets dashed by unavoidable circumstances, it can be hard to stay positive. So how do we manage the stress that will inevitably come our way?

Have ‘The Talk’ With Your Kids
Use farm financial stress as a learning opportunity for your children.

Farmers, Ranchers Have Ways to Manage Stress
Piled-up stress can lead farmers and ranchers to develop physical or mental health issues, but they can take steps to reduce stress and create healthy ways to manage it.

You Can Help Prevent Farmer Suicides
There are concrete actions you can take as a family member or friend to reduce the risks.

Help Curb Increasing Suicide Rates in Rural America
The peace and quiet of country living can be the American dream. But that dream can turn to a nightmare for those who become isolated and disconnected from their communities.

Are You Managing Your Time Effectively?
One of a farmer’s most valuable resources is their time—unfortunately, Take a few moments to think about what changes could be made to improve your routine and make the most out of every waking minute.


Other Helpful Reads

Negotiate Ahead of Interest Rate Hikes
The Federal Reserve has been open about their intention to increase interest rates gradually throughout 2018. With that in mind, now is a smart time to discuss a lower rate with your banker.

How to Ensure Your Banker Will Approve Your Loan
Focus on maintaining quality financial data, having access to working capital, understanding farm leverage and creating a plan to get out of distress if necessary.

5 Tips for Lender Relationships
How do you and your lender work together to overcome continued financial stress? Here are several strategies to help this relationship thrive.