An agricultural loan is a great way to fund your operations. Whether you’re trying to get your business off the ground or looking for extra capital to make it through the off-season, an agricultural loan can help you purchase land, take care of equipment, hire employees, and so much more. But how do you know which loan option is right for you?
Working with an expert agricultural lender is the key to finding financial success with your farm. Read on to learn more about the differences between farm and land loans and see how Farm Plus Financial can help you find the right loan option for your operation.
Farm Loans: Funding Ongoing Operations
Running a farm comes with countless expenses. Some of these are obvious, such as purchasing farm equipment, seeds, or livestock. Others can be unexpected, though, like repairing your barn roof after a storm or buying extra feed to get through a long winter. No matter what costs are hitting your business, farm loans are here to help you pay for them.
A farm loan offers more general capital that you can use for a wide range of farming needs. You can use your loan to buy new land, invest in equipment, perform maintenance or repairs on vehicles and buildings, hire workers, outsource business services, and more. You can also use a farm loan to keep things afloat during a hard year, giving you a buffer to get through the off-season so you can continue to operate come spring.
Land Loans: Funding Property Purchases
As the name implies, land loans are all about purchasing agricultural land. Whether you’re expanding your existing property or purchasing farmland for the first time, a land loan can help. It’s not just about farming, though. Agricultural land loans can also help you acquire land for ranches, hobby farms, vineyards, timber operations, orchards, and more.
Finding the Right Loan for Your Agriculture Needs
Once you know the differences between farm and land loans, how do you find the best option for your agriculture business? The key is to work with a team of professionals who have experience funding agricultural operations in your area.
At Farm Plus Financial, our experts can walk you through your options and help you find a competitive loan that meets the specific needs of your business. Explore your loan options and start your application process online when you visit Farm Plus Financial today.