Every year I help dairy farmers just like you find tens of thousands of dollars in savings. One of the ways I do this is by focusing on ways to help dairy producers manage their dairy farm loans and deal more effectively with lenders. I have proven methods for cutting through all the red tape slowing down the financing process which can lead to unforeseen consequences down the road. If you have questions about financing in your dairy, call me today because I can help. 209-988-8960.
1. Achieving Success on Your Dairy Farm Loan
If you feel like your lender is being exceptionally tough on you, you’re not alone. Extreme lender responses are the norm today as the dairy industry weathers tough times. Despite these responses, it is important that as a dairy producer you continue to move forward in a positive manner.
5. The Days of the Handshake Are Gone
Gone are the days when loans were closed with a handshake. Today’s dairy producers need to produce a detailed financial plan, CPA-reviewed financial statements, cash flow-projections and more when applying for a loan.
2. A Reality Check
The Troubled Asset Relief Program (TARP) for banks is causing big trouble for many dairy producers looking to renew their credit lines. Regardless of an operation’s stable or even increasing profits, many banks using TARP are raising interest rates and implementing other unfavorable terms.
6. Coming Up With The Cash
The importance of maintaining a solid relationship with your bank cannot be underestimated. This is especially true in a tight lending environment.
3. Where Have All The Lenders Gone?
Dairy producers wondering how they can position themselves for a better future and avoid cash flow problems that plagued the industry in 2009 are right to be thinking ahead. One of the best ways to position themselves for success is to develop a detailed plan for their business and include their lender in it.
7. Banking on Relationships
A solid relationship with its lender is critical to the success of any dairy operation. Maintaining this relationship means demonstrating the value of an operation by showing operation improvements and providing a clearly defined plan that includes sound cash flow projections.
4. Should I Be Fixing My Interest Rates?
Knowing whether or not to fix interest rates is a tough decision for dairy producers and depends on several factors. The key is to study the movement of rates and talk with experts in the industry, including borrowers, lenders and your accountant.
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Financial Strategy and Planning For Dairy Farmers
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Dairy Farm Loan and Lender Relationship Advice
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Contact John Ellsworth of Success Strategies
John’s dairy industry service spans 25-years in strategic planning, debt restructuring, and cash flow management. John knows farm finances and what your bank expects.
Call Today at 209-988-8960 or Send him an email: