How to Seek : Obtaining a private or governmental loan for your farm is not that difficult as you may be thinking. You have to do a little survey to find out the institutions which offer such loans. Of course, internet will make your task easier. The question is where on internet you can get the information about the farm finance. There are various places where you will get the basic information about how to apply, locate and submit an application for a government loan. You can start your search by first going to the government’s agricultural department site, where you can get the basic information on the farm finance and loan programs. You can also check the various links given below the page to get even more information.
If you get the loan programs that you can suitably apply for, the next question will be what to do next. Again do a pretty good research (not less than 30 to 40 hours per institution) for the organization you select. Know them well, about their terms and conditions, what they offer, How to Seek the minimum loan amount, rate of interest etc. Knowing about them will make your decision clearer about whom you should approach.
Then ensure that you are following the guidelines for submitting the application for the farm finance up to the smallest one, or otherwise you will not be granted one. For instance, if they tell you to submit the application first and then the proposal, do so. If they tell to submit a letter of intent first, and then the application, do that too.
Before, during or after the initial loan request process, make an application that will appeal to the financial institute about your farm or agricultural supplies business. Do not use college-like words; always be personal and professional at the same time. For example, if you need loan for irrigation, make the financial institution aware of that precisely about when and how much that system will be finished. Keep in mind that the amount of loan should not be more than the maximum amount the organization is offering. Because that will also may count to rejection of your proposal. Also do not forget to mention the size of your farm in the loan application. Because the lenders will want to ensure if the money they are lending is perfect for the land or not.
Be honest and humble in explaining your need for the loan in question. For example you do not want a loan for a million bucks, just to buy a tractor or more of livestock. How to Seek The lenders will be interested to know if the money they will be lending will be used for proper purpose or not. In short, just be sensible to ask for, as per what are your real needs.