December 6, 2022

Business Tips and Tools

Loan Application Essentials: What you need to apply

By: Erin Tones

Farmer

Are you in need of financing for your farm, fishing or forestry business but not sure how to get started? Don’t let the process be a barrier to getting the funding you need! Here is a list of essential information you’ll need to submit an application.

The Basics

  • Proof of identity,
  • Address,
  • Entity documents (if the loan is for a business entity).

Financial information

  • List of assets. This may include checking, savings or retirement account balances. We’ll also need a list of machinery, equipment, real estate and any other assets you own.
  • List of liabilities. This may include loan balances, interest rates and/or monthly payments.
  • We’ll also need income verification, including tax returns and W-2 statements.

Funding Request

  • Is the loan for a single piece of equipment or piece of property?
  • Is it to refinance debt with another lender? Or a line of credit for your new venture?

Be prepared to describe how the funds will be used and provide the details as necessary. For example, we may ask for equipment cost and detail, land location and price, a business plan and/or budget for your new business, etc.  

We want to help you through this process quickly! Having this information gathered before you apply helps expedite the process, getting you access to the funds you need faster.

At Farm Credit East we have set up our loan origination process to be completely paperless. From documentation collection to loan signatures, we can ensure your information is secure at all times. We encourage you to utilize our suite of digital tools to make your funding process quick and easy.

Ready to get started? Farm Credit East is committed to agriculture and ready to help with your financing needs. Contact a local branch office to be connected with a loan officer that can help you get started today!

 

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Tags: financing

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