Making a large purchase in life can be both exciting and a bit nerve-racking. Buying a farm is no different. In many ways, applying for a farm loan is quite similar to that of a home loan, but there are still some important differences you should be aware of when preparing for your purchase.
In the financial world, your cash position is referred to as liquidity, i.e. your ability to pay your bills. Liquidity is important to any agricultural business, yet it may have a heightened significance depending on what you produce, how long it takes you to produce it and how it’s sold or marketed.
For a beginning entrepreneur, cultivating financial skills is essential to the health and success of your business. Whether you need help organizing your finances into manageable tasks or advice on how to approach a lender, Chris Laughton covers a range of financial topics of interest to beginning farmers.