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October 21, 2020

What a Farm Loan Can Do For You

Keep your farm running or bring it to the next level with agricultural loans for all your needs.

Everyone in the agricultural business knows that farming is expensive. It requires immense startup costs and has a wide range of ongoing expenses. This is why there are agricultural loans made to fit all the needs. Before you decide to take out a loan, make sure you have a plan. There is a variety of things farm loans can do.

Finance operational costs

Starting a cash crop requires capital. Operational loans are for funding the basic needs of everyday operations. From purchasing seed to covering rent; whatever you need to keep running, these loans are for you. Typical operation loans are repaid within a year of taking out the loan, after harvest.

Buy or lease equipment

Equipment loans are a little different than operational loans. Harvesting crops require specialized equipment and such a large investment needs funds of its own. The terms for these loans are similar to an auto loan.

Improving land or buildings

Another way farm loans can be useful is for those looking to improve land or repair buildings. Using farm loans in this way can increase the value of the farm and enhance production. Citizens First Bank offers chattel loans with terms ranging between 1 and 10 years.

Buy land or cattle

Getting into farming or expanding on the farm you already have is expensive. Depending on the type of farming, it can be difficult to figure out what you need. Working with a local bank that understands your need simplifies the process of starting or improving your farm.

From funding daily operations to improving production, agricultural loans get the job done for local farmers. At Citizens First Bank, we offer equipment, chattel, and operations loans. We also help with Farm Service Agency (FSA) Guaranteed and Direct Loans, and Wisconsin Housing Economic Development Authority (WHEDA) Guaranteed and Direct Loan Packages. If you’re looking for more information or would like to start a loan application, please contact your local branch. We are always here to serve your needs.