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Amherst WI | I also started from scratch and had best luck with locally owned banks where you can sit directly across from the owner and communicate your plan.
We did three years with FCS and were in the young farmer program, the same lower standards they used to let us in the door they used against us once they wanted to part ways even though our numbers improved during this time. At this time they just had lower standards, there was no educational sessions on what they wanted to see going forward like there is now (so I’m told).
The comedy of errors that transpired while we were there from their own in house staff was something else. Trying to communicate the errors through several levels of management was nearly impossible and how ruthless they were when our business came to an end will probably have me never going back there despite them coming back around now looking for our business again.
I realize this isn’t experience and others say they were great, but one thing that’s usually different is we didn’t have hardly any owned land at the time. They love paid for land as collateral and will usually try to get their name on way more collateral than they need. Most of those who have had better experiences had paid for land to back them up, noting wrong with that but it’s usually the case for someone starting out.
FSA paperwork isn’t that bad and it’s forcing you to know all the numbers you should, I’d suggest a joint venture with FSA and a local bank for cheaper interest rates and if the government shuts down for any period of time you’ve got a plan B. | |
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LOC/Operating Loan options for Beginning Farmer
