One of the integral cogs that keeps the inner workings of Australia’s economy together is without a doubt, agriculture. The industry is booming and has been for many years. So much so, that a lot of people head to Australia every year to do farm work or what is better known as a ‘working holiday’. If you work in agriculture and are in need of a little financial aid to either expand your business or to fund equipment and necessities, it would be best to consult with a financial expert company about agriculture loans. These loans can be provided from a number of secure investors and lenders. If you’re lucky, you could pay a very small interest rate. The value of your land and assets might affect this but before you worry about whether or not you are a suitable candidate, let’s learn more about the application process, shall we?
Unless the agriculture loans will be used for a sound business purpose, there is a small chance that the lender will grant agriculture loans. The nature of the business will also be taken into account, because if it linked to gambling, passive investment or lending, the lending institution won’t see the benefits of providing you with a loan. Your business and credit history should be fairly good, as well as the overall character of you and anyone else involved in the running of the business.
You could speed up the process of obtaining agriculture loans quite a bit if you know what information to set aside before meeting with the lenders to apply for business funding. It is not just your business finance statements that will be looked at during this time but also, your personal finance statements, due to the fact your personal statements are more of a reflection on your behaviour with money. A detailed business plan will come in handy, as will an annual prediction of cash flow, which should include profits and losses.
How to Be Prepared
Do not rush into choosing a lending institution, because bigger banks tend to offer agriculture loans with higher interest rates. Explore your options and set aside time to find all documentation asked of the lender, so as not to delay things. Remember that if an application is incomplete, you may be denied the opportunity to fill it out again, which is why preparing fully is so important.
Want to find out if you are eligible to receive agriculture loans? Give the team at Ucapital a call today on 1300 1234 55.