A new Loan Readiness Toolkit aimed at helping farms and food businesses meet their financing needs is now available from agriculture lenders and service providers across New Hampshire.
Preparing a loan application can be daunting and puzzling. This toolkit is designed to help make the process clear, transparent, and supportive. Lenders can provide additional resources and guidance to help a business owner determine whether a loan is the best answer for their needs and what they need to apply and qualify for one.
Through the partnership, farmers and food business owners will be able to get assistance in a variety of areas, including:
- Business model and situation,
- Assessing whether debt is the answer,
- Getting ready to talk to a lender,
- Understanding what documents may be required.
The toolkit provides insight into the characteristics lenders look at when considering a business loan application. For example, you will want to present a clear plan about your overall business, your strengths and weaknesses, your business’s financial condition, how you will use the money you borrow, and how you will repay it.
“We hope this toolkit equips farmers and producers with valuable guidance on how to access capital and that it provides a clearer understanding of the complexity of the loan process and ultimate partnership of the business owner and lender,” said Charlene Andersen, Farm and Food Lender at the New Hampshire Community Loan Fund.
The toolkit can be downloaded from many of the websites of the following agriculture lenders and service providers: NH Community Loan Fund, UNH Extension, Farm Credit East, Vital Communities, Land For Good, Rural Development, Farm Service Agency, Walden Mutual Bank, NH Ag Mediation, NH Small Business Administration, and the NH Department of Agriculture.
