Planning for the Future, First Stop: Your Lender
This is the time of year to begin to think about the 2017 production season, and your lender needs to part of that process. Byron Bennett, VP of Risk Management with Farm Credit Mid-America, says your lender can be a resource to help you with a variety of business decisions, “A lender can provide you with a lot of good perspectives on the interest rate market and what they see on the horizon that will allow you to make the best decision for the future of your operation.” He told HAT he cannot predict the future of interest rates, but says they are not likely to go any lower.
Bennett says choosing the right lender is more than picking the lowest interest rates, “Your lender should be able to deliver meaningful value to your operation and have some deep history in your industry.” He added a good lender should be able and willing to provide you with insights and useful recommendations about your operation.
Financial decisions become critical in these tough economic times. Bennett says your lender can be a partner in giving you and perspectives on how your operation fits into the industry as a whole, “They can tell you what they are seeing in the market and what peers are doing, any trends they are focused on.” Get more financial tips and recommendations from Farm Credit Mid-America at e-farmcredit.com.