AgriFinancial Launches Money Minute, Financial Advice for FarmersAgriFinancial has partnered with Hoosier Ag Today to produce an informational series designed to provide quality financial advice and information for farmers during these challenging economic times. The Money Minute series debuted today on HAT radio stations and on HAT web and social media outlets. This weekly series will focus on timely and practical financial issues that farmers are facing.
During July, the program will feature Mike Reed, a farm financial veteran with over 35 years of experience working with farmers on financial issues. Reed discusses the topic of real estate based loans and how farmers considering those loans need to be aware of several specific issues, the first issue being flexibility. “Different types of farms have different types of income streams,” he stated. “A grain farmer may only get income once a year, while a livestock producers may have monthly incomes. It is important to structure a loan to match the income schedule.”
Another area of flexibility that should be considered is interest rates. “The loan needs to be structured so that you have convertibility. So, if interest rates go down, you can take advantage of the lower rates without having to completely refinance the loan,” said Reed.
In future programs, Reed discusses how long term interest rates represent a unique opportunity today. He also talks about how important it is to have a lender who understands agriculture. For more information, contact AgriFinancial at www.cgb-agfi.com.
AgriFinancial is here to help you plan forward on a strong financial foundation. AgriFinancial, trust our roots, to grow yours.