How do I get financing for syrup equipment

[calvertbrothers]

I have been patching my arch and now my ro for the last 2 year and would like to finance new equipment. I spent alot of money in the woods. And I also grew out of my old equipment anyway. I do know how to go about it.

[milligkl]

Check with your local USDA office or affiliate. THey usually have very low interest rates for farmers. If that doesn't work, try going to a bank for a small business loan. Try to have the loans be under 5% (obviously the lower the interest rate the better)

[Thompson's Tree Farm]

I get mine through Farm Credit

[calvertbrothers]

I get mine through Farm Credit
Can u still apply even if your own a farm?

[unc23win]

Can u still apply even if your own a farm?

Yes you can they do loans for anything agricultural land or equipment related. If you own your land out right and don't have other loans they are easier to work with otherwise they might require a higher credit score or they might try to get you to lump your debt together the process with them could take a while. Also some offices are not as maple savvy as others. A home equity loan might be another route.

Maybe leasing an RO might be something that could work. Also some of the maple companies are starting to do financing.

[Thompson's Tree Farm]

Can u still apply even if your own a farm?

Sure can, I own the land outright. Only thing with a lien on it is equipment.

[calvertbrothers]

Sure can, I own the land outright. Only thing with a lien on it is equipment.
I meant to say don't own a farm its my mothers land I have tapped but I am buying it in 2017.

[unc23win]

In that case I think you would need your mom to apply with you. Is the farm an LLC or anything? IF not you might want to look into that as well.

My sugarhouse is on the farm which is an LLC which means that all the parties of LLC have to sign. We went to LLC because of inheritance tax and such its a good idea no matter what.

[calvertbrothers]

[QUOTE=unc23win;287720]In that case I think you would need your mom to apply with you. Is the farm an LLC or anything? IF not you might want to look into that as well.

My sugarhouse is on the farm which is an LLC which means that all the parties of LLC have to sign. We went to LLC because of inheritance tax and such its a good idea no matter what.[/QU
I don't know if it is or not I have a business name with a tax number to that address I did a few years ago. If I remember correctly. Considered a christmas tree farm.

[Thompson's Tree Farm]

I meant to say don't own a farm its my mothers land I have tapped but I am buying it in 2017.

Have you marketed the syrup? Did you file a schedule F income tax form? Even if you have not yet done so, you still may be eligible for a loan. Show the lender your long term plans and how you will achieve them. Do you own any equipment currently? That and new purchases can be used as collateral.

[calvertbrothers]

Have you marketed the syrup? Did you file a schedule F income tax form? Even if you have not yet done so, you still may be eligible for a loan. Show the lender your long term plans and how you will achieve them. Do you own any equipment currently? That and new purchases can be used as collateral.
Yes I have done both. And I have equipment really old stuff but I do own it.

[Spanielslovesappin]

Calvert,

Our Farm Credit Branch is in Batavia and they are maple wise. It will depend on your credit worthiness and net worth of course but they are a great potential resource. It docent hurt to ask!

ALSO NY has both new and young farmer incentives though i am not up on the details.

[calvertbrothers]

Calvert,

Our Farm Credit Branch is in Batavia and they are maple wise. It will depend on your credit worthiness and net worth of course but they are a great potential resource. It docent hurt to ask!

ALSO NY has both new and young farmer incentives though i am not up on the details.
Where is Batavia is it located? Nothing happening till probably around spring but I'd like to get my ducks in a row. And thanks everyone for the info I'm got to good with financing stuff. U guys helped a lot

[maple maniac65]

Try prosper.com

[Spanielslovesappin]

Farm Credit East

4363 Federal Drive
Batavia, NY 14020-4105
585-815-1900

Search "Farm Credit East" for more info.

[calvertbrothers]

Farm Credit East

4363 Federal Drive
Batavia, NY 14020-4105
585-815-1900

Search "Farm Credit East" for more info.
Thank you. I'll start pricing out everything now

[jimsudz]

Hey Mike, just got an email from wyoming cce and they are having a meeting on dec 16th down in Warsaw about farm loans for first time farmers. I'm not sure if you are a member , or if you need to be to go and see about funding your operation. I would contact Deb Welch down at Wyoming Co CCE and see if this would pertain to your situation.

[calvertbrothers]

Hey Mike, just got an email from wyoming cce and they are having a meeting on dec 16th down in Warsaw about farm loans for first time farmers. I'm not sure if you are a member , or if you need to be to go and see about funding your operation. I would contact Deb Welch down at Wyoming Co CCE and see if this would pertain to your situation.
Yeah I should probably go. I'll call down there tonight thanks for the info!

[bees1st]

I looked at Farm Crédit East , but found a much better rate at Farm Buearu Bank . Very quick decision too.

[calvertbrothers]

I looked at Farm Crédit East , but found a much better rate at Farm Buearu Bank . Very quick decision too.
I'm going to try and apply this spring and hope all goes well