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Securing A North Carolina Farm Loan |
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Submitted by Maude Gates
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If you live in the state of North Carolina, you know that farming plays a valuable role in the North Carolina economy. With nearly 9 million residents, the state has farms producing a wide variety of products. Indeed, North Carolina is a leader in the production of tobacco, sweet potatoes, and turkeys and the state is second in hogs and Christmas trees. Are you considering purchasing a farm? If so, please read on for suggestions on just how you can finance your proposed endeavor.
Farm Associations – Your local farmers probably belong to a farm association. Visit the association and see if they offer North Carolina Farm Loan plans. Some associations may act as an agent for the U.S. federal government’s Farm Service Agency [an agency that is part of the USDA] who will direct you accordingly.
Financial Institutions – Commercial banks, savings banks, savings and loan institutions as well as credit unions are all good places to go for your North Carolina farm loan. When you meet with a representative, you must bring with you comprehensive financial information. This information should include an inventory of your assets, recent pay stubs, and personal and business references. While you are at the financial institution you will be given the suitable forms and disclosures to help you get started. Depending on what type of lending institution you go with, they may have a separate North Carolina Farm Loan department to deal with or it may be part of their small business association department.
Government Agencies – The state of North Carolina has significant government services in place to assist you. Of course, the state wants their farming industry to prosper and the appropriate agencies are in place to assist you with your North Carolina Farm Loan. Call the state capitol, Raleigh, to find out which agency you should approach about your farm.
You might also consider borrowing against your assets to create your personal North Carolina Farm Loan. If you have equity in a home, a retirement plan, a life insurance policy, or other assets these may turn out to be important funding sources for your new farm. Check with an accountant as well as a tax attorney to come up with the plan that is most advantageous to you.
North Carolina Farm Loans are available to you, especially if your credit rating is favorable. Take action today and soon you will be joining the ranks of millions of Americans who provide essential products to homes across the US as well as internationally.
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