Small Business Loan?
 
 

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Small Business Loan?

This is a discussion on Small Business Loan? within the Farm Forum forums, part of the Barns, Boarding, and Farms category

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    • 2 Post By Mulefeather

     
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        06-20-2014, 12:25 PM
      #1
    Yearling
    Small Business Loan?

    I was just wondering. Is it possible to use a small business loan to buy a horse farm/property?
         
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        06-20-2014, 03:09 PM
      #2
    Weanling
    Unless you're planning on opening up a business that requires the purchase of a property (boarding stable, farming, training, what have you), no bank would finance the purchase of a farm as part of a small business loan. Even then, most banks don't usually have enough experience with those types of businesses to know if they're going to be a decent investment.

    There are a number of lenders that specialize ONLY in agricultural/rural property purchases. American AgCredit and AgChoice are two that specialize in those sort of lending practices.

    If you're looking at opening up a business related to horses or farming, you're going to need to come up with a business plan before applying for a loan. This states what your goal is, where you expect to be in five years, and when the bank can expect a return on their investment.
    Speed Racer and beau159 like this.
         

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