When seeking a loan for the farm it’s important to provide accurate data on a mid-year balance sheet. Most farm businesses only have current balance sheets from the end of the year. Tommy Ayers of Farm Credit Illinois says at this point of the year, it’s the year-end data that needs to be provided if a farmer is considering the purchase of a new asset.
Ayers says use existing year-end numbers as a starting point, but he says provide any updates since December 31 to your lender, including any new debt and purchases or sales of land, machinery, or equipment.
Continue reading Avoid mid-year balance sheet mistakes at Brownfield Ag News.
