![]() Grants are often thought of as easy, free money but, that is not the case. Search online using terms such as, “farm loans university extension,” to gain a deeper understanding of loans and agricultural credit. Many other tools exist to help small farms understand the concept of a loan, payments, cash flow, and more. Most enterprise budgets are available for download as a Microsoft Excel spreadsheet for making changes for a specific farming operation. Enterprise budgets contain details of all expenses relating to growing a crop or raising livestock. ![]() Lenders will want to see a balance sheet and cash flow statements before making a loan.Įnterprise budgets are available from Ohio State University Extension and other land grant universities to help with the business plan. Part of doing a business plan will be conducting a feasibility study. Visit the OSU South Centers website for a Small Business Toolbox which helps farm entrepreneurs write business plans, understand finances, and start new businesses. Ohio State University (OSU) Extension partnered with the Ohio Small Business Development Centers (SBDC) to provide technical assistance for small businesses in the state. A basic business plan should be written before moving to funding decisions. Planning must happen before grants and loans are considered. A farm business plan includes the mission and vision for the business, along with marketing plans, financing considerations, cost of production, and sales projections. Having a farm business plan is the first step towards business success. Planning must happen before a farm considers applying for grants and loans. This fact sheet includes a summary of these methods and resources for acquiring them. The two methods to get free or low-cost assistance for new farm enterprises are grants and low-interest loans. Thus, acquiring financing for the new farm enterprise is a necessity. Starting a small farm business or expanding into a new farm enterprise can be an expensive venture.
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