Five simple steps to make sure you can get the loan your farm business needs (Independent)

In Ireland, there are effectively only three mainstream banks lending to farmers for long-term agricultural projects such as purchasing land or farm building developments.

So it is important that any application for finance is well thought out. Here are the key steps in the process:

Step 1: Ask why are you borrowing money

In any finance application, the first task is to identify why you are borrowing money.

If it is a case of your overdraft being at the limit and you urgently need cash to keep going but you are not sure why you are tight for cash, you should immediately get a professional to review your application and farm business before going any further.

The old days of the friendly bank manager covering a few cheques because you are about to go over the limit are long gone; in fact, asking for such a favour will do your application more harm than good.