5 Tips For Young and Beginning Borrowers

Article by Kirby Denison, Loan Officer, Yuma Branch

Are you a young, beginning or even small borrower looking to get started, or working toward being more successful in your operation? Below are 5 tips to help you build toward success.

 1. Find a Mentor – A mentor provides information and knowledge. This person should be someone you trust, connect well with, who encourages you and helps you grow. Mentors should not only be a sounding board for your ideas, but they should help you improve when you may not know you need it.

 2. Learn & Understand Your Financial Position – Understanding your financial position is one of the key foundations to being successful. By knowing your financial position you are able to make sound decisions that can help ensure profitability and continued growth. This includes knowing your break even costs. You can find many resources on the internet – like premieraca.com, in the Education center; from colleges and universities; and from people you know. One of the best resources can be your loan officer. Don’t hesitate to ask them to sit down and help you learn – they want you to be successful!

 3. Define Your Marketing Plan – Marketing the crops/livestock you produce can be intimidating with all of the options available. Do not be afraid to research and/ ask your local merchandisers, marketing groups, mentor and/or other successful individuals about their programs. Understanding each marketing option, and knowing your break even costs, will help you find a marketing plan that best fits your operation.

 4. Utilize YBS Programs – There are many programs available that help create unique lending opportunities for young, beginning, and small borrowers. The programs help YBS borrowers meet operating and equipment needs and/or purchase ground by providing favorable terms.

 5. Build Your Team – Have an expert in each department of your operation. At the minimum, you should include a mentor, lender, accountant, marketing person (if needed) and agronomist. By working together the team can get on the same page with your goals, provide more accurate information and help you become successful.

Have more questions? Reach out to me or you loan officer, we are here to help! 🙂

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