chicken farm loan

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For many chicken farm owners, getting a chicken farm loan is a necessity. This is the process of obtaining a business loan for your chicken farm.

Types of Chicken Farm Loans

There are a couple types of loans available to chicken farm owners. Other than your local bank, most loans are available to get online:

1. Online Business loans: The easiest financing solution is an online business loan, as most loans processed by online lenders have less requirements, and have quicker approvals.

2. Equipment Financing: If you need a loan for specific equipment, but don't want any working capital, then equipment financing can be a good option. The way equipment financing works, a lender will put up the funds for the equipment and use the equipment itself as collateral.

3. SBA Loans: You can get a SBA loan online, and have low interest rates & longer terms. But keep in mind that SBA loans have many requirements, such as showing a profit on the last 3 tax returns, and a good credit score.

4. Merchant Cash advance:  Merchant Cash Advance also known as MCA can be a perfect financial solution for chicken farms as they are easy to get approved for. But keep in mind the rates will not be as low as a bank loan. 

5. Line of Credit: A line of credit is when you get approved for say $100k, and you'll be able to use as much of that as you need, only paying on what you draw. Keep in mind, credit lines are a bit more challenging to get approved for.

Qualifications for a Chicken Farm Business Loan

To get a chicken farm business loan you'll need to meet certain qualifications, which vary depending on the lender. But Generally, these are the following qualifications:

1. Credit Score: A good credit score will help the chances of an approval, most lenders will require a minimum credit score of 620, or more.

2. Revenue: Lenders look for consistent revenue to ensure you can repay the loan. Some online lenders require a minimum monthly revenue of $20k a month.

3. Collateral: Depending on the loan you'll be getting, collateral may be of a necessity. Banks usually require collateral, the SBA 7(a) doesn't require collateral for loans under $500k, and online lenders typically don't require any collateral at all.

4. Experience: The time in business can impact your eligibility. Obviously businesses that have been operating for a while don't need to worry, but newer businesses (under 5 years) should check with their lender to verify that they qualify.

Online Lenders for chicken farm loans

Recently, online lenders have become the most popular alternative to bank loans. The reason being is that online lenders have a couple advantages:

1. Convenience: Most online lenders have a simple application process, just requiring the last 3 months bank statements and a completed 1 page application. And it goes without saying, the application can be completed from anywhere, rather than traveling to your local bank.

2. Speed: Online lenders have faster approvals compared to traditional banks, most online lenders will have an answer for you within 24 - 48 hours.

3. Flexible: The qualifications with an online lender are far more flexible than at a bank. making it easier to get funding when you need it.

How to get a Chicken Farm Loan from Online Lenders

Obtaining a business loan for a chicken farm from an online lender is pretty easy, here's a an easy guide:

1. Research: The first step is to research online lenders to find those that provide financing for chicken farms.

2. Apply: Complete the online application, filling out the 1 page application and providing the last 3 month bank statements.

3. Review offer: Once you get approved and receive a  loan offer, review the fees, rates, and payment schedule. If the terms make sense, simply accept the funding.

4. Funding: After you accept the loan, complete any additional steps required. Then you'll receive the funds within an hour.

Pros and Cons of Online Lenders

Pros:

• Accessibility: Easier application process and quick funding.

• Approval: There's a good chance that  businesses that won't be eligible for a bank loan, will get approved with an online lender.

Cons:

• Higher Interest Rates: Since the loan process is quick and less thorough, lenders charge higher interest rates compared to banks.

• Shorter terms: Loans that you get online aren't supposed to be long term loans as that would require a lender to do a whole bunch of due diligence into your business (like a bank) ruining the purpose of online lenders (easy & accessible Funding).

Final Thoughts

Being able to get a business loan for your chicken farm is critical for any business owner looking to scale and manage their business successfully. Understanding the available loan options and the qualifications required will help you obtain the funding you need easily. Online lenders offer a convenient alternative to banks, making it easier for chicken farm owners to access the funding they need.

By knowing the loan options available, and understanding where to get them, you will secure the best business loan for your chicken farm. The right funding can be a game-changer, if utilized correctly.