New entrant generating capital through crowd funding

[ridger]

Stocking loan or overdraft we all have had to get one ( I think) I would try bank first. Imagine going to bank in a few years saying I sponged money to get this far can I sponge off you now a while

 

[Baling Hay]

Will this become the new "trying to make a living" thread??

 

[Getjackfarming]

I know from a consultancy point of view banks take a positive view of new entrants who have been to college and earn off farm income. Quite a few of my ex students have went down this route and now have good secure businesses. In scotland new entrants will not get any SFP until next December so many have had 5 years of no subsidy (unless they could afford to buy entitlements) so working off farm is essential. As well as this there is no embarrassment for new entrants to winter other peoples stock or take on summer grazers until they have sufficient of their own animals.

Who are the best banks to approach would you say?

 

[ridger]

Will this become the new "trying to make a living" thread??

I was just wondering that someone advise him to go abroad

 

[Baling Hay]

Who are the best banks to approach would you say?

All of them, until you speak to them you will not know what they can offer you. Beware though, they may offer high interest.

 

[Baling Hay]

I was just wondering that someone advise him to go abroad

A young man like you would be better served going to NZ for some more experience.

 

[ridger]

Who are the best banks to approach would you say?

Who do u bank with, don't start by changing banks. You must surely have a bank Account by now

 

[lady muck]

So you also view it as begging!

Why not speak to the bank and develop a business plan around it with potential repayment period?

Banks still want security so unless you have the bank of mum and sad it is hard. My own two sheds were funded by personal loans and my own capital although I did get a grant on the first. To be honest it was an easy way to get the money without jumping through hoops.

 

[Baling Hay]

Banks still want security so unless you have the bank of mum and sad it is hard. My own two sheds were funded by personal loans and my own capital although I did get a grant on the first. To be honest it was an easy way to get the money without jumping through hoops.

He already has livestock seemingly so has capital to back his loan up.

 

[ridger]

He already has livestock seemingly so has capital to back his loan up.

Why ask which bank to approach then? If money is being turned over in an account, is that not a good start?

 

[lady muck]

Who are the best banks to approach would you say?

Banks have a fair amount of money to lend. RBS has been good with smaller new entrants. HSBC, Bank of Scotland, Barclays and AMC all are approachable for large amounts. Many of my farmers are with Clydesdale and RBS.

 

[Baling Hay]

Banks have a fair amount of money to lend. RBS has been good with smaller new entrants. HSBC, Bank of Scotland, Barclays and AMC all are approachable for large amounts. Many of my farmers are with Clydesdale and RBS.

AMC won't lend unless you own land.

 

[lady muck]

He already has livestock seemingly so has capital to back his loan up.

I had a very ambitious plan for buying land recently and was told by various bankers that they only took our farm value into consideration and all stock and machinery was not considered. We have around £400k of stock here so I was surprised.

 

[ridger]

I had a very ambitious plan for buying land recently and was told by various bankers that they only took our farm value into consideration and all stock and machinery was not considered. We have around £400k of stock here so I was surprised.

I don't like to hear that, I don't own any land but have built up a fair few stock thinking I would have them for security if somewhere came up for sale. It's pointless selling the stock to buy anything, cos you would have nothing to earn money to pay back with

 

[Baling Hay]

So you are already farming but state on your donation page that you want to get started? So really the donations are to grow your business not start it? Have a think about this whilst you go about asking for donations to grow your business.

 

[Getjackfarming]

I don't think 7 animals purchased this summer counts as a full grown farm?

 

[Getjackfarming]

I don't understand why you feel the need to attack like this just because I'm trying a method hardly used in agriculture before?

 

[Lofty1984]

I don't understand why you feel the need to attack like this just because I'm trying a method hardly used in agriculture before?

Just ignore the negativity pal no one likes to see someone else succeed granted it's an different way to go about help! Anything is worth a shot

 

[Baling Hay]

I don't understand why you feel the need to attack like this just because I'm trying a method hardly used in agriculture before?

I don't think anyone is really attacking? Criticising? Yes, but that is to be expected when one asks for money off people. Of course people are going to question your methods etc.

I am glad another young person like yourself is interested in getting started in farming, I just question your methods and propose that their may be better and more successful methods out there.

 

[lady muck]

I am not personally attacking you. In scotland we have new entrant farms From the forestry commission and we also have great new entrant grants. In order to get one of these tenancies you need to have a sound business plan, some capital and ideally some of your own livestock. They are only part time units so you have to work off farm to make it work.