GFM Network News

What To Bring To The Banker

The operating credit requests are rolling in fast and furious this time of year. Annual line of credit renewals are due and in order to get a sense of what you need, banker types need three key pieces of information — previous income tax statements, a net worth statement and budgets and projections for this […] Read more

If you need money to fund a business expansion, include your account manager in the planning process. Your chance of approval is better that way

Your account manager wants repayment to be as easy as possible for you. Let them know when would be the best time for your cash flow, and the account manager can make that happen. Here’s a common scenario: A farm couple uses their accountant and lawyer as resources when making decisions to expand the business. […] Read more

Account managers like to work ratios before approving a loan. A balance sheet showing assets, liabilities and net worth for your farm helps in ratio analysis

When meeting with your account manager, come prepared. At the time of booking your appointment, find out what you need to bring. Maybe the bank or credit union already has your most up-to-date financial information in the file, maybe it doesn’t. It’s good to have the last three years income tax returns and a statement […] Read more

A matter of interest

Robin Christian Blythe Farms Near Kenville, We are now living in a time when cash is hard to come by for the general public, and therefore harder to come by for a financial institution. Financial institutions source their funding for lending from deposits. Banks and credit unions need deposits, so they have to be careful […] Read more