Harvest equipment is heading into the shed. And for many, the work is as much about finishing 2020 as looking ahead to 2021. A key part of farming next year for many farmers and ranchers will be to seek an operating loan or renew a current loan. And the Colorado State University Extension Ag Business Management team wants to help.
A key for success is planning, and the ABM group has put together a program built around the 3R’s of loan renewal with a webinar series entitled “Be Ready! Be Real! Be Responsible!”
The 3R's of loan renewal webinar series is designed to assist farmers and ranchers in the development of balance sheets, income statements and statement of cash flows that every loan officer seeks when reviewing a loan or renewal. The series will also help producers understand how lenders evaluate your financial statements and use them in the renewal process.
Participants in the webinar series will be introduced to several decision aids developed by the ABM team to assist them in preparing the documents needed for completing the loan renewal process.
The virtual program takes an innovative approach to the issues. Built on a four-part model, the first three will be prerecorded “virtual owner’s manual sessions” that cover those key document areas for your farm. Each of the prerecorded sessions is 30 minutes long and will be available after Nov. 20 for farmers to review at their leisure.
The last session will be live — a kind of “virtual coffee shop session,” according to CSU, that will be offered over Zoom. This live session will be held from 6:30 to 8:30 p.m. Dec. 8. In this session, ABM team members will be on hand to answer questions you may have after watching the prerecorded sessions. The aim is to answer questions, discuss options and help participants develop a plan for loan renewal season.
This innovative prerecorded and live approach allows you to get the information you need at your convenience, and then maximize your time with that final live session.