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5 Helpful Tips for Beginning Minnesota Farmers

Did you know that 25% of all farmers are beginning farmers (in business less than ten years); their average age is 46 (source: Farm Bureau). In Minnesota, we rank fifth in the nation in agricultural production, and our top five agricultural commodities are soybeans, corn, livestock products, wheat, and processed vegetables. 

As you can see, agriculture is the foundation of Minnesota’s economy! If you’re a beginning farmer, here are some helpful tips to remember. 

1. Know your Why

Starting and maintaining your farm will come with lots of ups and downs. It is essential to take the time to assess why you want to be a farmer. Are you passionate about agriculture? Are you looking for ways to help provide for your community? Knowing and remembering why you want to farm will help you keep perspective through the years. 

2. Create a Financial & Business Plan

More than just an escape from city living, Farming is a business that requires upkeep, planning, cash flow, and intelligent accounting to keep it thriving. Take the time to create a business plan and assess your current finances and buying capacity by letting our team assist you.

3. Find a Mentor

Farming has always been the foundation of our food industry, so countless veteran farmers have been right where you are. Finding a mentor to help guide you through owning and running a farm can be a huge asset to your success as a farmer. If you don’t have anyone in your circle who can be your mentor, the USDA has free programs to partner you with a seasoned mentor.

4. Invest in the Right Equipment

Finding quality equipment is a key to a vital farm. It can be expensive to get the right equipment, especially when just starting out. Take the time to research what equipment is best for your needs and decide what is essential for now. Once you figure out if leasing or buying equipment is right for you, our Agriculture Lending team can help you get the operating loans you need to start on the right foot.

5. Find the Right Property 

Land is one of the most critical pieces in starting your farm. It can be wise to start with a smaller section of land to start and then expand as your confidence and experience grows. Once you find the right location and size for your needs, our team can work with you to get the financing needed to purchase your very first farm!

 

At First Independent Bank, we partner with farm and agricultural operations across Minnesota. We provide the finance and lending support to launch, operate, and expand agricultural and farming facilities across the state. Whether you are looking for a crop input loan or to buy a turn-key farm, whether you need a livestock loan or a land loan, we can find the right solution for you.

Contact the First Independent Bank Team today to help you make your farming dreams come true!

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