GFM Network News

BMO offers relief for farmers

BMO is offering a “financial relief program” for farmers in Western Canada. The program will allow qualifying clients to defer principal payments for a year and temporarily increase their operating loan. The bank is also offering to waive or reduce fees “for applicants impacted by cash flow shortages as a result of the recent price […] Read more

Your banker should be a trusted adviser and partner in your business, said lender Trish Booy.

Take these tips to the bank the next time you need a loan

When deciding whether to approve financing, lenders will look at the four Ms — money, markets, materials, and management

If you want to build a bad relationship with your banker, buy your combine on your credit card. “They hate that,” deadpanned Trish Booy, agriculture business development manager at BMO. “There’s a very big difference between short-term financing and long-term financing. Depending on where you are and what you’re going through, your financing needs are […] Read more

StatsCan says the average Alberta family spent $9,300 on food in 2013 — the third-highest expense after shelter and transportation.

The cost of living may be a lot more than you think

Cash flow is king in any business, and farmers need to factor 
in family living costs when preparing their business plans

Now that the 2015 crop is off, it is important to review cash flow projections and marketing plans. That process involves budgeting for family living expenses — a number that may shock you. “In the last five years, family living costs have increased substantially due to inflation and good farm margins,” said Rick Dehod, a […] Read more