GFM Network News

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BMO offers relief for farmers

Reading Time: < 1 minute 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

Reading Time: 3 minutes 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

Reading Time: 2 minutes 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