Whilst a lot of farm businesses can carry on as normal, speaking to local Agricultural Bank Managers, they tell me that the most adversely affected part of farming are diversified businesses. Campsites, commercial lets, wedding venues and holiday lettings seem to be regularly mentioned.
We are seeing some new ventures put on hold and this is not surprising. However, this means that you can research diversification projects thoroughly and look at them from a different perspective than you would have done before.
Most Banks are busy looking after their existing clients and trying to find solutions that will help their Clients in the best way. It seems that Capital Repayment Holidays are quite often an easy fix for some. The Government backed loan schemes are right in some cases too but not always. Sometimes a simple overdraft increase can be the right way to go.
I am still looking at some cases that are proceeding and if you need to speak to me feel free to contact Ed at email@example.com for a confidential no obligation chat about your finance options.
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