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Loan Readiness Toolbox for Food and Farm Businesses

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September 15, 2023 - Jamie Rahrig<rahrigj1@msu.edu>, Jazmin Bolan-Williamson<bolanwil@msu.edu>, Sam Stokes<stokess4@msu.edu> & Julia Lower

Running a farm or food business can be extremely rewarding, and yet, at times can be overwhelming. On top of that, applying for financing can be an intimidating process. Understanding your business financials and having a strong, up-to-date business plan can help provide peace of mind and ensure you are ready to apply for a loan when the time comes. The resources included in the MSU Center for Regional Food Systems Loan Readiness Toolbox for Food and Farm Businesses provides the steps needed to confidently apply for financing.

The Loan Readiness Toolbox for Food and Farm Businesses was developed by the MSU Center for Regional Food Systems with support from Dr. Dan McCole with the MSU Department of Community Sustainability. Specifically designed for food and farm businesses, the Toolbox includes resources for consumer-packaged goods manufacturers, caterers, restaurants, kitchen incubators, food trucks, and farmers who are ready to monitor and track their financial records and access financing in the next 18 – 24 months.

The MSU Center for Regional Food Systems Loan Readiness Toolbox for Food and Farm Businesses is intended to guide entrepreneurs who are ready to start exploring financing options to help prepare them to move through the process smoothly and successfully.

WHAT’S INCLUDED IN THE TOOLBOX?

  • Purpose of this resource
  • Instructions for using the template documents
  • Template files and examples
  • Tips for obtaining financing

In the Toolbox, you will have access to templates for the most requested documents by a lender, plus other resources to help you complete the files. The templates in the Toolbox have been developed to prepare your business for financing. Those included are:

  • Business Plan
  • Cash Flow Worksheet
  • Balance Sheet
  • Profit/Loss Statement (called a “P and L”)

Suggested Citation

Rahrig, J., Bolan-Williamson, J., Stokes, S., & Lower J. (2023) Loan Readiness Toolbox for Food and Farm Businesses. Michigan State University Center for Regional Food Systems. https://foodsystems.msu.edu/resources/loan-readiness-toolbox-for-food-and-farm-businesses  

Publication Contributors

Rachel Kelly, Emma Beauchamp, Dr. Dan McCole, and Melissa Hill

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  • michigan incubator kitchen network,
  • planning

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