Financing your spinach business

Can you afford to start your spinach business?

When starting a new business, many farmers need help with money. Start- up costs can be high and it takes time for your business to start making money.

If you do not have enough money to cover your business expenses, you may need to borrow money. We've listed a few tips to help you finance your agribusiness.

Are loans bad?

Financial experts explain that a loan can be good or bad depending on the reasons why it is taken. If you take out a loan to invest in a project that will earn you money and grow in value, then that is considered a good loan.

For example: Using a loan to invest in your farm will generate additional income for you and your family, as you will have higher yields and better quality produce that you can sell. Therefore, you should not fear taking a loan for this purpose.

Personal loans are generally considered bad loans as they do not generate any income and you will need to repay the loan plus the interest.