Advancements in technology mean that we could soon see smart farming dominating the agricultural industry.
Farmers are likely to become increasingly reliant on farm machinery finance to help them gain the new machinery and equipment they require to keep pace with technology and stay competitive.
Just a handful of the high-tech agricultural equipment set to automate farmers’ jobs include:
Sensors– Sensors can be used on the land or in machinery and equipment to gather and share information and data. Sensors can be placed in fields to gather data about the condition of the soil, or in machinery to track information about yield or condition of machinery. This information can then be accessed by the farmer from anywhere, allowing them to make the relevant changes necessary to optimise crop growth.
Drones– Drones are already being used by farmers in the US for a variety of tasks including monitoring crops and spraying chemicals.
Driverless tractors– Automated, driverless tractors can operate all day and all night, to get the job done quicker and more efficiently. Future farmers may also be able to link their tractors to sensors and drones, giving them access useful information about the field that they’re working.
Robot pickers– Picking crops is a labour-intensive task which can be completed quicker and more efficiently with the help of robots that work 24/7. Using robot pickers would also significantly reduce labour expenses.
To find avoid getting left behind, find out more about our farm machinery finance options by giving our team a call on 0113 288 3277.
If you’re ready to join the 62% of UK’s farmers that have diversified from traditional farming, we’ve come up with a few alternative income ideas to inspire you.
With farmers in the UK facing many challenges, diversifying the products and services that they offer is a sensible way of branching out and boosting income.
Many farmers are making better use of the land and buildings that they own, adding new arms to their business that are outside of traditional farming.
Some of the most popular business types that farmers are diversifying into include:
- Camping and caravan sites.
- Bed and breakfast.
- Renewable energy.
- Petting farm.
- Cattery or kennels.
- Farm shop and café.
- Toddler group or kid’s parties.
- Riding lessons.
- Alternative crops/farming.
- Craft workshops.
According to government figures, UK farms that have diversified bring in an average of £10,400 extra revenue per farm. With these kinds of figures, can you afford not to diversify?
A good place to start, is to assess your existing business and identify any physical resources or skills that you could be making better use of.
Funding for diversification
If you require help funding your diversification project, it’s best to plan and develop your ideas before applying for agricultural finance.
Carrying out thorough research and creating a detailed business plan can help to reassure lenders and get them onboard with your vision.
At Richmond Asset Finance we have over 10 years’ experience helping farmers to gain the agricultural finance they need to grow their businesses. Get in touch to discuss your project in more detail by calling us on 0113 288 3277 to find out if we can help.
Thinking about applying for a farm loan? Check that you have prepared this key information first.
At Richmond Asset Finance we aim to make applying for a farm loan as simple, quick and pain-free as possible.
Our farm loans have helped numerous farmers to gain the agricultural assets they need to grow and thrive.
Before applying for a farm loan it’s helpful if you can prepare key information about your business and its plans, to increase your chances of securing finance and speed up the process.
The three key things that lenders will look at when deciding whether to grant finance are:
Business plan– Being prepared is key to securing a farm loan. Having a business plan and financial projections all planned out can help to reassure lenders that you’ve thought things through and get them onboard with your vision.
Creditworthiness– Before applying for finance you should find out how your credit rating is looking. Funders are more likely to invest in businesses that they deem to be less risky, but that’s not to say there won’t still be a financing option for you if your credit rating isn’t great, it’s just best to know where you stand from the start.
Financial information– When applying for a farm loan you will be required to give evidence of your current financial situation. This may include copies of your bank statements, balance sheet, cash flow statement, and details about existing assets.
At Richmond Asset Finance we have over 10 years’ experience helping farmers to successfully secure farm loans to grow their business. We can advise you on everything you need to make your farm loan application successful. Just give our team of experts a call on 0113 288 3277 and we’ll be happy to help.