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AG FINANCE: 3 MONEY MANAGEMENT TIPS SO YOU’VE DEVELOPED a business plan, established a solid relationship with an ag lending company, and successfully acquired a farm loan. Great news! But now what? What comes next in
terms of financing your agricultural operation? Once you’ve secured your agriculture loan, it’s important to stay on top of your finances. Here are three simple, yet significant tips you
can implement to ensure you play it cash smart.
1. If you have the money, pay your bills. Sure, your money may seem best spent elsewhere in the moment as attractive bargains tempt you and your check book. And yes, bargains are great, but remember: your top priority should be paying back your lender. Purchase those bargains when
you have extra cash.
2. Assess your operating expenses— seed, fertiliz-
er, and/or fuel— with a fine-toothed comb. You have the most control over these costs, so you want to have a firm grasp on how much you’re spending. Perhaps you can cut back to save money or maybe you can shuffle around costs or resources. You won’t know unless you monitor all of this strategically. For the same reason, be sure to track assets such as land, equipment, ir- rigation systems, etc.
3. Be strategic in how you pay off your agricul- ture loans. Start with the big ag loans (if this applies) and then address the smaller ones. It’s also wise to set financial goals. Determine your top priorities, such as paying off a big operat- ing loan (unless it’s AgAmerica’s interest-only Line of Credit that’s good for ten years!) or all of your farm’s equipment. Hit those marks first be- fore you get to work on financing new projects.
For more information regarding farm loans and
financing, contact AgAmerica, the ag lending divi- sion of Bankers South. We’ll help you determine the best loan to support your operation’s financial and business needs. Plus, we’ll set you up with a pay- ment schedule that works
best for you, whether it be annual, semi- annual, or monthly payments.
FEATURE | c a t t l e
FINAL FLORIDA CATTLE ID RULE
What Ranchers Need to TKnow About the Official
Individual Identification Process
by KELSEY TRESSLER
THE FLORIDA CATTLE IDENTIFICATION RULE went live on September 4, which means all cattle operations need to understand the new requirements for cattle tagging. This rule came after years of discussion at over 60 public meetings between the Florida Department of Agriculture and Consumer Services’ Division of Animal Industry (DAI) and local cattle operations. The tag identification will help protect Florida’s cattle industry in out-of-state and international markets.
FOR MORE INFORMATION visit www.fresh fromflorida.com/ Divisions-Offices/ Animal-Industry/ Florida-Cattle- Identification
Kicks In
This column is sponsored by Bankers South Lending &
Finance.
The purpose of the tags is to provide traceability for disease, according to Bridget Carlisle, Extension Agent III to the Livestock UF/IFAS Extension in Polk County. If a disease breaks out, the individual tags will allow the DAI to trace exactly where it came from and quarantine that cattle ranch, rather than the whole state. “In the ideal framework, it will help to minimize disease outbreak,” Carlisle explains.
Cattle aged 18 months or older being moved within Florida must be tagged with Official Individual Identification, and cattle owners can
either purchase the tags and apply them, or have them applied at an approved tagging site. Metal tags, known as the National Uniform Eartagging System (NUES), can be received free of charge through the USDA by contacting the local district office of the DAI or calling (850) 410-0900. For plastic or radio frequency identification device tags, cattle owners should
contact an animal health product supplier.
Cattle moving to approved tagging sites, straight to slaughter or to different land within the ownership of the same cattle operation do not require tags. At markets, cattle operators need to be aware that untagged cows will be automatically slotted for slaughter, which can greatly affect the
price of the animals, Carlisle points out.
The USDA first incorporated the rule and then made the states responsible for implementing it.
The rule comes in part due to pressure from inter- national traders, Carlisle reports. The USDA first incor- porated the rule and then made the states responsible for implementing it. “The countries that are importing our products— who we’re exporting to— are demanding that we have this traceability put into effect,” she states.
The DAI is offering education and outreach until it begins to enforce the new rule on November 4, 2014. Through the department, cattle operators can receive tag training sessions at markets and producer meetings, watch a PowerPoint complete with audio on the DAI website, and receive summary information at Agriculture Interdiction Stations.
For more information, cattle owners can contact Program Manager Stephen Moore at (850) 410-0944. Cattle ranchers can also visit www.freshfromflorida. com/Divisions-Offices/Animal-Industry/Florida-Cattle- Identification for further reading. ag
by LEIGH ANN WYNN
BIO: Leigh Ann Wynn is the Sr. VP of business development for Bankers South. Adding mortgage loan originator to her title, Leigh Ann is actively working with the AgAmerica Lending Program by Bankers South, offering low interest ag loans. As an active member of the ag community and a seventh generation Floridian, Leigh Ann understands your ag needs and is here to answer your questions. She can be reached at leighann@bankerssouth.com or (863) 607-9500.
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