Farm Credit of Western New York: Financial Solutions: Loan Options

Leasing

Young dairy farmers John, Ed and Tom Merry with Farm Credit’s Jenifer Lewis and Tim Harkenrider (r).

Lismore Dairy of Arkport, N.Y. is owned by brothers Ed, John, Tom and Andy Merry. Their operation includes 980 milk cows, over 1,600 crop acres and 830 youngstock. Lismore Dairy relies on Farm Credit branch manager Tim Harkenrider and analyst Jenifer Lewis to help finance their business. Andy shared their leasing experience with Financial Partner magazine:

“We started with a few cows and a rented barn in 1992. We kept adding brothers, moving and growing. Business growth and improvement are important. We plan to develop this farm to a 2,500-3,000-cow milking unit.

“Internal herd growth creates growing pains. Lost capital from new barns can be a noose around the neck. With Farm Credit, we leased a freestall barn to free up cash to buy essential cropland. Leasing has helped Lismore Dairy manage tax liability too.

“Leasing happens fast with Tim and Jenifer. We just leased a milk pasteurizer last week. We made a phone call and Tim came out with leasing paperwork to sign within a few days. Lismore Dairy works with Farm Credit because of that service.”

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Farm Credit of Western New York is an equal housing lender.