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Looking to Start a Business and Unsure Where to Start?

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Posted On: January 11, 2022 by Farmers Trust & Savings Bank in:

Author, Jen Irvine, Farmers Bank Commercial Lender When planning for a new business, it is a good idea to determine your business plan, and if possible, what kind of entity it will be. Will it be a sole proprietor, partnership (LLP), limited liability company (LLC), or corporation (C-Corp, S-Corp, B-Corp, or Nonprofit)? There may be different benefits for the different types of entities, depending on the nature of your business. Contacting your attorney for more details would be a good first step to helping you decide.  A good business plan helps you think through the key areas of your business and is a useful tool to help make decisions that come up along the way.  There are several business plan formats to choose from, and several good resources that you can lean on.  Helpful Resources to Get You Started: Check out sba.gov Visit your local Small Business Development Center (SBDC), or (If you reach out to your local SBDC, they can assist you with: The
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Recent Blog Posts

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Tips for Developing and Maintaining Good Credit Habits

Posted On: December 27, 2021 by Farmers Trust & Savings Bank in: Budgeting

Farmers Bank and the Independent Community Bankers of America (ICBA) are encouraging customers to plan for their financial future by establishing and maintaining good credit habits to create a blueprint for financial wellness and prosperity in the New Year.

Good credit is essential to a strong financial foundation, so it’s important to build and maintain responsible credit practices that demonstrates sound money management principles to help you achieve your short and long-term...

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10 Financial Tips for America's Young and Beginning Farmers

10 Financial Tips for America's Young and Beginning Farmers

Posted On: September 20, 2021 by Farmers Trust & Savings Bank in: General

Below are some financial tips from the American Bankers Association ag experts for America's young and beginning farmers.

Sweat the small stuff. Keeping accurate and detailed records encourages both short-term and long-term financial planning. Not only does it help you stay organized and make better management decisions, it makes it easier for your lender to assess your financial situation. Develop a business and marketing plan. You will work smarter and improve...
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How to Protect Yourself From Fraud: A Refresher

How to Protect Yourself From Fraud: A Refresher

Posted On: September 13, 2021 by Farmers Trust & Savings Bank in: Financial Security

In 2020, Iowans lost more than $17 million to fraud, according to a report from the Federal Trade Commission. That’s an increase of nearly 49% from 2019. Those figures only prove how important it is to stay vigilant and know how to protect yourself from becoming a victim.

It is unlikely fraud will ever be completely eliminated. Fraudsters adjust their strategies every year and are always on the lookout for new methods to commit crimes. As technology advances, so do these criminal...

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Giving Your Child an Allowance: How to Get Started

Giving Your Child an Allowance: How to Get Started

Posted On: September 13, 2021 by Farmers Trust & Savings Bank in: Budgeting

Giving children an allowance is a great way to introduce them to the concept of financial responsibility. The hands-on experience children receive from handling money can go a long way toward developing financial literacy.

Simply giving them money each week isn’t enough, though. For children to get the most value out of their allowance, it needs to be accompanied by lessons on responsible spending. While this may be time consuming, it will prove valuable to them as they grow older.

For...

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family moving into a home

6 Tips for Saving for Your Down Payment

Posted On: June 8, 2021 by Farmers Trust & Savings Bank in: Home Ownership

Before you can make the transition from renting your home to owning your home, you will need to have a substantial down payment, typically 3 to 20 percent of the home’s value. To help potential homebuyers save, check out the following tips:

Develop a budget & timeline

Speak to a mortgage professional and determine how much you’ll need for a down payment. Create a budget and calculate how much you can realistically save each month –...

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6 Items for your new home's to-do list

6 Items for Your New Home’s To-Do List

Posted On: June 1, 2021 by Farmers Trust & Savings Bank in: Home Ownership

Now that you’re settling in to your new home, there are some important things you need to consider. Farmers Bank recommends the following tips.

Create a budget.
The key to a good budget is including as much information as you can, so that you can adequately prepare and plan. It's important to keep accurate records of your spending so you can spot places to save money and know how much you can reasonably spend. The American Bankers Association’s budgeting worksheet...
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10 Scholarship Search Sites

10 Scholarship Search Sites

Posted On: May 17, 2021 by Farmers Trust & Savings Bank in: General

Here are our top 10 favorite websites to help students find scholarships that suit their major or financial needs:

These site will give you stats on how likely your application is to be accepted! Plus it's easy to use and you have access to over $11 billion in scholarships: www.Cappex.com  Easy to search for what you’re looking for among the 1.5 million scholarship options listed. www.Fastweb.com Niche will tell you everything...
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6 Smart Money Moves for New College Graduates

6 Smart Money Moves for New College Graduates

Posted On: April 26, 2021 by Farmers Trust & Savings Bank in: Money Management

More than 70 percent of college graduates began their career owing more than $37,000 in student loans in 2017. Considering the additional living expenses they’ll soon face, new college graduates would be wise to focus on their financial future right now. Farmers Bank has highlighted six smart financial decisions college graduates should consider to position themselves for financial success as they embark on their next phase of life. 

The habits new graduates develop right...

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Tips During Low Interest Rate Periods

Tips During Low Interest Rate Periods

Posted On: April 20, 2021 by Farmers Trust & Savings Bank in: Budgeting

With interest rates at record lows, consumers face a number of choices for managing their money.  Whether they want to save, spend or invest, consumers are encouraged to consider their options and choose the strategies that best suit their particular financial circumstances.

         Tips for low-interest-rate periods:

Consolidate debt.  With interest rates at historic lows, it makes sense to consolidate debt into one low-interest loan. For...
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Tips for Choosing a Financial Caregiver

Posted On: March 23, 2021 by Farmers Trust & Savings Bank in: Financial Security

According to the National Council on Aging, almost 90 percent of the financial abuse committed against older Americans is done by someone they know. More than ever, it is imperative for seniors to select a trustworthy person to properly manage their finances and personal affairs.

Fraudsters often prey on seniors experiencing cognitive decline, limited mobility and other disabilities that require them to rely more heavily on others for help. Appointing someone you trust to handle your...

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