Question on: SS1 Agriculture - Sources of farm financing
Explain the concept of collective savings and contributions in the context of cooperative societies' role in farm financing
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When considering borrowing from individuals, farmers should assess several factors. These include the terms of the loan, interest rates, repayment schedule, the relationship with the lender, and the impact of the loan on personal and farm finances. Farmers should also ensure that all agreements are documented clearly and legally to avoid potential disputes in the future. Additionally, it's essential to evaluate whether the loan aligns with the specific needs and goals of the farm.
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