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~12-Osoino Weekly Times, Wednesday. June 2, 1999 ONTARIO"e FARM NEWS CREDIT FOR SMALL BUSINESS by Dael Bierworth, Business Management Advisor, OMAFRA Small business is the fastest growing sector of our economy, providing employ- ment and profits for owners and investors. Lending insti- tutions are very interested in participation in this trend. Many new enterprises begin wlth personal assets forming the majority of the Investment but quickly develop so that owners must access credit to expand and/or improve via- bility. This suggests that it is only a matter of time before small enterprises and lenders find themselves ta a potential business relationship. Lenders remain ta business by assessing applications based on the level of risk, and potential for debt repayment. Their charges reflect this assessment. Conversely, the business owner secure funds that will allow for debt repay- ment and leave a residual for profit. Credit Reports When you apply for a loan, the fine print on the applica- tion gives the lender permis- sion to check your credit bis- tory. The lender usually requests a credit report from a credit bureau. The lender then looks at the report and decides if the risk and debt servicing justifies the approval of your request. The Good Book states that "a good name is rather to be chosen thian great riches" and this certainly applies for small businesses. The credit report wlll pro- vide the lender with a look at your total outstanding boans, your credit limits, your record of delinquent payments. amounts paid off satisfactori- ly, the issuers ofcredit cards, the taterest charged and the number of inquirles on record from other institutions check- ing your rating. Most lenders and retailers send data on their customers to local credit bureau. These in tumn are linked by com- puter to one or more of the three international credit reporting companies, Equifax, Transunion, and Experian (formerly TRW Credit Data). What cisc is ineluded in the Credit Report? The report given to the potential lender will taclude your name. address. social insurance number, birth date, your open accounts, balances and credit limits, proposed use of funds from previous borrowings. whether you pay on time, whether any accounts were tumned over to a collection agency. any suits, judgements and tax liens. It may also include the name of your employer, your position, tacome, any former address- es, former employers, your spouses name, bis/ber SIN number, employer and tacome, if you have declared personal bankruptcy and if you rent or own your home. Benefits of a Credit Report For the consumer the sys- tem allows for equitable treat- ment. Decisions should be more objective. A credit report reflects an applicants current actions, speeds credit deci- sions, and makes credit avail- able by reducing bad debt, thus allowing for more boans to be approved. The benefits for the lender is a base upon which to make decisions on credit perfor- mance data. It removes potential bias, it can allow them to offer better rates to lower risk borrowers, control bad debt boans, increase vol- ume of boans and improve operating efflciency. IS THAT BULL Y2K FRIENDLY? by Nancy Noecker, Beef Specialist, OMAýFRA The cows are calving, some starting to cycle, and you are thinking of buying a bull or getting the lad you have ready to go out. But have you stopped and thought that the bull you are purchasing or turning out will have a big impact on your marketing opportunities for the fali of 20M0 S . .. are you looking ahead for market trends, and trying to match a market or just using the bull to get the cows settled? If you are a cow-calf producer that raises your own replacements this bull will also be affecting your markets well beyond 2000, as those daughters come into production. Unfortunately the cow-calf sector takes the most time to change (due to biology) and yet will be the Iast part of the industry to get the market signais. So to help yourself ail you can, you need to be talking to as many feed- lot producers as you can, to help see the market signais trickling do wn to them. So no matter what your market or what your goals assess that bull for whether you think he will be market friendly for Y2K and beyond! CROP REPORT FOR MAY 25th by Jack Kyle. Crop Specialist, OMAFRA Weather Ramn showers on Monday brought much needed mois- ture to the ares. Total rainfal varied from 12 to 35 mm. Temperatures have turned cool. Crops: - Soybeans are 85% plant- ed and many fields are now emerged. * The white bean acreage is 15% planted. e Corn planting Is com- plete. Early fields are now at the 4 leaf stage and most fields are emerged. * Winter wheat bas flag leaf emerged to head emerged in the south of the ares. Disesse pressure had ren-ilned low. *Spring grains that had enough moisture for germi- nation are progressing well. Some fields are at several stages of developmnent due to uneven germination. Spring grains are being sprayed for annual weeds. - New forage seedlmngs are at the lst trifoliate stage. Many were late germinating due to dry soil conditions after planting. e Established forages are at varlous stages depending on soul moisture, heads are emerged on the grasses and the legumes at early bud. Sandy souls that are prone to drought are suffering signifi- cantly. s Many pastures are suf- fering from the dry conditions and grass growth bas corne to a stand stili. Where the ivestock was put on pasture early there is littie growth left in the fields. Supplemental feeding will be necessary if the grass growth doesn't keep ahead of the pasturing. " Winter canola is in fiow- er. " Spring canola bas had uneven germination and is now struggling wlth fies bee- fie feeding. Black cut worm-s could be a problem in corn fields. The warm temperatures of April and May are ideal for this insect. The cut worm moth lays eggs on grassy areas of fields and the larvae feed on the young corn plants. Early feeding will be seen as leaf feeding but as the larvae tacreases in size it eats off the corn plant just below the soul surface. If you find significant feeding then the use of an insecticide to control this insect is warranted. Spraylng should be done in the evening when the larvae are feeding. Publication 296, Guide to Field Crop Production bas more details. Wtady conditions are mak- ing spraying difficuit. Be aware of spray drift and avoid spraylng when drift will be a problem. Weather extremes wlll affect post emergent her- bicides, both on théir effect on the crop and their effec- tiveness on the weeds that you are intending to kil. Read the label carefully and follow ail recommendations and cautions. Su bscribe t o t h e Or ono Weoekly Times $25.00 ayear more confirmation that you can count on your CPP People who contribute to the Canada Pension Plan have j ust received good news. A panel of independent actu- aies has confirmed what the last report of the CPP Chief Actuary said -- that the Canada Pension Plan is financially sound. The panel confirmed tbat the actuarial report was pre- pared according to profes- sional standards and the assumptions used were with- ta acceptable ranges. And both reports confirm that a contribution rate of 9.9 per cent. shared equally between employers and employees, should be suffi- cient to sustain the CPP for generations to come. That means the changes made to the CPP in 1998 have put the Plan on the riglit track -- tbey have made the CPP financially sustainable and made it fairer and more affordable for future genera- tions of Canadians. These changes, agreed to in 1997 by the federal and provincial govemnments alter lengthy coast-to-coast public consultations, include high- er contribution rates and a new investment policy. As of November 1998. the balance of the CPP account was about $37î billion. It is a substantial fund that wlll continue to grow, and will help pay for the CPP pensions of millions of Canadians. It will be pru- dently lnvested at arm's length from governments inaa diversified portfolio of securi- ties in the best interest of contributors and beneficia- ries. The panel members, David Brown, Robert Dowsett and James Paterson, were chosen for their professional standing in the actuarial cormmunity, their independence from gov- emment, and their expertise in pension evaluation mat- ters. 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