Unexpected needs that require short-term financing are a common occurrence for any operation. From financing equipment, machinery or other expenses related to day-to-day operations – famers need lending solutions that provide access to the funds they need and allow them to get back to the business of running their operation. That’s why Farm Credit Mid-America created its online application for small agricultural loans. The quick, simple and competitive tool is now available for loan requests of $75,000 or less.
“We know needs can arise on the farm that require funding – and quickly. When our customers told us they wanted a faster, simpler loan process for short-term loans, we listened, and we got to work,” says Scott Holmes, Farm Credit Mid-America regional vice president for agricultural lending in middle Tennessee.
“We placed our customers at the center from the very beginning stages of this project,” Holmes explains. “Our online application was designed for our customers by our customers. Every feature they encounter when they work through the small ag loan application was created from insight and feedback provided to us.”
The result, which Farm Credit Mid-America launched in November 2020, is a mobile-friendly online application for short-term loans for farmers in Indiana, Kentucky, Ohio and Tennessee. The tool simplifies the loan application process, so farmers can spend less time on paperwork and have more time to manage their operations. The loans feature competitive rates and terms; and often, applicants can get same-day decisions with funds in hand in less than 24 hours.
The small ag loan application is Farm Credit Mid-America’s first point-of-sale experience for farmers – a novel method of doing business with less processing time. While the application may be completed from a desktop computer, its mobile-first design was developed so farmers could complete the application from any smart device. Applicants may gather and submit everything online, eliminating many steps required with larger loan amounts.
In addition to the simplification of financial information and the verification process, the use of DocuSign contributes to the efficiency of the online application and faster turn times.
“The small ag loan application is the final piece of a project that reduces barriers from the application process for short-term loans. Farmers are able to apply when they are planting in the fields or sitting at the kitchen table during a family board meeting,” adds Tim Williams, senior vice president agricultural lending and executive sponsor of the project. “Team members from across our association worked together to create a solution that keeps the needs of our customers and their operations at heart.”
Williams notes the new loan application process will be an asset to the cooperative moving forward in 2021. “Our vision is to be a thriving, sustainable cooperative that provides our customers with exceptional experiences,” he says. “This new short-term loan application tool keeps our customers at heart by meeting a need in our marketplace.”
Farmers may learn more about the new tool or start an application at apply.e-farmcredit.com. Loans are subject to approval, and Farm Credit Mid-America is an equal opportunity lender.
