Unexpected expenses arise all the time, especially on the farm. Whether it’s for new equipment or real estate improvements, access to funding when farmers need it most is essential to keeping an operation running smoothly. Farm Credit Mid-America knows that a farmer’s time is already limited – that’s why the farmer-owned cooperative created an option to take some of the work out of securing financing.
Fourth-generation farmer George McDonald of Riddleton, Tennessee has served on several advisory councils throughout his career and knows from experience that smaller loans for agricultural needs can be hard to get.
“At times it seems like it would take an act of Congress to get a smaller loan for an ag operation,” said McDonald. “Many farmers simply can’t afford to take time away from their operations to go see a loan officer and be bound up with the paperwork for the application process.”
Farm Credit Mid-America’s online application for short-term loans was designed to make this process more convenient. Initially launched in October 2020, the simple, easy and quick application is an option for farmers who wish to apply for a loan in the amount of $75,000 or less.
McDonald resides about 50 miles northeast of Nashville and farms properties across five counties, including Hermitage, which was once home to Andrew Jackson. The original farm was purchased in 1927 by McDonald’s great-grandfather. Growing crops like corn, soybeans, wheat, strawberries and watermelons requires multiple pieces of large machinery and a newly-built and much-needed tool shed.
“I’ve been a customer for 15 years and have a great working relationship with my loan officer, Chris Ferrell,” said McDonald. “Chris stopped by while we were putting up the tool shed and reminded me of the recently launched short-term ag loan application from Farm Credit Mid-America. It was something that would improve cash flow during the shed’s construction. Within five minutes, I had completed the application and in under 24-hours, I was approved and had funds in hand.”
The short-term ag loan application also proved to be convenient and effective resource for Steve Stooksbury of Heiskell, Tennessee. Stooksbury runs several operations, including a cattle farm and construction company that deals with forestry and logging. Recently, Stooksbury wanted to expand his forestry operation by purchasing a machine to cut firewood that would reduce waste, save money and make better use of timber.
“Years ago, I was looking at purchasing a farm and worked with Farm Credit Mid-America,” said Stooksbury. “I had a great experience then regardless of ultimately not purchasing the land. So, when I had the opportunity to purchase this splitter, I already knew working with Farm Credit Mid-America would be an enjoyable experience; what I didn’t know was just how fast and easy the application process would be. The entire process was so smooth and convenient that I’ve already recommended Farm Credit Mid-America’s short-term ag loan to family members.”
The application for a short-term agriculture loan from Farm Credit Mid-America is simple, easy and quick —developed with the customer experience in mind. Funds can even be delivered to approved customers via same-day ACH deposits. To learn more, visit www.e-farmcredit.com/farm-loans/short-term-loans.
