Ten Qualities to Look for in an Agriculture Lender: Ag Choice

The borrower-lender relationship is an important one, especially if you're in the agricultural industry.

As you are looking for financing for that next tractor, piece of property or home on acreage, consider these qualities in a lender:

1. Understanding of your business – Lenders that understand the ins-and-outs of your business will help you to evaluate your options, allowing you to select the best decision for your operation.

2. Long-term presence in agriculture – Your lender should be committed to the agricultural industry, even during the challenging times. Look for a lender that is actively involved in its community and industry events.

3. Timeliness and convenience –You are the customer, so make sure that your lender offers you timely service at your convenience. This might mean signing papers at your home or farm or having the ability to pay bills online.

4. Confidentiality and ethics – This should go without saying. Confidentiality and ethics are the backbone to any good relationship with a lender.

5. Customized approach – Seek a lender that takes a customized approach with terms, rates and conditions to help meet your individual needs.

6. Services beyond loan products – Some lenders offer other services besides credit such as leasing, crop insurance, appraisals, consulting, accounting, recordkeeping, tax services and much more.

7. Knowledgeable, dedicated staff – A good agricultural lender should have employees that understand the agricultural industry and are dedicated to the success of their customers.

8. Access to a team of professionals – While a relationship with your loan officer is important, there is a team of other experienced professionals that make the loan process and other services happen. Having access to these additional resources can be a huge benefit to your relationship with a lender.

9. Programs for young, beginning and small farmers – Lenders that truly care about the agricultural industry are supportive of the next generation of farmers and offer ways to help them get started and be successful.

10. Investment in customers – Seek a lender that provides value to you as a customer. Some lenders provide educational programs, support other industry workshops or give back to your local community. These additional investments showcase the lender's commitment to the industry and rural community.

About AgChoice

Farm Credit

AgChoice Farm Credit specializes in financing farms and country properties "to help our Martinsburg customers confidently reach their dreams."

Editor's Note: The Morrisons Cove Herald is partnering with AgChoice Farm Credit to provide information about financing and loans in rural areas such as the Cove.

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The Herald is not being compensated for the publication of this column.