Chicago, IL and San Carlos, CA – March 14, 2024 – Farmers Business Network, Inc. (FBN®), the global AgTech platform and farmer-to-farmer network, today announced its lending unit, FBN Finance, has surpassed $1 billion in operating lines, helping farmers gain affordable access to capital in a tough interest environment.
“We’re proud that our farmer members trust us to deliver the financing they need to power their operations,” said Dan English, GM, FBN Finance. “We look forward to providing the tools for growers to make critical investments in their farms, maximizing their ROI and profitability in the years to come.”
Operating Lines from FBN Finance enable producers to secure up to $1 million in revolving credit through a rapid, online application. The funds can be used for general farm expenses like labor, inputs, equipment, and rent. But FBN Operating Lines have numerous benefits compared to conventional farm loans including ability to leverage 0% financing for inputs purchased with FBN Inputs*, access to Regenerative Ag discounts, and seamless digital payments.
“Banking with FBN was incredibly easy. Instead of the typical months-long process I’ve become accustomed to, I was able to move forward within a few hours,” said Wayne Grimm, owner of Double G&L Farms in Kansas and an FBN member. “The online process is fast and the quality of the advice from FBN experts is excellent. I think it’s the best of both worlds when you work with FBN.”
“FBN’s easy to use platform allows me to take advantage of 0% on my input spending,” said Roger Rasmussen, a Nebraska farmer and FBN member. “That’s a no-brainer with the farm economy right now.”
FBN Finance also offers its Regenerative Agriculture Operating Line, in which eligible farmers can qualify for a .5% interest payment rebate on approved Regenerative Agriculture Financing Operating Line from FBN Finance.** The program is one of the first in the US to provide financing incentives for farmers to implement regenerative ag practices.
In recent weeks, FBN Finance further streamlined the financing process for farmers with its digital payments platform for operating line customers. The digital payments platform gives farmers more control over managing their farm finances by providing greater convenience, speed, and improved visibility when it comes to managing and paying their loan, 24 hours a day, 7 days a week.
“We are proud to supplement this streamlined online experience with our ag loan advisors who provide expert service,” said English. “These advisors have earned the trust and repeat business of thousands of farms across the US.”
FBN Finance has dozens of ag loan advisors located throughout rural communities. These experts work with growers to create a tailored financial solution that will help maximize profitability for their unique circumstances and operation.
This news comes on the heels of rapid momentum from FBN, which in recent months has expanded its partnership with ADM, announced its new CEO, and expanded its crop protection portfolio.
*Terms and conditions apply, see here for full program details.
**After sharing data to validate program requirements at the end of the growing season and repaying their Operating Line, participating farmers will receive an interest payment rebate check.
About FBN:
Farmers Business Network, Inc. (FBN®) is an independent AgTech platform and farmer-to-farmer network with a mission to power the prosperity of family farmers around the world while working towards a sustainable future. Its Farmers First® promise has attracted over 75,000 members to the network with a common goal of helping farmers maximize their farm’s profit potential with data and technology enabled direct-to farmer commerce, community and sustainability offerings.
FBN has set out to redefine value and convenience for farmers by helping reduce the cost of production and maximize the value of their crops. Blending the best of Midwestern agricultural roots and Silicon Valley technology, the company has principal offices in San Carlos, California, and Chicago, Illinois, with significant warehouse and logistics, remote and field employees across the US and Canada. To learn more, visit: www.fbn.com.
