AGAMERICA LENDING, LAUNCHES GROUNDBREAKING INTERACTIVE WEBSITE FOR RURAL LAND FINANCING
Apr. 14, 2021
Source: AgAmerica news release
AgAmerica Lending LLC ("AgAmerica"), one of the nation's premier agricultural land lenders and the first commercial mortgage Real Estate Investment Trust within agriculture, has launched its new interactive website. The accelerated advancement towards digital technology in 2020 highlighted the need for a full-scale online financial services website for farmers, ranchers, and rural landowners across the nation.
AgAmerica's website redesign came at a time when society was compelled to lean on technology more than ever before. The mission of this redesign was to equip the agricultural community with accessible support for their ongoing efforts as they adapted their farming operations to provide for our nation and the world.
While COVID-19 reiterated the need for digital expansion in ag finance, AgAmerica sought opportunities to improve the financial sector for our nation's hardworking farm community prior to the pandemic. In 2019, AgAmerica conducted a consumer insights study which reported several key findings:
• The most common words farmers use to describe the lending process were uncertain (28%), frustrating (24%), complicated (18%), and slow (17%).
• Top priorities for farmers when searching for a farm loan include low interest rates with good terms (35%), flexibility (28%), long-term relationships (26%), obtaining enough capital (7%) and securing a loan quickly (3%).
• Farmers typically reach out for a loan before needed (46%), when planning for the next year (28%), not until immediate need arises (22%), or as a last-ditch effort (5%).
Through these findings, AgAmerica implemented new features on the website that provide transparency and efficiency when applying for a land loan, resources to keep the operators up-to-date on economic and legislative changes, as well as monitoring the financial health of their operation for long-term success.
The agricultural lending market is one of the most granular commercial lending markets in the U.S., with approximately 3.4 million farmers operating 2.0 million farms. A majority of these operations are family-owned. Combined with the fact that farmers are increasingly required to generate more output with less resources, this has dramatically heightened the need for land financing options that meet the unique needs of operations.
"Our job is to provide financial support to farmers across the country so that they can focus on what's really important-feeding our nation," said Brian Philpot, CEO for AgAmerica. "We are proud to be at the forefront of agricultural advocacy, working to continuously expand our offerings and how we deliver them, in order to help farmers achieve financial success."
AgAmerica's new website aims to expand their digital footprint and provide easier access to its land loan spectrum of conventional and alternative financing loans for landowners across the U.S. Important features of the new website include:
• Financial Health Check Tool: An industry unique, interactive and complimentary tool that provides operators with a composite evaluation score of the overall financial health of their operation. The tool provides insights for improvements with clear, attainable goals to achieve long-term financial success.
• Online Accelerated Loan Application: AgAmerica's new online application process that provides rural landowners, a convenient, streamlined way to apply for financing directly online with an average loan approval window of 48 hours, based on eligibility.
• Agricultural Economics Insights: The economics insights page serves as a resource to distribute valuable, insights from AgAmerica's Board Member and Chief Economist, Dr. John Penson, provides users real-time commodity markets data, and an interactive tool to explore estimated land values by state using USDA ARMS data.
• Legislation and Trade Updates: The ag legislation and trade page informs users on the evolving landscape of American farm policy and the global climate for U.S. agriculture, providing information on trade news, new bills, and regulation reform that directly impact U.S. agriculture as current events unfold.
• Agricultural Information Hub: We developed an immersive information hub that provides a customizable digital library for website visitors to stay informed on what's happening in the world of agriculture.
Through these developments, AgAmerica is trailblazing the way agricultural finance is done and providing unmatched support to those who are the true backbone of our nation. The company's deep agricultural roots permeate its foundation with a holistic understanding of the volatile nature of the industry. This understanding translates to a unique ability to anticipate the farmer's needs and create revolutionary financing with flexibility that adapts alongside an everchanging industry.