Farm Lending

[jd3007]

Where do most of you do your farm lending at FCC, Chartered Banks or Credit Unions? Do many of you use two places? Which ones are the most aggressive? I moved all my business to one place a few years ago and I have found dealing at one place good at first but now it seems they just want to maintain business and not grow it. I have slowly started to move business elsewhere and now find that it may be necessary to completely change institutions. Just seeing what others have experienced.

[GDR]

In AB, had best luck with AFSC for long term stuff, use local credit union for operating money and general banking. Never felt FCC was too interested or competitive here.

I like to keep it separate, maybe feel a bit more in control that way.

Huge difference in charges and fees from one bank to the next, need to keep an eye on that.

[monte]

We have learned to have a number of relationships with bankers is the best for our business.

FCC has been good on land for us.

We work with the major banks - try to know a few knowledgeable farm specialists in more than one.

Also have a few small relationships with local credit unions to keep the others from being unreasonable.

Capital is a big input on the farm so it is important to spend time on it.

Good luck

[Partners]

Credit union.good relationship with loans manager..

[AlbertaFarmer5]

Moved all farm accounts to local credit union a few years ago. They go way above and beyond. Rates significantly better than AFSC or FCC, with none of the hoops to jump through. The big banks weren't even in the same league for rates, ATB used to be great to deal with, recently, they couldn't be bothered to even try.

[hobbyfrmr]

I use operating money from big bank, FCC for land.
I have a very high credit rating.
My local CU people live in the community and are great individuals. The CU has always been 1.5% more interest. At times, this can be up to $8000.00 per year just for interest.
Nice people, just too expensive.

[bucket]

Locally cibc and rbc are leaving....obscene profits and can't support rural people....

[Klause]

So do the majors lend operating credit without land for security?


Dealing with a credit union... but high interest rates and a very limited line of credit ($17/ac) fcc lends a bit more but still only 40 an ac...


This is why it gets easier to farm generationally

[bgmb]

So do the majors lend operating credit without land for security?


Dealing with a credit union... but high interest rates and a very limited line of credit ($17/ac) fcc lends a bit more but still only 40 an ac...


This is why it gets easier to farm generationally

Yes they do Klause, Banks are horny on farming right now, if you are starting out you just need to find the right guy who will stick his neck out a bit for you. Ask them to secure your operating with inventory and crop insurance coverage once the crop is planted.

[Oliver88]

Yes they do Klause, Banks are horny on farming right now, if you are starting out you just need to find the right guy who will stick his neck out a bit for you. Ask them to secure your operating with inventory and crop insurance coverage once the crop is planted.

For that type of loan the CCGA cash advance would be a reasonable option.

They will also secure with inventory or crop insurance....although it won't work for everybody.

[food4u]

We us the cash advance for inputs and it is paid back immediately after the new year.We us FCC for major purchases.Used to use the local bank for it all but they decided they only want farmers business if they are depositing, they moved all the lending to a large urban center.

[farmaholic]

Could always give "INPUT Capital" a call!

[JDGreen]

Could always give "INPUT Capital" a call!

Ya speak with Brad. Apparently he will even tell you which neighbors are signing up and using their services LOL...

[farming101]

Well over 1000 parcels and counting

[iceman]

Please do.

Underwater in that stock now. Grandpa's old homestead might help Iceman's account turn back to the black.

Iceman Out