Monday, July 29, 2019

How Farm Lending Supports Local Farms and Businesses

Hay Farm Loans Illinois

While the term agribusiness often refers to the business of farming, the term isn’t often used in association with actual farms and farmers. Agribusiness typically means an agriculturally-related business that supplies the farm inputs, such as farm machinery and parts, seed, fertilizers, chemicals, feed, etc. 

Agribusiness and farm lending helps our local farmers run their farms more efficiently. It can be challenging to keep up with the ongoing costs connected with operating a farm. At McHenry Savings Bank, we recognize that farmers need agricultural loans to help them stay afloat and we try to do this with competitive pricing. We strive to be a value-added resource to help you grow and succeed
Some ways we can assist you are as follows:

Purchase Farm Land. Whether you are a new and beginning farmer trying to purchase some land, or an experienced farmer trying to expand your current farm operation McHenry Savings Bank can provide agricultural real estate loans to meet your needs.

Operating and Marketing Expenses. Farmers not only need financing for land, but they also need help covering basic operating costs, like rents, seed, fertilizer, and chemicals. Many times suppliers will offer discounts if these are paid upon ordering which saves the farmer money and we can provide a loan to help cover this cost. It also pays to market all year long and at times there is an expense to this that we can also help you cover.

Equipment loan. Equipment has become much bigger and can do lots of work in a short amount of time, which is the good news. The unfortunate part is the cost of that equipment has grown too and we can be there to craft a loan to help you keep up with the new technology or to replace those essential worn out pieces.

Agribusiness – We do also supply financing for what is referred to as Agribusiness. If you are looking to start a business supplying agricultural products or if you wish to expand your current business, we would like to help.

Illinois Agribusiness McHenry Savings Bank

At McHenry Savings Bank, we tailor financial solutions to your farming operation. We realize that no two farm operations are alike. Even neighboring farms growing similar crops will use different techniques from seeding to harvesting. We take a unique approach serving each of our agribusiness customers. Come on in and tell us your current situation and ultimate goals. We will customize a solution that meets your specific needs. We offer term loans, lines of credit, and real estate loans, designing them to do what you precisely need through Farmer Mac.

At McHenry Savings Bank, we are local people making local decisions. We have been serving the Banking needs of the people of McHenry County, Illinois, for over 60-years. With locations in McHenry, Richmond, and Johnsburg, we are a full-service financial institution with personal, commercial, agriculture and investment services. We also service areas outside of McHenry County so feel free to contact us. Please contact Tim Kempel, Senior SVP, Director of Agribusiness at 815-331-6406 for more information.