Modernize the Ag Lending Process to Stay Competitive
Farmers need access to financing faster than they did previously, but traditional methods cannot keep pace. Banks that leverage modern technology can accelerate lending decisions.
by Jim O'Brien
August 08, 2022•
1 min read
Agricultural lending differs in several key aspects, from duration to data to due diligence.
As farms get larger and run more like corporations, there is the need for more efficient loan processes, volume discounts and digital services that are not just “nice to haves,” but requirements.
Additionally, the agriculture industry is becoming more technologically advanced. To remain competitive among today’s modern farmers, agrifinance institutions must embrace digital banking practices by sharpening the digital prequalification or preapproval processes.
BankBeat recently spoke with Jim O’Brien, Co-founder and CEO of Agrograph, about why banks need to step up their technology.
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