Producers looking for various types of financing assistance can often access Farmer Mac services through their local banking institution. Farmer Mac works closely with many community banks in order to provide the most comprehensive list of financial services to the agricultural industry.
“We are a major part of the ag finance infrastructure in the country and we partner with ag lenders across the country on their farmland loans,” said Patrick Kerrigan, Vice President of Business Development at Farmer Mac. “We partner with approximately 700 community bank lenders involved in agriculture, farm credit associations, non-bank lenders, on a national perspective.”
Farmer Mac services can also help to strengthen opportunities for rural banking institutions as well. “I think more importantly we give them choices, and we give them choices that they can pass along to their producers,” Kerrigan noted. “We allow our financial partner to access a full spectrum of loan products and kind of make their ag loan department a lot stronger.”
Many rural community banks do not have access to long term funding, which is where Farmer Mac can help enhance the offerings provided by a grower’s usual bank. “Those banks can, through a partnership with Farmer Mac…create a single bank solution for their clients. They can be their operating lender and also offer them long term funding for their real estate purchases, real estate expansions, development loans and refinances,” said Executive Vice President and Chief Credit Officer, Curt Covington.
Kerrigan and Covington both spoke to the value of the World Ag Expo that recently concluded in Tulare. The Farmer Mac team attends each year, as it provides a chance to interact with their banking partners and cultivate relationships with new potential clients. “It’s a great opportunity for Farmer Mac to check in with producers and lenders from all over the country, especially those in California, with the ability to assess the current thoughts on the ag economy.”
Listen to Kerrigan and Covington’s interviews below.