Cultivating a Strong Relationship with Your Lender

In Episode 3 of AgCredit Said It, our team of hosts shares their advice on how beginning farmers can find and choose the right lender for their needs.

Here’s a glance at this episode:

• [00:26] It can be intimidating to approach and communicate with your financial lender, but it’s just as important to have a relationship with them as it is with your agronomist or seed dealer.
• [1:26] If you’re a new borrower, find and choose a lender by asking around. Ask other farmers with whom they’ve had great experiences.
• [2:48] Multi-generational lending. As a young beginning farmer, be sure that the lender your grandpa or dad may have used still fits your needs. Because your operations look different today, find a lender that shares the same insight and experiences as you.
• [7:22] AgCredit prides itself on being a relationship-driven lender. Conversations are key in times of both success and distress.
• [9:19] One of the best ways you can start off on the right foot with your lender is through open and honest communication about your operation’s finances. 
• [12:05] Farming is an unpredictable business. The hosts share some of the toughest conversations they’ve had to have with their customers and how they worked together to get through difficult situations.
• [14:41] For a new beginning farmer, our hosts discuss what things you can come prepared with to get the most out of your first conversation with your lender.
• [16:50] Answering “I don’t know that number exactly” to your lender is an acceptable answer. It’s better to circle back with that number later than winging it.
• [17:33] Our hosts discuss what the process looks like. Whether it’s one or three meetings, or in the privacy of your home, or at the branch office, your lender has your best interests in mind. 
• [24:37] Take the time to understand your loan agreement. All parties involved in signing should know the terms. Don’t be afraid to ask questions.

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Host Bios:

Phil Young

Phil is an account officer for AgCredit serving Van Wert County. He’s been in ag lending for over three years but his agricultural background goes back much farther. He grew up on his family’s farm where his father raised a large herd of sheep. Currently, he helps with the family farm raising corn, soybeans and wheat. Phil likes working at AgCredit because he can help people achieve their dreams. Whether that is purchasing a new piece of farm ground, updating a piece of equipment, or helping a borrower understand their financials, helping his clients succeed is always his goal.

Libby Wixtead

Libby has been an account officer for seven years serving AgCredit members in Marion County. She grew up on a 200-acre grain farm and was very active in 4-H and FFA. Today, Libby and her husband operate a 2,400-head swine finishing barn. Her favorite thing about working at AgCredit is working with local farmers from the same area where she grew up and seeing their operations thrive. She loves working in agriculture and helping her customers be successful year after year.

Matt Adams

Matt serves Paulding County as an account officer at AgCredit. He has worked in ag lending for over three years and previously worked in farm equipment sales for 11 years. He and his wife farm in northwest Ohio with their two daughters and son. His favorite part about AgCredit is the people. From the member-borrowers to the internal team at AgCredit, every day keeps getting better. Matt hopes to bring insights to ag lending and some laughs to the AgCredit Said It podcast.

Brenna Finnegan

Brenna has been an account officer serving Lorain County for three years. She’s worked in the agricultural industry for over 16 years with experience in livestock production, specialty crop production, seed production and processing/distribution. She grew up on a small family farm raising row crops and cattle. She currently has her own herd of beef cattle that she breeds and sells as show stock calves for 4-H and FFA members. At AgCredit, Brenna enjoys being able to work directly with the local farmers and especially helping young farmers achieve something that they didn’t think they could.