Tillable unveils digital platform for financing farmland rentals
With approximately 80% of U.S. farmers renting their land, securing an operating loan should be a simple and streamlined process. Yet securing financing is still paper-based and slow. With the launch of Tillable Finance, Tillable wants to turn financing farmland rentals into a hassle-free process.
“Farmers can finance their tractors from John Deere, their seed from Bayer, and their crop protection from BASF, but they haven’t had a way to easily finance their rent until now,” says Corbett Kull, founder and CEO of Illinois-based Tillable. “Tillable Finance takes the hassle out of the bank loan process and streamlines it to be faster and easier for farmers to get approved and manage their payments. The platform also enables rental payments to go directly to the landowner.”
The program pairs eligible borrowers with a participating lender who provides operating loans to qualified, eligible borrowers on the terms and conditions provided by the lender, if the applications are approved. With approval typically taking one to two days, Kull says that farmers are able to secure affordable rates while only providing minimal information, which eliminates the detail-intensive process usually involved in securing a bank loan.
Easy and Convenient Process
Illinois corn and soybean farmer Andy Noe used Tillable Finance to secure a rental loan on farmland he acquired through Tillable’s complementary land rental platform. The new financing tool, he says, made the process easy and convenient.
“Filling out the loan application was smooth and fast,” Noe says. “It’s definitely user-friendly, unlike some other apps where you can get kicked off or get sidetracked and have to start over from scratch. Once I got approval, I didn’t have to transfer money or write a check, because that’s automatically taken care of — one less thing on my plate to worry about.”
Because they will receive guaranteed on-time payments if their renter uses Tillable Finance, farmland owners also benefit from the platform. “Landowners can stick with their existing farmer while still using Tillable to put a digital lease in place and track activities on their farm,” Kull says. “Meanwhile, their farmer gets access to affordable and easy rent financing delivered on time. Guaranteed.”
Tillable Finance features include:
- A completely online application process that is available 24/7 and provides loan status updates.
- Two knowledgeable on-call teams (through Tillable and their financing partner) to answer questions.
- Interest rates as low as 3.5%, without a mortgage.
“We’ve seen the effect of innovation in lending across mortgages, the auto industry, and consumer retail. We think it’s about time farmers got in on the gains, too,” Kull says.
Currently available in parts of Minnesota, Wisconsin, and Illinois, the company plans to expand availability of Tillable Finance in more Midwestern states by fall 2021. A list of eligible counties can be found at app.tillable.com/farmer-financing.
Launching Sustainable Leases
Tillable is also launching Sustainable Flex Lease, which helps landowners and farmers agree on and monitor sustainable farming practices. The product provides tools for farmers to easily report activities performed on the farm to the landowner and, depending on the farm’s performance and specifics of the lease agreement, distributes payment. It also supports enrollment in carbon credit programs.
Not only will the service help landowners work with their existing farmers to implement sustainable farming practices, but it also enables farmers who follow the practices to gain access to additional acres that may require them as part of a lease agreement. Initially, the program will be available in Iowa, Illinois, Indiana, Ohio, Wisconsin, Minnesota, and South Dakota.
“Caring for America’s farmland is at the core of Tillable’s mission, and it is nonnegotiable for the future of U.S. agriculture,” Kull says. “That is why we have built a platform that makes it easy to track and document how a farm is taken care of sustainably. Tillable can support existing landowner-tenant relationships or connect landowners with farmers willing to adopt sustainable practices and both help the environment and improve the quality of the land.”
Learn more by visiting Tillable.com/sustainability-b.