Growers Adds First Mid Bank & Trust as Finance Partner for Crop Input Purchases

Growers and First Mid Bank & Trust have partnered with the goal of making it easier for farmers to access financing. First Mid will provide an easy, efficient, and affordable way for farmers to achieve financing on inputs purchased through the Growers app. 

Steven Valencsin, CEO of Growers said, "With over 57% of all crop inputs being financed annually and interest rates having risen by ~3.50% in the past 12 months, now more than ever, access to efficient and flexible capital is critically important to farmers. Equally important to driving sales in agriculture retail, is being able to extend credit to farmers. Unfortunately, this is not always the most straightforward process and oftentimes, options are limited. We wanted to help solve this challenge for both our Ag Retail and Farmer customers - so we did."

The Growers app was developed to help farmers more efficiently do business with agribusiness partners. Initially, the platform focused on addressing the inefficiencies in the conventional input procurement process, which typically involves contacting multiple retailers, collecting relevant product information, and manually comparing options. By leveraging The Growers App, farmers and retailers can streamline this process by enabling farmers to submit their input requests within the platform, share them with retailers, and receive, compare, select, and purchase their inputs seamlessly in one place. This results in increased efficiency for farmers and empowers retailers to serve farmers in a modern, digitally enabled manner. The agreement between Growers and First Mid expands the value to include efficiencies in the financing process delivered to both farmers and retailers who are utilizing The Growers App.

“We are excited to partner with Growers to improve access to financing for farmers,” said Eric McRae, Chief Lending Officer of First Mid Bank & Trust. “This partnership will allow us to provide farmers with a more efficient and convenient way to apply for and receive financing through The Growers App. We are committed to providing our customers with the best possible service. This partnership with GROWERS is another example of our commitment to meeting the needs of the farming community.”

With this announcement, First Mid will offer financing solutions to farmers who are purchasing inputs through The Growers App. Farmers will be able to apply for financing with First Mid through the platform, which is available on mobile or the web, making the process simple and efficient.

“We are thrilled to welcome First Mid into our platform,” said Steven Valencsin, CEO of Growers. “This partnership will allow us to deliver even more value to the farmers that are utilizing our platform, as well as the retailers that are wanting to offer alternative financing products which are simple and easy to execute. Access to credit is essential for farmers during these financially turbulent times. With the rising cost of inputs and the uncertainty of the market, farmers need more access to capital from partners that understand the intricacies of agriculture lending. This partnership between First Mid and Growers will make it easier for farmers to access the financing they need from a provider that intimately understands agriculture.”