Business
operating Loans
Anyone here using FBN for farm operating loans?
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Yes … I used FBN for a small operating LOC in 2023. It was a good experience. Draws were available when I needed them … no payments until March 2024. At which time the entire LOC was due. I paid it and reapplied for 2024. It was pretty simple process. If you need a little extra gas in your tank until harvest… this was a great experience.
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Hi Everyone, I'm pleased to announce digital payments on operating loans are now live! To make a digital payment, go to the My Loans section:
https://www.fbn.com/financing/my-loans
@Verified FBN Member @Verified FBN Member @Verified FBN Member
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I have a operating line of credit that I didn't use very much. I was just testing the waters so to speak. The rate was higher than my local bank. It was easy to apply and get approved. My major complaint would be the lack of electronic banking. To make payment you have to mail a check. You also are required to periodically fill out a loan monitoring form. Unlike my local bank where my operating ...
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@Verified FBN Member thanks for the feedback. Building out digital payments and sweep capabilities are two of our top priorities. We are planning to launch digital payments this winter in 2024 and are working to have sweep capabilities available later in the summer. As we're building them, would be great to get your continued feedback.
#operatingloans
@Verified FBN Member @Verified FBN Member
I have - been happy with it - only thing I don’t like is that when you request funds it is direct deposited into your bank account but you have to write a check and mail it to them when you repay- it be nice if they had an option to repay through the app or online since the loan is already connected to your account.
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Thanks @Craig Baxter (MN), we're working on that feature now and should be releasing it this winter.
@Verified FBN Member
No, just land purchase loans and they were great to work with and very easy to apply for online. Quick also.
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I'd like to know myself. I'm interested but don't know how it works. So let me know too please.
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