Flexible Operating Lines & Input Financing
Mar 01, 2024
We’re excited to announce the launch of online repayment for FBN Finance Operating Line customers, further streamlining the financing process for farmers.
This new platform upgrade was developed in direct response to feedback we received from our customers. As part of our mission to power the prosperity of farmers, the digital payment method gives farmers greater control over managing their farm finances.
Customers who make payments online unlock several key benefits, including:
1. Convenience: While customers previously had to either call our helpdesk to initiate a payment or pay by mail, the new online repayment tool is available 24/7. Plus, you can now link your preferred bank account to your FBN account so that you can make payments without having to reenter your account details each time. (You always have the option to enter new information for a new bank account in case you’d like to make payments from different accounts over time.)
This allows for a more discreet, private transaction as you no longer need to share personal information over the phone or via mail.
2. Speed: Online loan repayment is considerably faster than traditional payment methods. It may take several days for checks sent through the post office to reach their destination and verifying your payment details over the phone can be somewhat time-consuming, but making an online payment is quick.
You’ll receive an email confirmation once a payment has been processed a few days later.
3. Improved Visibility: The new online payment portal offers FBN Finance operating line customers enhanced visibility into their payment activity. You can transparently review payments, see your balance, and submit payments all at the click of a button.
Tech screen(s) shown for illustrative purposes only.
FBN Finance customers can pay back their operating line in full or make partial payments by going to the My Loans section of the FBN platform.
Select either Total balance, which will indicate the amount due this pay period, or select Other amount to enter a different number.
Then select to send repayment through your linked bank account or provide information for another account.
Click the Review Payment button to review payment scheduling and processing, your loan number, the payment amount, the payment date, bank account, and confirmation of terms and conditions, before clicking the Submit Payment button.
You can now request a payoff amount through the online portal. Simply access your Operating Line in MyLoans and click the button for “Request Payoff.”
If you prefer, you can email your request to: olservicing@farmersbusinessnetwork.com.
You can also call 855-281-6736 to request the information. Our team is happy to speak with you and, while payoff information will not be provided verbally over the phone, the team can process the request and email the payoff statement.
Payments made after March 10 are considered past due.
Eligible qualified borrowers may extend their Operating Line for a maximum of 60 days. Payments for those eligible extensions are considered past due 10 days after their new due date.
As some of us are farmers ourselves, we understand that income can vary significantly by season, so FBN Finance offers operating lines as a financing solution. Operating lines are a line of credit that can be used to:
Buy inputs, such as seed, fungicide, insecticide, and herbicide
Pay rent
Cover labor costs
Purchase equipment
Now through August 31, 2024, new FBN Finance customers can get 0% interest* financing on those products that qualify for 30 days after your first purchase from FBN Direct, our online shop. You can even lock in the 0% interest financing all season when you spend a minimum of $20,000, including a mix of four or more input products or two or more livestock product categories with a minimum spending of $1,000 per category or product by August 31, 2024.
FBN Finance operating lines range from $100,000 to $5,000,000 so you can invest in the products, people, and machinery you need for a profitable ag business. More than 2,400 farmers have used our instant decisions, competitive rates, and knowledgeable finance experts to fund the future of their farm.
*Terms and Conditions apply. For more information, see program details.
Financing offered by FBN Finance, LLC and its lending partners. Available where FBN Finance, LLC is licensed. Terms and conditions apply. To qualify, a borrower must be a member of Farmer’s Business Network, Inc. and meet all underwriting requirements. Interest rates and fees will vary depending on your individual situation. Not all applicants will qualify. NMLS ID: 1631119.
The material provided is for information purposes only. It is not intended to be a substitute for specific professional advice. Neither Farmer’s Business Network nor any of its affiliates makes any representations or warranties, express or implied, as to the accuracy or completeness of the statements or any information contained in the material and any liability therefore is expressly disclaimed. The information and opinions expressed by others in this material are their own and are not endorsed or approved by FBN or its affiliates.
Mar 01, 2024