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Today the Federal Reserve announced it will not raise interest rates, a departure from earlier indicators signaling another increase before the end of 2023. With this news, rates will remain steady for at least the next seven weeks until the upcoming Fed meeting in late January.
This news prolongs the rate pause the Fed first initiated during its September meeting and continued in November, offering a brief respite from repeated rate increases earlier in the year.
However, the Fed did indicate it would continue to assess the U.S. economy moving into 2024 and anticipated three quarter-point rate cuts next year dependent on those assessments.
While interest rates will remain stable for now, market volatility will likely continue to impact farmers nationwide. It may benefit your ag business to take advantage of positive financing opportunities with manageable interest rates ahead of potential rate changes in the coming months.
In light of this rate announcement, it may be a good time for farmers to:
When you find the ideal piece of farmland or a great, limited time price on ag inputs, every minute counts. To speed up the financing process and get you flexible funding when you need it, FBN Finance offers instant approvals* on land and operating lines for qualifying farmers. [Learn more about instant approvals for land loans here.]
With 70% of farmland sales happening between September and March, it’s primetime for land buying activity. Before you’re up against other buyers interested in a particular ag property, proactively pre-qualify for a land loan of $75,000 or more from FBN Finance to gain a competitive advantage and be ready to make an offer on your dream acreage. Offering fixed and variable rates across different terms, FBN Finance lets you lock in a rate based on what works best for your operation. Gain peace of mind knowing you can also refinance once rates potentially become more favorable.
[View estimated rates and fees with the free land loan calculator from FBN Finance.]
With rates still at high levels, it’s helpful to find financial relief where you can. FBN Finance is offering three limited time, flexible financing opportunities to help farmers save money:
Cash Discount: Unlock a 5% discount on seed, crop protection, adjuvant and crop nutrition purchases from FBN Direct when you pay with cash now through December 31, 2023. Click here to start browsing available products.
Operating Line: Available at a 4.99%** interest rate for qualified applicants until January 31, 2024, revolving operating lines are available for $100,000 - $1 million with no payments due until March 1, 2025. Click here to learn more about how to qualify for this promotional interest rate offer, start your application today, or call 866-619-3080 to speak with a loan advisor.
Input Financing: Applicable only to FBN input purchases, input financing is available at a promotional interest rate of 4.99%** to qualified applicants until January 31, 2024, for non-revolving lines of $10,000 - $500,000 with no payments due until January 1, 2025. Click here to learn more about how to qualify for this promotional interest rate offer, start your application today, or call 866-619-3080 to speak with a loan advisor.
FBN Finance understands that every farmer’s situation is unique. Our loan advisory team aims to make the lending process straightforward and affordable, helping you manage and position your operation for successful growth through flexible financing options customized to fit your farm.
November Federal Reserve Meeting: Interest Rates Hold Steady
September Federal Reserve Meeting: Pressing Pause on Rate Hikes
July Federal Reserve Meeting: Another Interest Rate Increase?
*Approval is conditional and subject to the product’s terms and conditions, and underwriting.
**Qualified farmers who apply and accept (1) the terms of an Operating Line of Credit through FBN® Finance of $100,000 to $1,000,000 and payoff the balance in full by March 10, 2025 are eligible to receive a promotional interest rate of 3.99% when using the Operating Line of Credit to finance purchases of input products made through FBN Direct® between September 1, 2023 - November 21, 2023 and a promotional interest rate of 4.99% when using the Operating Line of Credit to finance purchases of input products made through FBN Direct® between November 22, 2023 - January 5, 2024. Qualifying input products include crop protection, adjuvant, crop nutrition, seed, animal health and livestock feed. Advances on the FBN® Finance Operating Line that are not for the purchase of input products from FBN Direct® will be charged interest at the stated (non-promotional) contract rate in the Operating Line of Credit loan agreement.**
Approved farmers who apply for and accept the terms of an FBN® Finance Operating Line and make a minimum $50,000 purchase of any input categories or $10,000 of animal health or livestock feed products only from FBN Direct® by November 21, 2023 or a $75,000 purchase of any input categories or $25,000 of animal health or livestock feed products only from FBN Direct® by January 5, 2024 will receive the benefit of automatic qualification for a promotional rate lock from FBN Direct®. The rate lock offers qualified farmers a promotional rate from 3.99% - 4.99% interest, based on the timing of qualification, on future purchases of input products only made through FBN Direct® by August 31, 2024.
Financing offered by FBN Finance, LLC and its lending partners. 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.
Disclaimer: The material provided is for educational purposes only. It is not intended to be a substitute for specific individualized tax, business, legal, investment or professional advice. Where specific advice is necessary or appropriate, consult with a qualified tax advisor, CPA, financial planner, or investment manager. Neither Farmer's Business Network, Inc. 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.
FBN Direct products and services and other products distributed by FBN Direct are offered by FBN Inputs, LLC and are available only in states where FBN Inputs, LLC is licensed and where those products are registered for sale or use, if applicable. If applicable, please check with your local extension service to ensure registration status. Nothing contained on this page, including the prices listed should be construed as an offer for sale, or a sale of products. All products and prices are subject to change at any time and without notice. Terms and conditions apply.
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