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Today the Federal Reserve announced it will not raise interest rates, though signs did indicate a growing likelihood of another increase before the end of 2023. For now, however, rates will continue to remain steady for at least the next six weeks as the Fed waits to see the full economic impact of previous rate hikes.
This decision represents a continuation of the rate pause the Fed first initiated during its September meeting. This pause offered a brief respite from repeated rate increases earlier in the year, including a hike back in July that notably led to the highest U.S. interest rate levels in more than two decades.
While rates will remain steady for now, that unfortunately doesn’t mean much relief for farmers in the short term — especially in this still highly volatile market. Despite this challenging economic climate, there are flexible financing solutions available to support your operational needs.
When a fast-moving opportunity to buy farmland arises, it’s important to be ready to move quickly. Get prepared for a future land purchase by securing financing early with a land loan from FBN® Finance; instant approvals* are also available for qualifying applicants.
If you qualify for a land loan, you’ll be ready to make an offer as soon as the ideal piece of land becomes available without losing any valuable time**. This gives you a competitive advantage over others interested in the property and helps position you as a leading buyer.
It’s also helpful to work with a lender that can offer both fixed and variable rates across different terms. Available from FBN Finance, these flexible financing options enable you to lock in a rate based on what works best for your unique ag operation. Plus, you can refinance later once rates become more favorable in the long term.
Finally, while comparing lenders and rates is always wise, consider looking for a lender with no prepayment penalties. FBN Finance offers customized financing options with no prepayment penalties and the flexibility to decide your next move.
[View estimated rates and fees with the free land loan calculator from FBN Finance]
With rates staying at such high levels, it’s helpful to find relief where you can. FBN has four ways to save on inputs right now:
FBN Finance offers fixed rate, revolving operating lines of $100,000 - $1 million. With this payment option, you won't have to make payments until March 1, 2025. An FBN Finance operating line of credit can be used for a wide variety of approved ag operating expenses, including^ buying inputs from FBN Direct® or other vendors, paying for rent or labor, covering the cost of equipment or repairs, or financing other qualifying expenses.
This payment option currently offers a promotional interest rate of 3.99% on FBN Direct purchases. Lock in this rate through August 31, 2024 if you spend a minimum of $50,000 on all FBN inputs or $10,000 in livestock products by November 21, 2023.
Click here to start your application today or call 866-619-3080 to speak with a loan advisor.
Input financing, which are only applicable to FBN input purchases, are fixed rate, non-revolving lines of $10,000 - $500,000. With this payment option, you won't have to make payments until January 1, 2025. When you apply for input financing with FBN Finance, you’ll go through a straightforward application process that can be approved in one business day.*
This payment option currently offers a promotional interest rate of 3.99%. Lock in this rate through August 31, 2024 if you spend a minimum of $50,000 on all FBN inputs or $10,000 in livestock products by November 21, 2023.
Click here to start your application today or call 866-619-3080 to speak with a loan advisor.
Unlock 6% discounts on seed, crop protection, adjuvant and crop nutrition purchases from FBN Direct when you pay with cash now through November 21, 2023. Click here to start browsing available products from FBN Direct.
[Click here to see more details about the cash discount.]
From now until November 21, 2023, farmers can take advantage of special savings opportunities as part of the Cyber November sale. With special pricing on select burndown, post-emergence and pre-emergence herbicides, adjuvants and crop nutrition products, it’s a great opportunity to save.
[Related: Learn why now is a great time to buy inputs for next season.]
The next Fed meeting will be held December 12-13, 2023. Check back on the FBN Finance Blog at that time for more insights on what the next meeting — and potential rate increases — will mean for your ag operation.
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 with various available financing options.
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.
**Length of time necessary to complete the financing process will vary and depend on one's individual circumstances.
^Subject to certain restrictions in the financing agreement.
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.
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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.
^^Payments for all amounts owed under the associated FBN® Finance Operating Line of Credit are due March 1, 2025. If the total balance for all amounts owed is not paid in full by March 10, 2025, interest charges on all purchases of input products made through FBN Direct® between September 1, 2023 - August 31, 2024, using an Operating Line of Credit through FBN® Finance will be imposed from the purchase date at the stated (non-promotional) contract rate in the Operating Line of Credit loan agreement.
(1) Borrower will have seven (7) days from date of acceptance to sign loan notes and for loans greater than $500,000, thirty (30) days to fulfill all conditions outlined in the loan note.
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.
Qualified farmers must purchase within promotional period #1 (Sept 1 - Nov 21, 2023) to receive the 5.99% promotional rate or promotional period #2 (Nov 22, 2023 - Jan 5, 2024) to receive the 6.99% promotional rate. Any purchases made between January 5 - August 31, 2024 by farmers who did not qualify for the promotional rate lock will be financed at the variable standard financing rates. Farmers must complete a credit application and be approved by FBN Finance, LLC or our lending partner. Farmers must be credit qualified by FBN Finance, LLC, and all loan documents must be fully executed. Payment in full must be made by January 1, 2025; default interest rate charges apply.
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