Nutrien Financial helps grower expand
Published: Feb 06, 2023
For growers, new land to farm can be hard to come by, so when there’s an opportunity to expand, they need to act fast. That’s exactly what Clint Followell was able to do with the help of Nutrien Financial.
Clint operates a corn and soybean farm in Indiana and had a unique opportunity to expand his operation.
“A good friend of mine made me aware of some additional acreage he wasn’t going to farm anymore,” says Clint. “Rather than go back to the bank, I was able to use Nutrien’s financing deal to help line up my finances so I could take over the additional acres.”
Until recently, Clint wasn’t aware that Nutrien Ag Solutions offered financing options and expertise from Nutrien Financial. He was interested to learn about the additional service and the ability for growers to work with professionals who could crunch the numbers and compare plans to ensure all the details included in his farm plan lined up with his financial position.
Previously, Clint had been purchasing his inputs elsewhere, but found that Nutrien Financial was able to put together a financing deal that included a blended interest rate. That rate was lower than prime and less than rates offered by other financial providers, and would significantly lower his investment per acre.
Nutrien Financial uses an innovative calculator to help growers find the best approach tailored to their specific business needs. That approach could involve cash, a specific financing program or a blend of cash and various offers.
“Cash discounts and other catch-all financing solutions that some retailers offer don’t always reveal the true cost of the purchase,” says Logan Spalding, Territory Sales Manager for Nutrien Financial. “Our experts at Nutrien Financial pride themselves on working closely with our customers to make sure they feel confident with their financial plans.”
The Nutrien Financial deal helped Clint take over his friend’s operation and cover the cost of inputs while saving money by securing a lower, fixed APR. While 2022 was marked by unrelenting inflation rate hikes, which translated to unplanned interest rate expense for many operations, this was not the case for Nutrien Financial customers. With Nutrien Financial, Clint was able to manage his cash flow better, which allowed him to preserve his bank operating line, yet still grow his operation by about 50 percent.
“Our goal is always to farm agronomically first, then go through what the grower’s intention is,” says Baron Ryan, Facility Manager for the Switz City, Indiana branch. “At the end of the day, we were able to lower the cost compared to an operating loan with the bank, and Clint didn’t have to sacrifice on service or quality products.”
One of the biggest differences Clint noted in his experience working with Nutrien was the partnership and collaboration offered by Nutrien’s agronomic and economic experts, in addition to the personalized touch Nutrien provided.
“There's a big difference in the way Nutrien operates,” says Clint. “It’s nice dealing with an in-house operation and not having to mess with the automated phone lines. It’s much more personal and I think most farmers appreciate that a bunch.”