Figured Lending Launches
Figured Lending launches with first new offer for Contract milkers and Sharemilkers.
Turn your farming plans into reality with quick access to pre-qualified finance.
Figured is New Zealand’s largest provider of farm financial management software, used by more than 16,000 of New Zealand’s commercial farms. Figured chief executive, Dave Dodds, said Figured’s move into providing lending services to farmers was a logical step, as it increasingly became a financial hub for farmers and their advisers.
"Farmers face an increasing range of commercial and environmental challenges and opportunities. This means their advisers and lenders need to be smarter about how capital is accessed and provided. There is an opportunity for farmers, with their advisers, to use their individual data to apply for loans more efficiently and seamlessly. In turn, armed with financial and farm data, lenders will be in a position to make more timely and accurate lending decisions.”
This partnership provides an opportunity for farmers to access capital using existing data and software to support the lending process. “We know that farmers are an ambitious bunch, keen to develop their farm, improve the way they work, and try new things. But it takes money, which is harder to get these days. That’s why we’ve teamed up with Heartland Bank and launched Figured Lending – we want to give our farmers and their advisers, smarter options for accessing new capital.”
You can now access Figured Lending’s “Dairy Flexi Credit”, providing seasonal working capital for contract milkers and sharemilkers. It will be able to be used to cover operational expenses, plant & equipment purchases, and unexpected expenses - and pay interest only on funds used.
‘The process was very smooth – once Figured reviewed our forecast and saw that we had the required sum of money in our account, they transferred the full loan amount"
- Ryan Braddock, Contract Milker, Longstream Farms
This looks like;
- Revolving credit from $10,000 - $100,000, available now at 9.5% to cover cashflow and
unexpected expenses
- Fast application and decision
- No asset security required (GSA and personal guarantee required)
- Flexible term up to 12 months
- Funding possible within 5 working days from the date of signing
- Available to Figured software customers - Dairy Sharemilkers and Contract Milkers (NZ only)
Figured expects to add new lending products and services to give farmers more choices to access and manage capital.
They have also developed a Contract Milker Expense Calculator to help those dairy farmers looking to go contract milking, to better understand the income and expenses involved https://lending.figured.com/resources
Heartland Bank CEO, Leanne Lazarus, said: “We are delighted to partner with Figured. We have supported New Zealand farmers for more than 145 years and currently lend to more than 2,000 farmers.
Farmers and their advisers will be able to apply for lending through the Figured software or they can visit https://lending.figured.com for more information.
Pick up the phone and talk to your BFA advisor to discuss if Figured Lending is for you.