The advantage of producers, a provider of data-driven financial technology (fintech) solutions for the agriculture industry, has announced the launch of a fully digital financial services and software platform for the agriculture industry.
The customizable platform is designed for agricultural retailers and input manufacturers of all sizes to process and manage loans quickly and efficiently, say Growers Edge officials. Powered by Growers Edge technology and software, the retailer’s branded online platform offers applications for loan submission, management and payment to streamline the process for retailers and their producer customers. The platform also offers a suite of tools and services to analyze and manage the retailer’s loan portfolio, Growers Edge officials say.
“Growers Edge presents a digitally driven end-to-end solution for agricultural lending,” said Dan Cosgrove, CEO of Growers Edge, in a press release. “The combination of an experienced lending team and a powerful data science and computer science team allows us to use data science and analytics to make lending decisions faster and more securely than traditional agricultural loans. ”
The Growers Edge platform uses data and analytics to help partners make informed lending decisions and provide an objective, data-driven review of their loan portfolio. The company has developed a streamlined underwriting scorecard that analyzes a producer’s credit using traditional loan analysis factors combined with credit and risk factors relevant to specialized short-term financing.
The Growers Edge software and services platform includes three products:
* Software as a Service Plus (SaaS +). Retailers use the Growers Edge financial analysis and loan processing platform to streamline financial operations and improve the producer experience.
* Funded loan program. Using the company’s SaaS + platform, retailers partner with Growers Edge to roll out fully customized and funded financing programs.
* Sustainable loan program. Growers Edge tailors its programs to provide loan services to producers who adopt regenerative agricultural practices.
“We are excited to be able to bring the speed, efficiency and flexibility we expect from consumer lending in agriculture,” said Hollie Bunn, director of loans at Growers Edge, in a press release. “Our goal is to provide retailers, cooperatives or input manufacturers with the tools they need to better serve their customers, streamline their internal processes and grow their businesses.”
Pilot projects are currently underway in the Midwestern states. The company’s first pilot is in partnership with Puris, the largest pea producer in North America. Financial solutions help Puris farmers buy seeds and inputs used to grow crops. In turn, Puris buys and processes the crops into pea protein, pea starch and pea fiber.
“The transition to various cultivation systems and regenerative agriculture practices can represent a huge financial risk for our producer partners,” Nicole Atchison, CEO of Puris Holdings, said in a press release. “Our pilot project with Growers Edge has given farmers more flexibility to continue these practices with confidence and safety and allows Puris to better support them throughout the process.” Growers Edge is currently building an extensive network of agricultural retailer partnerships for the 2022 growing season, company officials say.