Agribusiness is the business of farming. For people involved in agribusiness, of course, the word is simply a convenient shorthand for saying that one is in the business of agriculture. M&I Bank offers a comprehensive range of specialised products to rural customers, complemented by the dedicated service of agribusiness lenders. Credit options for agribusiness offered by M&I Bank are:
Lines of Credit
An M&I line of credit is designed to provide the flexibility and control that helps you respond to the changing nature of agribusiness. An M&I line of credit can assist you in creating a credit reserve to cover seasonal revenue fluctuations, unexpected costs and critical purchases.
- Use for any business purpose
- Write a check to access credit
- Pay interest only on the amounts you withdraw
- Periodic statements outline all activity in an easy-to-read format
Loans
Meet operating expenses and fund crop or livestock enterprises with resources from M&I. Your Agricultural Banker can help you determine the best approach for your financial situation and goals. To protect your assets, ask about credit life and disability insurance. You can take advantage of the flexible repayment terms and competitive rates that come with a pre-approved M&I personal property loan.
- Purchase new and used machinery and equipment
- Buy livestock
- Make minor real estate improvements
Government Loans
Tap a wide array of federal and state loan programs to help your farm prosper. Your M&I Agricultural Banker can sort through eligibility requirements and loan terms to find the most appropriate government-sponsored program. M&I participates in numerous government-sponsored programs, including:
- Credit Relief Outreach Program (CROP). Low-interest, government-guaranteed operating loans.
- Farm Asset Reinvestment Management (FARM). Low-interest loans for modernization or expansion.
- Beginning Farmer Bond. Non-guaranteed, federally tax-exempt financing to new farmers
- Farm Service Agency (FSA). Federal government-guaranteed lines of credit with ntermediate and long-term loans and interest assistance loans for qualified borrowers
- Small Business Administration. Direct and guaranteed long-term loans
Equipment Financing
Leasing often costs less and gives you more flexibility than purchasing with cash or loans. Your Agricultural Banker can show you how leasing helps you conserve working capital and gain key tax benefits. Instead of buying outright, lease equipment and pay for it only during the time you use it. M&I Equipment Finance Company, a subsidiary of M&I Bank, offers a full array of lease arrangements.
- Suitable for agricultural equipment, trucks, trailers, tractors and computers
- Three- to five-year terms
- Fixed rate protects against interest rate fluctuations
- Frees working capital for day-to-day use
- Flexible payments — monthly, quarterly, semi-annual, annual or varied schedules
- Tax advantages include off-book financing and deductions not available with traditional financing
Crop Insurance Services
Protect against unexpected crop yield losses due to acts of nature and market trends. Crop insurance from M&I can also help you qualify for Farm Service Agency programs, increase access to credit and reassure business partners and family. Your M&I Crop Insurance Specialist can clarify complicated policies, help you choose the right insurance – and will be there for you if you need to make a claim.
About M&I
Marshall & Ilsley Corporation (NYSE: MI) is a diversified financial services corporation headquartered in Milwaukee, Wis. M&I has 53 locations throughout Arizona; 33 offices in Indianapolis and nearby communities; 36 offices along Florida’s west coast and in central Florida; 15 offices in Kansas City and nearby communities; 26 offices in metropolitan Minneapolis/St. Paul, and one in Duluth, Minn.; 17 offices in the greater St. Louis area; and one office in Las Vegas, Nev. M&I provides trust and investment management, equipment leasing, mortgage banking, asset-based lending, financial planning, investments, and insurance services from offices throughout the country and on the Internet. You can visit the official website : www.mibank.com or www.micorp.com.