Software company Figured has partnered with Heartland Bank to offer lending for farmers.
Figured is 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 is a logical step as it increasingly becomes 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.”
Figured will initially provide lending services to the dairy sector, supporting contract and sharemilkers, and intends to add further loan options over time to increase the choice farmers have when it comes to accessing capital.
Heartland Bank chief executive Leanne Lazarus is delighted to partner with Figured.
“We have supported New Zealand farmers for more than 145 years and currently lend to more than 2000 farmers.
“This partnership provides an opportunity for farmers to access capital using existing data and software to support the lending process.”
Farmers and their advisers will be able to apply for lending through the Figured software from today or they can visit https://lending.figured.com for more information.
