CENTERVILLE —
On Sept. 24, Chris P. Beyerhelm, deputy administrator for Farm Loan Programs for the USDA, notified Farmers Bank of Northern Missouri that they have been granted Preferred Lender Status for the USDA’s guaranteed farm loan programs.
The Preferred Lender Program is a program for elite agricultural lenders who have experience with the USDA guaranteed loans.
PLP was developed to reward experienced lenders by streamlining and adding flexibility to the loan application and servicing requirements. USDA reviews and approves lender’s credit management system and then the lender originates and services guaranteed loans based on their procedures.
To qualify for the PLP designation, a lender must have made at least 20 USDA guaranteed loans in the past five years and have a low historical loss rate. The lender must have a proven record of submitting sound loan proposals and demonstrated ability to service guaranteed loans. USDA’s Farm Service Agency administers the PLP.
With this designation, Farmers Bank of Northern Missouri becomes only the eighth lender granted PLP status in Missouri based on June 1, 2012 data and the only one based in Missouri.
In Iowa Farmers Bank became the 26th lender with PLP designation.
Now as a Preferred Lender, Farmers Bank of Northern Missouri will have less paperwork to deal with and more time for providing credit to Missouri and Iowa farmers.
Business
Related Photos
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Four loan officers from Farmers Bank of Northern Missouri are presented with a certificate awarding the bank with Preferred Lender Status for USDA’s guaranteed farm loan programs. From left to right are James L. Harms, State Farm loan specialist with Missouri’s Farm Service Agency; Paula McCormack, vice president at the Unionville branch; Amy Lewis, vice president at the Trenton branch; Deanna Washburn, vice president at the Trenton branch; Brian Quint, vice president at the Unionville branch; and Michael Arnold, area farm loan specialist. Submitted photo
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Farmers Bank of Northern Missouri approved for Preferred Lender Status by USDA
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