What happened to that new plateau? Jeff Wolfgram, Dakota MAC Manager / Senior Vice President [email protected]
Happy 2014 ½. What a first six months! Too dry, too wet, too high, too low, too warm, too cold, too risky, and too conservative. What will the second half of 2014 bring? In my prediction, more of the same volatility we have experienced the first six months. I’m going to bring up something I wrote about in our October 2013 Dirt. In today’s volatile world of Ag finance, don’t forget about Dr. David Kohl’s 3 “C’s” of being an effective lender. Dr. Kohl explained the 3 “C’s” as: (1) being Conservative during good times, (2) being Courageous during tough times and (3) being Consistent at all times. Don’t those apply to the producer as much as a lender? All three of the C’s are important, but I want to focus on the third “C” of being Consistent, especially in regards to marketing. Do you have a goal of hitting the home run every single year or would you rather keep hitting the single with runners on second and third and no outs? A consistent and trusted marketing plan will help you manage the risks in your operation. The same could be true about interest rates. In general, our long-term rates are up about 0.50% since last year; however long-term rates are down 2.5% compared to ten years ago. This is still a great time to lock in your interest rate and eliminate your interest rate risk. Ag banking continues to be a people business. People do business with people they trust and respect. This trust and respect is earned over time. Last time I checked, the color of our money is the same as our competition. You have many choices of where you could bank. Give us a chance; you will EXPERIENCE THE DIFFERENCE. Dakota MAC recently received the highest volume award at the Agri-Access Lender’s Conference in Des Moines (see picture). This is the sixth year in a row Dakota MAC has received this award from Agri-Access. Thank you for Dakota MAC’s success. Loan origination volume has been good the first six months of the year. We continue to expand our product offerings, which assists you in your ever-changing needs. We continue to gain interest in our AgEquity (RLOC) product that offers a rate below 3% and revolving line of credit for up to 10 years. Don’t forget we are the nation’s first Preferred Lender in the United States, which allows us more flexibility with Farm Service Agency and their loan program. Here’s to a great second half of the year! Jeff
Meet the Dakota MAC Staff: Erica Foxhoven DMAC Review Specialist, Yankton, SD [email protected]
(605) 655-7547 Erica began her career with First Dakota in 2013 as a personal banker and recently joined the Dakota MAC team in January as the review specialist. She reviews each loan to ensure a smooth closing process. Erica grew up on a farm near White Lake, SD and is a graduate of South Dakota State University. She now resides with her husband, Derek, and her one year old daughter, Chesney, on a farm outside of Fordyce, NE. Derek and Erica operate a cow/calf operation and custom background cattle. They also farm row crop corn and soybeans. Besides roping cattle and keeping up with Chesney, Erica also enjoys painting, photography and gardening.
3154 18th Ave. Suite #5 Columbus, Nebraska
200 E Highland Blvd #1 Watertown, South Dakota
55 River Road Suite #14 Ogallala, Nebraska
by Corey Maaland
I recently joined the Ag Committee of the Watertown Chamber of Commerce. In doing so, I have had numerous opportunities to promote Ag and the financial impact that farmers and ranchers have on local schools and communities; which in effect contribute to our nation and our world. By adding personal experiences to the knowledge that is already out there, we as Ag Ambassadors are able to connect with people and promote our industry. The majority of Americans who rely on Ag products don’t always understand how important agriculture is to their daily lives. With less than 1 percent of the American population holding the role of farmers and ranchers, this is why everyone involved in the Ag industry must be an ambassador. The role of an Ag Ambassador is to increase public understanding and education in the food and fiber industry, as well as promote appreciation and awareness in agriculture. You can be an Ag Ambassador in several ways. We need to bridge the gap between Ag producers and the consumer by answering questions in a positive manner. The questions are often as simple as: What does a farmer do? What do they grow? How do they grow it? What end product does it become? It is important to share your story, either one-on-one, on social media, or on a blog. Sit on a committee that supports and defends agriculture. Be an ambassador, so we remember our lives are still connected to agriculture. Seek to reach people who don’t realize how vital agriculture is to their everyday life by pointing out items they use daily that the Ag industry helped to produce.
Review Your Insurance Coverage
by Travis Schieffer
Mother Nature has really flexed her muscles in the past few months as it produced strong storms throughout the Midwest. All of us at Dakota Mac sympathize with everyone that has been impacted. As producers, weather not only affects your crops, but also the equipment you count on to raise those crops. Hundreds of pivots were damaged or destroyed in these storms, which in turn led to many insurance claims. If you haven’t already, I believe it is good time to review your pivot insurance policy and understand what it covers. Does it cover full replacement costs, collapse, collision with fixed objects or between two systems, and possible damage on initial circle? Are there age limits or theft deductibles? These are all great items to review with your agent. When it is all said and done, and it comes down to upgrading your center pivot after a loss, keep our Iron Country Equipment Financing program in mind. We offer a streamline process with very competitive 3 - 7 year fixed terms on new and used pivots. Contact Dakota Mac today to discuss all the details.
The 19th annual DakotaFest farm show will be held on Tuesday, August 19th through Thursday, August 21st, 2014 at the Schlaffman Farm near Mitchell, SD. The show runs from 9AM - 5PM on Tuesday and Wednesday and 9AM – 4PM on Thursday. First Dakota will once again be at the corner of 2nd and Main Street. We are excited to sponsor Jolene Brown at the SDSU educational tent on Wednesday, August 20th from 10am – 11am. In addition to sponsoring Jolene Brown, First Dakota will have Jolene Brown in our tent on Wednesday, August 20th after her speaking engagement for a book signing. Stop by our booth and join in on the excitement, or simply grab a glass of cold water and visit with our staff!
2837 W Hwy 6 #201 Hastings, Nebraska
2837 W Hwy 6 #201 Hastings, Nebraska
500 E Norway Ave. Mitchell, South Dakota