Equipment Finance Helps Drive Growth in the Agriculture Industry: Cost-effective Financing
According to the United States Department of Agriculture, agriculture and agriculture-related industries contribute more than $980 billion to the U.S. gross domestic product. America’s farms alone contribute more than $170 billion of that sum. Although it is widely known that agriculture is one of the largest contributors to our nation’s economy, what many do not realize is that on average, farmers and ranchers receive only about 16 cents out of every dollar spent on food. At the same time, agriculture producers must make near-constant investments in equipment, technology, and other resources to maintain their operations. Many are interested in options that enable them to upgrade machinery or take advantage of advances in technology without a large outlay of cash. For these farmers, ranchers, and growers, equipment financing may be the answer. A variety of equipment financing tools is available to agriculture producers and food processors, including one designed specifically for single-purpose agricultural structures, such as potato storage, onion storage, grain storage, and cold storage.