Midwest Bank prides itself on being the premier agriculture bank in West Central Illinois. With branches in Warren, Henderson, Knox, and Mercer Counties, Midwest Bank has not only claimed these counties as its trade area, but also surrounding counties such as McDonough, Fulton, and Henry can take advantage of the expertise Midwest Bank has to offer in Agribusiness Banking.
The expertise of Midwest Bank is reflected not only in our experienced lending staff, but also in the wide range of products and technical innovations used to bring these products to you, our customer.
GrainBridge is a risk management software which helps you manage risk and reap rewards. Grainbridge takes the guesswork out of farming operations. This easy-to-use software, developed by Producers, gives farmers of any crop or livestock simple tools to manage business and risk more confidently with more information. When you utilize the GrainBridge solution, you gain the tools you need to build your business, such as the ability to create multiple profiles for all components of your farming operation. All of your financial data and plans are right at your fingertips, securely accessible via desktop and mobile devices.
- Startup Training
- Complimentary assistance building your initial plan
- 24/7 Customer Support
- Access to system updates and new enhancements
Midwest Bank Loan Products
Loans are available for general expenses during the operating cycle of your agribusiness. These funds can be borrowed as a single advance up front, or a revolving or non-revolving line of credit, giving you greater flexibility with the cash flow of your agribusiness.
Loans for Capital Purchases
Borrowed funds available for purchases such as equipment, inventory, or real estate that will be used over the term of numerous operating cycles.
All loans are offered at competitive rates and terms. Midwest Bank also takes advantage of available government funded programs, which allows some loan products to be offered at terms more advantageous than our regular loan programs. For further details on interest rates and terms of these loan products, please call one of our lender contacts today.
Midwest Bank works closely with the following government agencies. Each of these program options are initiated with your lender contact at Midwest Bank.
Farm Service Agency
Direct Farm Ownership Joint Financing Loan
This joint financing loan is for beginning farmers which allows FSA to provide more farmers and ranchers with access to capital. FSA lends up to 50 percent of the cost or value of the property being purchased. A commercial lender, a State program, or the seller of the farm or ranch being purchased provides the balance of loan funds, with or without an FSA guarantee.
Allows qualified borrowers to advance more loan funds against available collateral than typical loan guidelines allow. When used in combination with capital purchases, it can provide the borrower with an option to make a reduced down payment on a purchase.
Illinois Finance Authority
Beginning Farmer Bond Program
This program uses federally tax exempt bonds to reduce a farmer’s interest rate for capital purchases. The program may be used between a borrower and MBWI for a loan to make a direct purchase. The tax exempt interest income to MBWI enables us to charge the borrower the lower interest rate.
Young Farmer Guarantee Program
Designed to help young farmers finance capital purchases with favorable terms. Loans are made by the bank, which will then receive an 85% guarantee of principal and interest from IFDA.
Specialized Livestock Guarantee Program
Designed to help family sized livestock operators gain access to capital needed to enter, upgrade, expand or improve their livestock production business. Loans are made by the bank, which will then receive an 85% guarantee of principal and interest from IFDA.
State Guarantee Program for Restructuring Agricultural Debt
Designed to consolidate and spread out a farmer’s existing debt over a longer term at a reduced interest rate. Loans are made by the bank, which will then receive an 85% guarantee of principal and interest.
Full Time Farm Loans
Loans for the purchase or refinancing of farm real estate. Adjustable and fixed rate mortgages are available through this program. Standard underwriting and loan to value considerations apply to this program.
Part Time Farm Loans
Loans for the purchase of refinancing of residential property that contains excess acreage or any form of agricultural production. Borrower typically derives majority of their income from off-farm sources. Adjustable and fixed rate mortgages are available through this program. Underwriting and loan to value considerations are similar to FNMA and Freddie Mac guidelines.
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Matt Gillen, Senior VP Lending
Derrick Johnston, VP Commercial and Ag Lending
Justin Johnston, VP Commercial and Ag Lending
Eric Coulter, VP Commercial and Ag Lending
Tim Martig, VP of Consumer, Commercial and Ag Lending
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