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Middle Bit: Growers Edge launches ag lending platform

October 8, 2021

Growers Edge, a provider of data-driven fintech solutions for the agricultural industry, has announced the launch of a fully digital financial software and services platform for the agriculture industry.

The customizable platform is built for ag retailers and input manufacturers of any size to process and manage loans quickly and efficiently. Powered by Growers Edge technology and software, the retailer’s branded online platform features apps for loan submission, management, and payment to simplify the process for both retailers and their grower customers. The platform also features a suite of tools and services to analyze and manage the retailer’s lending portfolio.

The Growers Edge software and services platform features three products:

  • Software as a Service Plus (SaaS+): Retailers utilize the Growers Edge financial analytics and loan processing platform to streamline finance operations and improve growers’ experiences.
  • Funded Lending Program: Using the company’s SaaS+ platform, retailers partner with Growers Edge to deploy fully customized, funded financing programs.
  • Sustainability Lending Program: Growers Edge tailors programs to provide lending services to growers adopting regenerative agricultural practices.

“Growers Edge is introducing a digitally-driven, end-to-end solution in agricultural lending,” said Dan Cosgrove, Chief Executive Officer, Growers Edge. “The combination of an experienced lending team with a powerful data science and IT team allows us to use data science and analysis to make loan decisions faster and more secure than traditional agricultural lending.”

Pilot projects are currently underway across midwestern states. The company’s first pilot is in partnership with Puris, the largest pea producer in North America. The financial solutions help Puris farmers purchase the seed and inputs used to grow crops. In turn, Puris purchases and turns the crops into pea protein, pea starch, and pea fiber.

Young Entrepreneur Convention to take place Oct. 30

The Young Entrepreneur Convention (YEC) is set to take place on Saturday, October 30 at the Iowa State University Student Innovation Center in Ames.

Speakers for the convention so far include Eric Engelmann, Nico Aguilar and Eric Reis, with more speakers to be announced soon.

The conference will also have competition that offers participants 90 seconds to pitch their business in front of a panel of expert preliminary judges, with two minutes for follow-up questions.

Tickets to the convention are available now for $99.

Iowa Business Council releases Economic Outlook Survey for Q3 2021

The Iowa Business Council (IBC) has released its third-quarter Economic Outlook Survey for 2021. The report measures member expectations for sales, capital spending, and employment for the next six months.

If the index measures above 50, sentiment is positive. The third-quarter survey’s overall economic outlook index is 65.41. This marks the fifth positive quarter in a row, projecting continued confidence in the state’s pandemic recovery efforts.

“While outlooks remain strong for the next six months, expectations have leveled off slightly in most categories. Sales expectations fell 1.25 points to an index score of 70. The employment index fell 2.5 points to 66.25. While the majority of respondents (55%) expect their workforce to grow, 40% do not anticipate a change in employment. Capital spending decreased 1.25 points to an index score of 66.25,” read the report.

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Middle Bit: Growers Edge launches ag lending platform | Clay & Milk
A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.
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