Agricultural Loan Officer
Agricultural loan officers, or agriculture lenders, work to help producers and rural citizens obtain funds needed to fund their operation, purchase property and more through different loan and credit options. To do this, they combine agricultural and business knowledge with an understanding of each customer’s current financial position to provide the best option for the customer.
What Responsibilities Will I Have?:
- Continually develop lending relationships with existing customers
- Actively call on prospective borrowers
- Explain to customers the different types of loans and credit options that are available and their terms of service
- Develop and analyze all types of credit information
- Approve loan structures (the components that make up a loan, like the loan term, interest rate, collateral and repayment), pricing and conditions on loan transactions within your assigned authority
- Ensure all files are maintained in a secure environment to protect borrowers’ data
- Coordinate with other departments (ex. IT, credit, etc.) to ensure borrower privacy
- Interview applicants to determine their financial eligibility
- Participate in training as scheduled by the supervisor
- Keep an updated knowledge of types of loans and other financial services
- Evaluate the risk in loan transactions and assign a probability of default (the likelihood that a borrower will not be able to make payments)
- Prepare statements for unpaid accounts, negotiate repayment terms with customers and refer clients to debt collectors when necessary
- Manage and grow existing loan portfolios
- Participate in community and industry events
- Operate in compliance with laws and regulations and adhere to lending compliance guidelines
- Prepare credit analysis on assigned portfolio directly or through a credit analyst
Recommended High School Courses:
- agricultural education
- computer skills
- business
- mathematics
- economics
- personal finance
Education/Training Required:
Becoming an agricultural loan officer requires a bachelor’s degree in agricultural business, agricultural economics, business, accounting or finance. A general understanding of agriculture is valuable and desired when lending to agriculture clients.
