Tractor finance – ELK Tractors http://elktractors.com/ Sat, 09 Oct 2021 04:24:38 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://elktractors.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Tractor finance – ELK Tractors http://elktractors.com/ 32 32 Powell Farmer, 12, Youngest Crop Insurance Holder | Some thread https://elktractors.com/powell-farmer-12-youngest-crop-insurance-holder-some-thread/ https://elktractors.com/powell-farmer-12-youngest-crop-insurance-holder-some-thread/#respond Sat, 09 Oct 2021 01:06:00 +0000 https://elktractors.com/powell-farmer-12-youngest-crop-insurance-holder-some-thread/ POWELL – It’s been a busy year for Tag Thompson. He bought his first tractor, using the money he earned from selling his oxen. He cultivated his first field and signed a contract with Briess Malt & Ingredients for his 10 acres of barley. He also repaid a loan that had helped him finance the […]]]>

POWELL – It’s been a busy year for Tag Thompson. He bought his first tractor, using the money he earned from selling his oxen. He cultivated his first field and signed a contract with Briess Malt & Ingredients for his 10 acres of barley. He also repaid a loan that had helped him finance the purchase of his first two cows while continuing to raise cattle through his own business.

And he was 12 years old.

For the ambitious young farmer, farming is a way of life. “I was born into a farming family,” Thompson said. “They told me I didn’t have to choose farming, but I was always interested in farming. I eventually got to be part of the farm more and more each year, and I kind of merged with it.

At the age of 5, Thompson began showing goats and chickens at the Park County Fair. He wanted to continue with the chickens, but the fair’s poultry show is held at the same time as the steers.

“I can’t sell a chicken [at the Junior Livestock Sale]so I had to do what I could sell, so I picked steers, ”Thompson said.

Steers take a lot of time and investment as a 4-H project, and for Thompson it has become a daily commitment throughout the year. Rather than settle for just one or two steers, he had bigger ambitions and founded Tag Thompson Cattle Co. in 2020. His brand – T reverse slash T – stands for his initials, TNT.

“He wanted his own brand, because he paid for his own calves,” said Maria Berchtold, Thompson’s mother.

Thompson’s herd currently consists of one bull, two calves, two cows and a heifer. He will soon be added to his herd, as he was recently named the recipient of a NILE Merit Heifer for 2022. Through the NILE Merit Heifer program, breeders give each youngster a heifer and then mentor them.

“I think mentoring is just as cool as winning the heifer,” Berchtold said.

Christensen Red Angus of Park City, MT, donates a heifer calf to Thompson and serves as his mentor. After a full year of lessons, conference calls and monthly reports, Thompson will show up at NILE 2022 and then take full ownership of the animal.

Thompson is one of 19 young people selected for the Nile Merit Heifer 2022 program and one of only two recipients from Wyoming.

Young people aged 12 to 16 are selected based on their merit, future goals, commitment to agriculture and ability to care for the animal.

Thompson’s commitment to agriculture is unwavering.

“It’s my lifestyle,” he said.

In his application for the NILE Merit program, Thompson said that “cows are my world”.

“But I would like to add to that – agriculture and animal husbandry are my world,” he said.

Thompson would like to make slogan stickers. Through Tag Thompson Cattle Co., he already sells stickers and hats bearing his brand, and he hopes to sell other merchandise.

The young farmer sets ambitious goals for his business, hoping one day to make himself known nationally. Thompson would like to breed registered seed and sell his bulls and heifers at the Black Hills Stock Show in Rapid City, South Dakota, where he can talk about his business with more people.

He wants to see Tag Thompson Cattle Co. continue to grow, without going into too much debt so that he can “build a good financial future in the beef industry”.

In addition, Thompson wants to carry on the legacy of the family farm. The 12-year-old is here for the long haul.

“I want to grow old with this business,” Thompson said.

Earlier this year, Thompson’s grandparents Steve and Julie Thompson leased him 10 acres to farm south of Powell. Thompson contracted with Briess Malt & Ingredients Co. and planted barley. He worked with Farm Credit Services of America to secure his crop.

“What’s cool is that they said I’m the youngest person to buy crop insurance in Wyoming,” Thompson said. “I would say that’s an achievement for me.

Throughout the summer he did all the fieldwork and finished watering the field for the last time just before the Park County Fair.

After harvesting the barley on August 10, Thompson was standing in the field as the sun went down, and he said he felt a little sad.

“I grew up all summer, and it’s just touching for the first time,” he said in a video posted to Facebook.

Thompson hired his grandfather to baling straw and then found buyers. He carefully tracks his income and expenses and saves for big purchases. Berchtold helps Thompson manage his finances and she said her son’s entrepreneurial spirit was evident from an early age.

“He was selling buckets of water at a barrel race when he was about 4 or 5,” Berchtold said with a laugh.

One of his biggest investments to date came in the spring: his own tractor.

Thompson had hoped to buy a tractor before his 12th birthday in May, but it was hard to find an older model he could afford.

“I started giving up and then I saw this one in town,” Thompson said. “Grandpa said it was a good buy, and I thought it was a good buy.”

The International 986 was in Thompson’s price bracket, and he bought the tractor in March.

“Her name is Reba, because she’s red,” he said.

Thompson has a knack for coming up with creative names for livestock and farm equipment. There’s Beastbine the combine, inspired by a YouTube video. Thompson named the calves Friendo Nintendo and Fatticus. One steer he featured at the 2019 fair was called BenJammin Franklin Rodriguez the 3rd Cub.

This year he’s kept it simple with his market steers: Frank and Chuck.

Thompson is finishing his fourth year with the Lonestar League 4-H Club, and he remains busy with a variety of activities. Earlier this year he learned to weld and completed his first welding project for the Park County Fair. At the 2021 event, he also had projects in agronomy, veterinary science, public speaking and fashion, modeling in the Revue de mode 4-H.

Thompson took a Limousin heifer and two market steers – Frank and Chuck – to this year’s fair, and sold Frank to the Junior Livestock Sale. Dick and Cody Eastman, owners of Lesco Enterprises, bought the beef from Thompson.

In his 4-H record book, Thompson included photos from the first show he attended with Frank, then said goodbye after the last show. After spending hours a day tending to his oxen and getting attached to the cattle, Thompson becomes moved when he talks about farewells. This is the hardest part of the job, but one that he accepts.

“I raise them to show off and bond with them, but also to feed a family,” he said. “That’s what Frank went to, and that’s what Chuck went to – they fed a family.”

Prior to the fair, Thompson worked hard to invite buyers to the Junior Cattle Sale, handing out invitations to local businesses.

With the tagline “The Tradition Lives On,” the invitations included a photo of her great-great-grandmother Blackburn at the Park County Fair in the early 1960s, as well as photos of her grandfather Steve, from his grandmother Julie and his mother.

Thompson appreciates the lessons he learned from his parents and grandparents, as well as other family and friends. He spends a lot of time cultivating with his grandfather.

“I want to cultivate with him as long as I can and learn from him,” Thompson said.

As Thompson ages, so does his responsibilities.

“This year I stepped even on Grandpa’s land more than I ever did,” he said. “I can’t do as much as mom or grandpa. I can do whatever I can, but I can’t do the same.

Berchtold said they don’t want Thompson to be working all the time – they also want him to have fun and be a kid.

As he gets together with friends and plays video games like most kids his age, often times Thompson finds himself on the farm.

“It’s just my job – that’s all I have to say,” he said. “It’s just what I do.”


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Cavan Credit Union maintains relationships with farmers https://elktractors.com/cavan-credit-union-maintains-relationships-with-farmers/ https://elktractors.com/cavan-credit-union-maintains-relationships-with-farmers/#respond Thu, 07 Oct 2021 13:12:00 +0000 https://elktractors.com/cavan-credit-union-maintains-relationships-with-farmers/ Mark Hayes, Director of Business Development; Noelle Fitzpatrick, Loan Manager and Therese Conway, CEO of Cavan Credit Union.PHOTO: SEAN MCMAHON Posted: Thu, Oct 7, 2021, 2:12 PM Last update: Thu, Oct 7, 2021, 2:30 PM Cavan Credit Union Joins Most Successful National Cultivate Farm Loan Initiative. Therese Conway, CEO of Cavan Credit Union, extends an […]]]>

Mark Hayes, Director of Business Development; Noelle Fitzpatrick, Loan Manager and Therese Conway, CEO of Cavan Credit Union.PHOTO: SEAN MCMAHON

Cavan Credit Union Joins Most Successful National Cultivate Farm Loan Initiative.

Therese Conway, CEO of Cavan Credit Union, extends an open invitation to the launch of the new farm loan offering on Monday morning October 11 at Clarkes of Cavan, Moynehall Retail Park, Cavan.

“We would love to see as many people as possible at the launch. It’s open to the general public, and in addition to learning more about Farmer Loans Cultivate, there will be plenty to see thanks to the machines on display from the Clarke Machinery Group. Swanlinbar’s M-Tec Engineering will also showcase some of its trailers and products, ”she said enthusiastically.

“I think we are all excited to be able to start dating again and we hope it will be a fun and interesting event,” added Conway.

The launch will take place from 11 a.m. to 1 p.m., with everyone welcome. Northern Sound will be broadcasting live the same day and there will be refreshments, take-out gifts and the chance to win a Clarke’s € 250 voucher.

Mark Hayes, director of business development at Cavan Credit Union, said the financial institution decided to add Cultivate Farm Loans to its loan product line after identifying agriculture as a particularly important sector for the local economy. .

“In addition to generating income on the farm, agriculture is also a central part of the rural community, with every euro earned by farmers having a multiplier effect in the rural economy,” he revealed.

Ahead of the launch, Cavan Credit Union has engaged in a series of stakeholder meetings with representatives from IFA, Macra na Feirme, Livestock Markets, Dairy Cooperatives, Teagasc, Farm Relief Services, Agro- industries, agricultural entrepreneurs, IFAC, accounting practices, LEADER and LION.

“The feedback from these stakeholder meetings was invaluable in identifying the real needs of the farming community in Cavan. We’ve learned that they value face-to-face personal banking, where a farmer can go to the credit union, discuss their loan needs with a lender who has farming knowledge, and where the farmer can go to the credit union. The process is simple and fully completed at the branch, ”said Mr. Hayes.

Noelle Fitzpatrick has been appointed Cultivate Loan Manager at the Cavan Credit Union. She has worked for the credit union for eight years. “She is very knowledgeable about loan underwriting and is also very interested in farming. She is currently completing her Green Cert at Ballyhaise College and is familiar with a farm and applying for a loan. She is the perfect fit for this role and is excited, as we all are, to bring Cultivate agricultural loans to the farming community of Cavan, ”said Mr. Hayes.

Raised on a farm in Cornafean, Ms Fitzpatrick revealed that she has always loved animals and farming. “I’m really looking forward to taking on the role of dealing with Cultivate Loans as it’s great to be able to combine my interest in farming with my professional life as a credit union loan manager. “

She added, “I know farmers are busy people with a lot of work to do and they appreciate a quick and efficient loan application process that is completed at the branch, which we offer here at Cavan Credit Union.

Cultivate Farm loans are specifically aimed at farmers and offer loans of up to € 50,000 for terms of up to seven years, at an interest rate of 6.55% (6.75% APR) at various purposes, including the purchase of livestock, agricultural development and the purchase of agricultural machinery. , with repayment schedules adapted to farmers’ cash flow.

The Cultivate Farm loan is designed with a competitive interest rate. “This is obviously important because of the nature of a farm’s cash flow and flexible repayment options are also a key factor and we will facilitate that,” Ms. Fitzpatrick said.

The loans are also open to young beginners trained in agriculture. “Seed funding for people starting out in farming will also feature in the Cultivate farm loan offering and we know from our feedback that there is an appetite for this because there are people out there. keen to get into farming, but there are costs to be covered in doing so, ”said Ms. Fitzpatrick.

“We look forward to working with a wide range of farmers in providing Cultivate agricultural loans and are confident that the Cultivate loan offering will meet the needs of the local farming community. “

Cultivate is now available in 100 credit union offices in Ireland. The average Cultivate loan is currently € 26,791, granted to a farmer over six years.

“In the first six months of 2021, Cultivate saw almost the same number of loan requests as all 12 months of 2020 (94% of 2020 volume),” Fitzpatrick revealed.

“This shows the desire of farmers to reinvest in their farms and highlights an appetite for maintaining sustainable agricultural businesses,” she added.

It also positively reflects the resilience of the agricultural sector throughout the COVID-19 pandemic.

The most popular loans so far in 2021 have been for storage and working capital, followed closely by farm buildings and tractor purchases.

The Cavan Credit Union team is hopeful that many members of the local farming community can join them at Monday’s launch event.

Contact Ms. Fitzpatrick for Cultivate Farm Loans at Cavan Credit Union at 049-4331715, by email at info@cavancu.ie or in the branch at 83 Main Street, Cavan.


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OTO Capital Launches Two-Wheeler Finance Services in Delhi, Auto News, ET Auto https://elktractors.com/oto-capital-launches-two-wheeler-finance-services-in-delhi-auto-news-et-auto/ https://elktractors.com/oto-capital-launches-two-wheeler-finance-services-in-delhi-auto-news-et-auto/#respond Wed, 06 Oct 2021 14:21:00 +0000 https://elktractors.com/oto-capital-launches-two-wheeler-finance-services-in-delhi-auto-news-et-auto/ The Delhi launch expands the geographic areas in which OTO currently operates and allows for a smoother and more efficient model for two-wheeler ownership, he said. Auto finance company OTO Capital said on Wednesday it had started services in the nation’s capital. OTO offers financing options for all major two-wheeler brands and has already partnered […]]]>
The Delhi launch expands the geographic areas in which OTO currently operates and allows for a smoother and more efficient model for two-wheeler ownership, he said.

Auto finance company OTO Capital said on Wednesday it had started services in the nation’s capital. OTO offers financing options for all major two-wheeler brands and has already partnered with 38 dealers in Delhi, the platform said in a statement.

The Delhi launch expands the geographic areas in which OTO currently operates and allows for a smoother and more efficient model for two-wheeler ownership, he said. “Delhi is a crucial market for two-wheelers with the largest number of vehicles registered in India. We are excited to venture into a new market and launch our offerings in the city.

“With our simple buying and financing experience, we hope to make the adoption of two-wheelers more convenient in the city and aim to increase the use of electric vehicles across India,” said his co- founder Sumit Chhazed. The company said it has received more than 60 new listings for Delhi showrooms and more than 300 inquiries about financing options for two-wheelers in the city or at dealer showrooms.

However, as consumers now prefer online shopping methods and showroom visits are not as frequent, OTO allows its customers to purchase vehicles by putting its entire range of vehicles online. two-wheelers, he said. The company added that home delivery and free home trial options are also available in the city now.

OTO Capital offers financing options for two-wheelers in which buyers prepay the same amount as other loans, but pay 35% lower IMEs and have the option of owning the two-wheeler at the end of the loan period. mandate by paying the remaining amount or by reselling it to OTO. With more than 300 partner dealers, OTO has financed more than 6,000 two-wheelers, the company said in the statement.

Read also :

HDFC Bank, India’s largest private auto lender, expects the festive shopping to contribute much to the recovery, provided there is no third wave of the pandemic. Mahindra & Mahindra Financial Services Ltd, one of the leading financiers in rural markets, agrees.

Ashok Leyland’s vehicle portfolio spans from intercity light commercial vehicles to 49 ton long haul trucks and a wide range of buses, safe transportation and user-friendly choices.


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Johnson promises ‘long-standing’ overhaul of post-Brexit UK economy https://elktractors.com/johnson-promises-long-standing-overhaul-of-post-brexit-uk-economy/ https://elktractors.com/johnson-promises-long-standing-overhaul-of-post-brexit-uk-economy/#respond Wed, 06 Oct 2021 09:58:16 +0000 https://elktractors.com/johnson-promises-long-standing-overhaul-of-post-brexit-uk-economy/ Published on: 10/06/2021 – 11:58Amended: 10/06/2021 – 11:56 Manchester (United Kingdom) (AFP) British Prime Minister Boris Johnson rallies his Conservative Party loyalists on Wednesday, promising a major overhaul to wean the UK economy off cheap foreign labor after Brexit. Ignoring panic shopping at gas stations, bare supermarket shelves and warnings from retailers of a gloomy […]]]>

Published on: Amended:

Manchester (United Kingdom) (AFP)

British Prime Minister Boris Johnson rallies his Conservative Party loyalists on Wednesday, promising a major overhaul to wean the UK economy off cheap foreign labor after Brexit.

Ignoring panic shopping at gas stations, bare supermarket shelves and warnings from retailers of a gloomy Christmas ahead, the Conservative leader says the short-term pain is well worth it.

“We are dealing with the biggest underlying issues in our economy and our society,” he is expected to say in his closing speech at the conference, according to excerpts released by the party.

“Problems that no government has had the courage to solve before.

“Because we are now embarking on the long-awaited change of direction in the UK economy,” Johnson will say, promising not to revert to the pre-Brexit “runaway immigration” model.

Instead, UK businesses will need to invest in their workers and technology to push the country “towards an economy with high wages, high skills and high productivity”.

But the transition will take time. In the meantime, the government has reluctantly accepted a limited number of short-term visas to attract truckers and poultry farmers from Eastern Europe.

For opposition parties and anti-poverty activists, Johnson’s pledge to “level” uneven growth also comes up against a weekly increase in benefits for lower-paid workers at the end of Wednesday.

As the prime minister put the finishing touches on his speech, protesters nearby condemned the “conservative lies” and played the Soviet / Russian national anthem aloud.

Johnson’s attempt to draw a line between his administration and previous governments that lacked ‘switchgear’ overlooks the fact that the Conservative Party has been in power since 2010.

Johnson wants to end what he says is an unchecked immigration addiction that has kept wages low Stefan Rousseau SWIMMING POOL / AFP

In contrast, Finance Minister Rishi Sunak – considered by many observers to be the heir apparent to 10 Downing Street – emphasizes continuity with the Conservative tradition of fiscal rectitude.

– Climatic silence –

The government attributes the severe labor shortages plaguing the UK economy not to its hardline approach to Brexit, but to the coronavirus pandemic.

But the supply crisis risks undermining the themes Johnson is expected to emphasize in his conference speech, including accelerating economic growth in the UK and in “world Britain” after the divorce from the United Kingdom. EU.

Johnson's government attributes severe labor shortages plaguing the UK economy not to its hard-line approach to Brexit, but to the coronavirus pandemic
Johnson’s government attributes severe labor shortages plaguing the UK economy not to its hardline Brexit approach, but to the coronavirus pandemic Paul ELLIS AFP

He is also expected to talk about Britain’s action on climate change and the need for global coordination, ahead of the convening of the two-week COP26 climate summit in Scotland from October 31.

Visiting the exhibitor booths at the conference on Tuesday, Johnson rode an electric bike, boarded an electric tractor and played with a puzzle to assemble a zero-carbon energy house.

But during the Conservative rally as a whole, the topic of climate change has been relegated to the background.

Sunak said on Monday that it would be “immoral” to bequeath debt due to a pandemic to future generations, but made no mention of saving those generations from a burning planet.

The omission was a “damaging sign” ahead of COP26 in Glasgow, commented Rebecca Newsom, policy officer at Greenpeace UK.

“Spending more money on green infrastructure now would save huge costs down the road and create millions of new jobs across the UK,” she said.

Johnson has become fair for stopping social benefit increases introduced during the pandemic and tax hikes to cover funding for health care and social services
Johnson has become fair for ending the increase in social benefits introduced during the pandemic and tax increases to cover funding for health care and social services Oli AFP SCARF

Foreign Minister Liz Truss also made no reference to the C-word – climate – in her speech on Sunday, while pledging to support “greener” growth and “clean infrastructure” in developing countries.

– The B word –

In contrast, the B word – Brexit – has been a recurring theme for delegates from Johnson’s party, confident that the current issues associated with the EU split will be resolved.

Johnson's key policy is to tackle economic inequality across Britain after Brexit and the pandemic
Johnson’s key policy is to tackle economic inequality across Britain after Brexit and the pandemic Paul ELLIS AFP

Brexit Minister David Frost chided the “anti-growth ideologies” and “lingering miserability” of the “anti-transport, anti-car” lobby.

Home Secretary Priti Patel used her own conference speech on Tuesday to pledge tougher action against climate protesters blocking roads around London.

The Prime Minister called the demonstrators “irresponsible crisp”.

But Johnson’s COP26 chairman Alok Sharma denied the party was softly supporting climate change with less than a month before welcoming delegates from around the world to Glasgow.

“Cabinet colleagues actually understand why getting it right is vitally important,” the former business minister told a small audience on the sidelines of the main conference.


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Kingston lawmakers revisit road safety campaign – Daily Freeman https://elktractors.com/kingston-lawmakers-revisit-road-safety-campaign-daily-freeman/ https://elktractors.com/kingston-lawmakers-revisit-road-safety-campaign-daily-freeman/#respond Tue, 05 Oct 2021 16:57:39 +0000 https://elktractors.com/kingston-lawmakers-revisit-road-safety-campaign-daily-freeman/ KINGSTON, NY – Lawmakers are considering allowing the city to spend up to $ 45,000 on a road safety campaign after initially rejecting a less expensive proposal. At a special online meeting of the Joint Council’s finance and audit committee on Monday, Alderman Tony Davis said he had had the opportunity to think more about […]]]>

KINGSTON, NY – Lawmakers are considering allowing the city to spend up to $ 45,000 on a road safety campaign after initially rejecting a less expensive proposal.

At a special online meeting of the Joint Council’s finance and audit committee on Monday, Alderman Tony Davis said he had had the opportunity to think more about the matter and get additional information . While he originally voted in June against spending the city’s $ 35,000 on a road safety campaign, he said council should reconsider the issue given the new traffic patterns being implemented on some streets in the city. Kingston.

There have been three cyclist fatalities in Kingston in the past year, most recently on September 18, when a cyclist was killed in a collision with a tractor-trailer in the Broadway and East St. James Street area. .

Following the incident, Mayor Steve Noble called on city lawmakers to reconsider his demand for a road safety campaign.

Davis, D-Ward 6, also said the original proposal was to hire a consultant to help the city with its campaign. He said adding money to the project’s budget would allow the city to send mail directly to residents’ homes, as was done when Kingston was raising awareness about the new recycling rules. Davis said the campaign could also use radio and newspaper ads, as well as social media posts.

Alderman Michele Hirsch, D-Ward 9, said if the city plans to advertise on the radio, it will have to allocate more money.

“Radio purchases are quite expensive,” she said. “I’m not saying don’t do it. I’m saying we would actually need to spend a lot more money.

Hirsch also said she wanted to make sure that any radio commercials would be directed not only to residents of Kingston, but to people from the surrounding areas who come to the city.

Alderman Steven Schabot, D-Ward 8, said he was okay with approving a road safety campaign, but didn’t want to spend more than the $ 35,000 initially offered. Alderman Don Tallerman, D-Ward 5, requested that the council be able to provide comments on any message the consultant provides to the public on road safety.

Tallerman said circumstances have changed since the campaign was first proposed, as the new roundabout at Albany Avenue, Broadway and Col. Chandler Drive has been completed and is in use. He said the campaign should focus on cyclists and the way they travel on city roads.

At Davis’ request, the committee passed a resolution authorizing the city to spend up to $ 45,000 on a road safety campaign. It has yet to be voted on by the entire council, which was due to meet on Tuesday evening.


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Data-driven farm finance will be an area of ​​opportunity for years to come, says Sunil Prabhune L&T rural finance, Auto News, ET Auto https://elktractors.com/data-driven-farm-finance-will-be-an-area-of-%e2%80%8b%e2%80%8bopportunity-for-years-to-come-says-sunil-prabhune-lt-rural-finance-auto-news-et-auto/ https://elktractors.com/data-driven-farm-finance-will-be-an-area-of-%e2%80%8b%e2%80%8bopportunity-for-years-to-come-says-sunil-prabhune-lt-rural-finance-auto-news-et-auto/#respond Tue, 05 Oct 2021 03:49:00 +0000 https://elktractors.com/data-driven-farm-finance-will-be-an-area-of-%e2%80%8b%e2%80%8bopportunity-for-years-to-come-says-sunil-prabhune-lt-rural-finance-auto-news-et-auto/ In an exclusive interview with ETAuto, he says his job doesn’t end with the loan disbursement, it starts there, and stresses the important role that data and analytics play in lending, customer service and delivery. loan portfolio management. “We focus on using data to eliminate human bias, subjectivity, bringing more objectivity, transparency, robustness and reliability. […]]]>

In an exclusive interview with ETAuto, he says his job doesn’t end with the loan disbursement, it starts there, and stresses the important role that data and analytics play in lending, customer service and delivery. loan portfolio management.

“We focus on using data to eliminate human bias, subjectivity, bringing more objectivity, transparency, robustness and reliability. Ours is a complex data-driven model that allows us to get a big picture of how the industry is likely to perform in the medium to long term. This ensures that we are able to look ahead and decide on which position to take and that we are not surprised to react to the performance of the above variables. Data has to play a very important role in giving us the ‘early warning signals’, ”adds Prabhune.

The extracts:

Q: The rural economy has been the silver lining of the auto industry in India for the past two years, mainly due to the good harvest. How is this reflected in your portfolio and what kind of growth has L&T Finance experienced?

A: Amid the harsh realities of the past 18 months with unforeseen economic and human costs, India’s agricultural sector has shown its confidence and ability to recover from one of the most terrible tragedies the country has seen in decades. . Throughout the difficult phase of the Covid pandemic, the resilience of the rural and agricultural sector has continued, as evidenced by new tractor sales figures. This was also reflected in the performance of our particularly robust portfolio and in the efficiency of fundraising since last year. While the second wave was harder for our country in terms of human cost, the rebound capacity of the rural economy was also manifested this year.

More broadly, we believe it is a sector of opportunity and resilience. If we are prepared to take a granular view of this sector in terms of multiple states, districts, PINs, agro-climatic zones, rather than a holistic approach, we believe this will remain a sector of opportunity for decades to come. .

Q: A major challenge in the banking industry is when new consumers with no track record show up for loans. How does technology help you in this regard?

A: In developed markets, where agriculture is much more mechanized, almost 100% of the tillage is done with machines. In India it is only 50% and the rest is done using animal or even human energy. Therefore, the scope of the opportunity is very clear.

In addition, our country represents 1 / 6th of humanity. So the responsibility or the opportunity is to feed 1 / 6th of humanity. This is the second opportunity.

The third is from the point of view of the glass being more than half full. Today when we take out our farm equipment finance portfolio, about 60% of clients come to us with existing credit bureau data, 40% are new clients. So one way of looking at it is that only about half of the market is addressable. Another way of looking at it is that there is still a very large part of clients who have not had the opportunity, have chosen to access credit. They can potentially serve as new customers for mechanization as well as finance.

Data plays a very important role here. The data allows us to create lookalikes for loans to clients who do not have a credit bureau history. We have quite a long experience in underwriting for clients. We focus on using data to eliminate human bias, subjectivity, bringing more objectivity, transparency, robustness and reliability. We are for the democratization of credit which, in our opinion, should be the driving force of any organization that sees financial inclusion as its mission.

Our job doesn’t end with the loan disbursement, it actually starts there. Data has to play a very important role in giving us the “early warning signals”. These signals are the ones we get even before the account is a day late. When the count is still regular, what are these potential pitfalls? Is there something wrong with this particular PIN or agro-climatic zone? Has the borrower shown stress in relation to their other loan relationships or to lenders outside of our loan portfolio? All of these factors are taken into account to trigger the early warning signals that allow us to have more specific conversations with our client and ensure the account remains healthy.

Q: Agriculture is an unstable industry which depends on factors like monsoon, crop cycle, etc. How do you deal with these factors? does technology also play a role here?

A: Prudence is the backbone of funding. Therefore, financing the rural or agricultural sector cannot be a gamble because we play with the monsoons every year. The work in terms of applying data and technology begins long before the first customer approaches us with a credit application.

In our case, the work begins with the development of complex economic models that take into account not only the behavior of monsoons, but also factors such as irrigation density, reservoir levels, soil moisture levels, cultivation methods, current PSMs, the state of state finances and alternative sources of income available to the client, including public works.

Today when we take out our farm equipment finance portfolio, about 60% of clients come to us with existing credit bureau data, 40% are new clients.Sunil Prabhune

It is a complex, data-driven model that allows us to gain an overview of the likely performance of the sector in the medium to long term. This ensures that we are able to look ahead and decide on which position to take and that we are not surprised to react to the performance of the above variables.

Q: How do Jan Dhan account, Aadhar card, and strong smartphone penetration even in the hinterland of the country help you get to know your customers?

A: The fact that today Indians have access to banking services through the Jan Dhan account, a verifiable identifier through AADHAR, represents huge opportunities on a very new scale for the industry. The penetration of mobile phones has enabled us to take many steps. Data suggests there are more mobile connections in rural India than in urban India and many of those connections are via smartphones. It’s not just for financiers to mine data. It is also about customers who consume information, which makes their economic activity, agriculture, much more productive. All of these things come together to create a better business model for the farmer in our country.

A bank account means that the payment received by the farmer is transparent and there are no leaks. The national identifier allows the farmer to deal with multiple entities, including financiers directly and transparently. The mobile phone allows a farmer to access information on the right price of the product and the right interventions that allow the farmer to make important economic decisions to preserve the health of the crop, etc. In our opinion, all of this makes for a more conducive ecosystem. in which we can lend with more confidence.

On the financial side, we obviously have to respect the privacy of our clients. We need to be ethical with the data we consume in the process of writing credit or managing the life cycle of that customer’s account.

The data we have across multiple channels and with customer consent allows us to make informed credit decisions as well as take the right actions when managing the account. One of the claims of all of this is that the delinquencies on our farm equipment finance book have been going down secularly and have remained low. In addition, even in the worst phases of Covid, collection efficiencies were as good as in the same months of the previous year and even better for many months. All of these testify to the above factors that are manifested on the ground.

Q: Is the behavior of the rural consumer / farmer, who is sometimes pampered by credit waivers and not too hampered by CIBIL scores, different from that of the urban consumer?

A: We find our clients to be reputable and take their debts very seriously. Sometimes circumstances may force some of them to delay part of the payments. But as long as we are there to hold such a customer during this phase, the likelihood of that customer going back to being a repeat customer is very high.

It is not a spectator sport; it is a close contact sport. It also means that we are intimately aware of the farmer’s cash cycle. When is the crop harvested? When is it going to mandi? When is the harvest monetized and does the money become available to the farmer to meet his obligations? As long as we stay in close contact with the farmer’s cash cycle, the likelihood of the account going negative is very low.

More importantly, I don’t think the client chooses to honor their debt because of the threat of the credit score. It is because of an innate desire of ordinary human beings to honor their promises. It’s up to us to create the right enabling environment to help them deliver on those promises. Are we in close contact with customers? Are we aware of their cash cycle and provide them with multiple payment options, do we offer the digital option to ensure repayment becomes convenient?

On the subject of loan waivers, whenever it is discussed, quite often NBFC clients are not even part of or are not eligible for the discussions. But we don’t think this has a negative impact on our portfolio. Our relationship with our customers is bilateral. We trust their sense of honor and the robustness of our processes and systems to jointly ensure the sustainability of the portfolio.

Q: Beyond tractors, what are the other segments where L&T Finance is experiencing good growth, and what is the overall potential that you see in the area of ​​financing of agricultural equipment?

A: We believe that it is possible to continue mechanization in our country. Within it, there is a segment, agricultural implements, which is underserved. For about nine lakh tractors sold last year, only about 3 lakh to 3.5 lakh of tools of a certain standard quality were sold. There could be tools produced and distributed locally, but we’re talking about tools that are standard and have a certain pedigree and background in terms of manufacturer, etc.

We visualize that this particular area of ​​tools, within the larger ecosystem of agricultural mechanization, offers good opportunities. We have developed innovative products that can generate financing options for our customers who wish to purchase better tools to improve the efficiency of their farming operations. We definitely see it as an opportunity as we move forward.


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Hyderabad Confidential | Hyderabad News https://elktractors.com/hyderabad-confidential-hyderabad-news/ https://elktractors.com/hyderabad-confidential-hyderabad-news/#respond Sun, 03 Oct 2021 22:38:00 +0000 https://elktractors.com/hyderabad-confidential-hyderabad-news/ Waiting in the wings Will the Telangana government re-appoint IPS officers to positions held by IAS officials in Telangana? IPS officials headed the drug control administration, civil supply department, and legal metrology for several years. However, for two to three years, the posts of commissioner or controller or director of these services have been occupied […]]]>
Waiting in the wings
Will the Telangana government re-appoint IPS officers to positions held by IAS officials in Telangana? IPS officials headed the drug control administration, civil supply department, and legal metrology for several years. However, for two to three years, the posts of commissioner or controller or director of these services have been occupied by IAS agents. Several IPS agents promoted or transferred or income from the central deputation are awaiting assignment. The chatter among bureaucratic circles is that IAS officials in these positions will again be replaced by IPS officials. IG IPS managers, the additional DG Rank positions wish to be posted somewhere instead of being held on hold.
New CEO for the electoral commission
Once the Huzurabad by-election is over and dusted off, Telangana could secure a new Chief Electoral Officer (CEO) for the Election Commission. A little bird says that current incumbent Shashank Goel plans to go to central delegation before completing his tenure as CEO. The IAS 1990 batch manager was appointed CEO of Telangana in March 2020 and completed a year and a half.
Karimnagar Bidda for the top position in Genco?
It appears the state government is keen to bring SCCL Chairman and CEO N Sridhar to TS Genco on a permanent basis. The 1997 IAS Batch Officer has already completed his deputation at SCCL and has continued for the past seven years. It is learned that CM KCR wants to use its services in TS Genco, as SCCL has installed a thermal power plant in Jaipur in Mancherial district and SCCL has plans for solar power plants. In addition, the current TS Genco and Transco CMD D Prabhakar Rao are not holding up well. KCR wants Karimnagar Bidda to take over Genco’s post, according to our sources. Currently, Prabhakar Rao is on leave for 10 days and Sridhar is holding on.
Cross voting
Usually, cross voting occurs on crucial bills in parliament, or for indirect elections like Rajya Sabha and MLC elections etc. (Mother’s Diary) took place a few days ago. The TRS in power has 217 votes (companies under Narmul), four directors obtained respectively 255, 243, 232 and 219 votes. Nalgonda District Minister G Jagadish Reddy, who is in charge of elections for the TRS, managed to win a few votes from Congress (with 61 votes), BJP, CPI and CPM.
Disappearance certificate
Move over the disappearance acts we see in Bollywood and Tollywood movies since our childhood. Our elected officials of the TRS had the direct experience of the act of disappearance carried out by the Minister of Finance T Harish Rao. Several TRS MPs were planning to meet Harish after Assembly Question Time on Friday, but were left puzzled to learn that Harish, who answered two responses in the House, was already on his way to Huzurabad, located 170 km from Hyderabad. , before they even come out after Question Time to meet him. Now this tells us how crucial Huzurabad’s auxiliary vote is for Chief Minister K Chandrasekhar Rao.
Eyes closed on Hyderabad
AIMIM chairman Asaduddin Owaisi is said to be unhappy with some of the party’s leaders. The vineyard in the old town is that some of the corporators have joined with the planning officials of GHMC. What left the eyebrows raised was the ultimate salvo from the Hyderabad MP when he warned corporations in his inimitable style. “Don’t take me for granted because I’m away from Hyderabad for political tours to other states. Wherever I am, my eyes are always on Hyderabad. Don’t think I won’t know anything. I get them all. The information. One more complaints against you, and you all know I have the best of treatments for that, “he said.
Intimidating security
One glance at the security personnel on duty for 1999 Batch IPS Officer Stephen Ravindra, you might be wondering if something is wrong? Cyberabad CP’s security team continues to display assault weapons, while its predecessors including VC Sajjanar, Sandeep Shandilya, V Naveen Chand and CV Anand used to consciously avoid having gunmen with assault weapons around them at the office to make sure visitors aren’t intimidated.
Long wait till midnight hour
Several IPS agents waited impatiently until late on the night of September 30, looking for new GAD GOs on the day that DG Rajiv Trivedi retired from the service. Although ADG (L&O) Jitender was given the additional charge of the post of DG Prisons & Correctional Services of Rajiv Trivedi, to the disappointment of many, the long-awaited transfer orders and new assignments they sought were never arrived. Senior IPS officers CV Anand, Vijay Kumar, who reported to the government after coming from the CISF and IB central delegation, have yet to receive new assignments. Former Karimnagar CP VB Kamalasan Reddy was also not given a new assignment.
Ropemaker
Physician, heal thyself, is a saying that can aptly be applied to the officials of Collector Rajanna Sircilla. During the recent heavy rains, collector Anuraag Jayanti had to leave the collector’s premises for an inspection of the areas that had been flooded. The tragedy was that the area near the collector itself had been flooded as there was no way for the collector to get out of the newly built premises in his car. And so, a tractor was requisitioned. The collector and officials sat in the tractor to drive out of the collector’s premises. That was not all. The officials, protectors of the collector, as they were, also ensured that there was an earth moving machine right behind the tractor. Because if the tractor got stuck too, the digger could give it a boost.


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Drug dealer gets 7.5 years in prison https://elktractors.com/drug-dealer-gets-7-5-years-in-prison/ https://elktractors.com/drug-dealer-gets-7-5-years-in-prison/#respond Sat, 02 Oct 2021 09:46:33 +0000 https://elktractors.com/drug-dealer-gets-7-5-years-in-prison/ Federal prosecutors said in a press release on Friday that the latest defendant in a multi-person indictment was sentenced to federal prison last week, putting an end to significant criminal activity by a trafficking organization. drug and money laundering in Eastern Arkansas. The statement said Termaine Ontario Slaughter, 36, of Parkin was sentenced to 7.5 […]]]>

Federal prosecutors said in a press release on Friday that the latest defendant in a multi-person indictment was sentenced to federal prison last week, putting an end to significant criminal activity by a trafficking organization. drug and money laundering in Eastern Arkansas.

The statement said Termaine Ontario Slaughter, 36, of Parkin was sentenced to 7.5 years in federal prison Thursday by U.S. District Judge James M. Moody Jr., who also ordered Slaughter to serve five years of freedom. monitored.

Slaughter pleaded guilty in November to conspiracy to possess with intent to distribute methamphetamine and conspiracy to launder money.

On November 7, 2018, Slaughter was named in a 16-count indictment with Demario Smith, 40, of Southaven, Mississippi; Elliott Davis, 41, of Colt; and Montana Smith, 45, of Parkin as being involved in the distribution of methamphetamine in the Forrest City area.

Federal officials said Slaughter and Demario Smith used the drug proceeds to finance a trucking company, Prudent Transport, and a rental company, Upscale Properties. Evidence showed that Slaughter and his associates imported meth from the Dallas area using couriers who drove a Megabus from Memphis to Dallas and back. The organization also imported methamphetamine from California using the US Postal Service and other postal services.

The release said analysis of the trucking company and rental property records showed that from 2013 to 2017, Slaughter’s personal and business accounts had deposits of $ 733,811 from unidentified sources. The analysis showed that there was $ 877,359 in cash expenses for vehicles and other items that did not come from the accounts, including the purchase of semi-trailers for the trucking company.

Examination of bank records revealed that cash deposits of less than $ 10,000 were routinely made at bank branches in Memphis, Mississippi and Arkansas, with the corresponding amounts being withdrawn from other banking establishments. on or around the same dates.

During Thursday’s sentencing hearing, in addition to receiving his prison term, Slaughter agreed to confiscate numerous firearms and five vehicles, including four highway trucks used by Prudent Transport and a Dodge Challenger.

On November 19, Demario Smith pleaded guilty to one count of conspiracy to commit money laundering. On May 26, he was sentenced to 33 months in prison. Davis pleaded guilty to one count of conspiracy to possess with intent to distribute methamphetamine, and on June 8, he was sentenced to 51 months.

Also on November 19, Montana Smith pleaded guilty to prison abuse, and on June 9, he was sentenced to five years probation.

Acting U.S. Attorney Jonathan Ross attributed the lawsuits to a partnership between federal agencies, including the Drug Enforcement Administration and the Internal Revenue Service.

“Our office and our federal partners will use all available resources to dismantle and disrupt drug trafficking organizations in Arkansas,” Ross said in a press release. “In this case, we followed the money, and that led us straight to criminals trying to poison our communities. As these drug dealers have learned, if you choose this line of work, take advantage of it. ‘money as long as you can because he earned it doesn’t last as long as your prison sentence. “


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Anand Mahindra explains how India’s independence horoscopes and the Mahindra group aligned https://elktractors.com/anand-mahindra-explains-how-indias-independence-horoscopes-and-the-mahindra-group-aligned/ https://elktractors.com/anand-mahindra-explains-how-indias-independence-horoscopes-and-the-mahindra-group-aligned/#respond Sat, 02 Oct 2021 07:32:43 +0000 https://elktractors.com/anand-mahindra-explains-how-indias-independence-horoscopes-and-the-mahindra-group-aligned/ The Mahindra group of business industrialist Anand Mahindra turned 76 on Saturday. Anand Mahindra informed on Twitter that Mahindra Group, a startup that has now become a global brand, was born on October 2, 1945. “On October 2, 1945, a start-up received its registration and the Mahindra group was officially born. It was only a […]]]>

The Mahindra group of business industrialist Anand Mahindra turned 76 on Saturday. Anand Mahindra informed on Twitter that Mahindra Group, a startup that has now become a global brand, was born on October 2, 1945.

“On October 2, 1945, a start-up received its registration and the Mahindra group was officially born. It was only a few years before our nation was born, so we see our horoscopes aligned,” Mahindra wrote on Twitter.

Moreover, he said that it was a coincidence that the day of the founder of the Mahindra group was the same day that Mahatma Gandhi and Lal Bahadur Shastri were born.

“It was also pure coincidence that we celebrated our arrival on the day of Mahatma Gandhi’s birth. Coincidence that it was Lal Bahadur Shastri’s birthday. lead and what we must aspire to, ”Mahindra wrote.

He thanked 250,000 families of associates, stakeholders, customers of the company and wrote: “We are committed to continue to drive positive change and to keep growing, relentlessly.”

“Today, I would like to thank our family of 250,000 associates, this country which fed us, the whole world which welcomed us and all our customers and stakeholders in the world who encouraged us”, wrote the industrialist on Twitter.

He thanked 250,000 families of associates, stakeholders, customers of the company and wrote: “We are committed to continue to drive positive change and to keep growing, relentlessly.”

“Today, I would like to thank our family of 250,000 associates, this country which fed us, the whole world which welcomed us and all our customers and stakeholders in the world who encouraged us”, wrote the industrialist on Twitter.

On October 2, Mahindra & Mohammed was created by brothers JC and KC Mahindra with Ghulam Mohammed. However, after the Indo-Pakistani partition, Mahindra & Mohammed became Mahindra & Mahindra while Ghulam Mohammed moved to Pakistan and became the country’s Prime Minister of Finance.

On June 15, 1955 – 10 years after the founding – Mahindra & Mahindra announced their IPO. And, in 1956, its shares were listed on the Bombay Stock Exchange (BSE).

In 1963, following the demise of KC Mahindra, Keshub Mahindra became the second president of M&M Ltd.

In 1983, Mahindra became the best-selling tractor brand in India and has been in number one for three decades. In 1997, Anand Mahindra became the general manager of the company. Over the past 76 years, the Mahindra Group has achieved several milestones such as: In 1961, the group partnered with American manufacturers of agricultural machinery, household and commercial products for the manufacture of tractors. In 1977, the International Tractor Company of India (ITCI) merged with M&M and became its Tractor Division. Mahindra entered the IT telecommunications services space through Mahindra British Telecom in 1986 – the company later became Tech Mahindra. In 1996, Mahindra Holidays and Resorts India Ltd was born. In 2002, Mahindra launched the Scorpio car. In 2005, the Group joined forces with Renault and ITEC. In 2009, the Group entered Aeronautics. In 2013, Tech Mahindra and Mahindra Satyam merged. In 2014, Mahindra entered the FIA ​​Formula E Championship. Mahindra unveiled the Pininfarina Battista, the world’s first electric hypercar in 2019. And, in 2020, the Group launched THAR.

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Iron County buys a tractor https://elktractors.com/iron-county-buys-a-tractor/ https://elktractors.com/iron-county-buys-a-tractor/#respond Fri, 01 Oct 2021 21:41:53 +0000 https://elktractors.com/iron-county-buys-a-tractor/ By TOM LAVENTURE [email protected] Hurley – The Iron County board on Tuesday reconsidered a decision to refuse to pay for a tractor purchased without board approval. Council 7-6 approved a payment of $ 34,000 for a Kobata tractor with snow removal, grass mowing and buckets. The board turned down the same tractor purchase at the […]]]>

By TOM LAVENTURE

[email protected]

Hurley – The Iron County board on Tuesday reconsidered a decision to refuse to pay for a tractor purchased without board approval.

Council 7-6 approved a payment of $ 34,000 for a Kobata tractor with snow removal, grass mowing and buckets. The board turned down the same tractor purchase at the August board meeting when members expressed concern that the finance committee approved the major purchase without full board consent, with some members saying the purchase was not necessary.

County clerk Michael Saari said returning or selling the tractor would likely result in a loss of $ 7,000 to the county. Maintenance staff were on hand to discuss the need to remove the current John Deere tractor and purchase the Kobata tractor with larger attachments to maintain the courthouse grounds and five county-owned buildings.

Board members Scott Erickson, Patrick Hanson, Anne McComas, Joseph Pinardi, Opal Roberts and William Thomas reiterated their votes for the purchase. Board members Tanner Hiller, Karl Krall, Brandon Snyder, Thomas Thompson Jr and Larry Youngs reiterated their votes against the purchase.

Jamey Francis, who was not present at the August meeting, voted against the purchase. Kathleen Byrns and Ken Saari, the two previous non-votes, were not present.

Board member John Sendra voted against in August but voted to buy on Tuesday.

The Board of Directors approved the 2022 budget allocation of $ 80,000 for the Sheriff’s Office to order two Chevrolet Tahoe vehicles. The dealership noted that the inventory was short and the waiting list on new vehicles was over a year.

The board of directors approved the forestry department’s request to continue bids to build new toilets at the Iron County Fairgrounds. The discussion focused on concerns that pre-fabricated structures planned with equipment installed are prefabricated to avoid additional costs.

After learning that the current county coroner was not planning to run for re-election in 2022, the board discussed the possibility of creating a county medical examiner employee position. The coroner currently earns $ 12,000 a year, according to County Clerk Michael Saari, with insurance and benefits currently exceeding that amount.

A forensic pathologist position would represent an annual salary of about $ 80,000, he said. It does not include insurance, retirement and benefits, he said.

The council has taken no action on this matter. Board member Tanner Hiller recommended waiting until next May and June to see if candidates run for the position of elected coroner before considering the alternate employee position or taking a contract with a neighboring county.

In the forestry committee report, board member Thomas Thompson Jr. said stumpage sales in the county stood at $ 1,540,562.21 on Monday. This is an increase of 1.5% from the $ 1,517,694 in stumpage sales for the same period in 2020.

The department expects to receive just over $ 4 million in FEMA funding for the Saxon Harbor Reconstruction Project. There are fears that a federal government shutdown could delay payments.

The social services board approved the hiring of a social worker.

In other cases, the county council has approved:

—The County Library Plan, a requirement of the Northern Waters Library System every five years.

—The cost of approximately $ 5,000 to repair the electrical system at the County Roads and Forestry Department’s gas station. Lightning damage also damaged lighting and alarm systems, and costs were below the county’s $ 10,000 insurance deductible.

—A resolution for a road use permit for Joe and Eva Sanchez.

—Cancellation of the deed of a house in the town of Hurley. The original owners paid taxes, interest and penalties.

– The board did not take any action regarding Iron County Resolution 2341.


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