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Agricultural Loan Officer

Position Overview

Agricultural loan officers help farmers and other individuals in rural communities attain the funds they need to run a business or purchase property. Agricultural lenders focus on developing strong relationships with their clients so they can be trusted to provide advice and assistance where needed. They should be aware of the different services and products their company offers so that they can meet the needs of their customers effectively. Agricultural loan officers may need to prepare proposals, resolve customer disputes, and provide leadership to their loan team when necessary. They should be able to reasonably determine the risk involved with each loan to ensure the probability of default is low. Agricultural lenders typically manage several different loan portfolios.

Agricultural Loan Officer Duties

  • Determine possible borrowers to call on
  • Thoroughly explain different credit and loan options to customers
  • Analyze credit information
  • Approve loan transactions and conditions (within authority)
  • Use business and agricultural knowledge to provide sound financial advice for farming operations, taking into account their financial position
  • Record and file all customer information and transactions
  • Grow and nurture assigned loan portfolios
  • Get involved with the local community to develop strong relationships with community members
  • Complete credit analysis on different portfolios

Typical Employers

  • Financial institutions
  • Agricultural associations
  • Bankers associations
  • Chamber of Commerce

Required Education and Training

Agricultural loan officers should have a bachelor's degree in business, economics, accounting, or agricultural business. They should also be knowledgeable regarding general agriculture terms and practices. It is encouraged to have previous experience working within the agriculture industry or within sales.

Key Skills and Qualities

  • Excellent customer service skills
  • Involvement with the local community
  • Strong problem solving skills
  • Ability to manage time effectively
  • Ability to negotiate and persuade when necessary
  • Good communication skills, especially verbal
  • Excellent multi-tasking skills

Average Salary

The average salary for an agricultural loan officer is about £29,000. The range between an entry level employee and an experienced employee can vary from £16,000 to £62,000.