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FINPACK Digest – May 2022

by | May 26, 2022

1. Cover Crop Financial Data Profitability

The Environmental Defense Fund (EDF) collaborated with the Center for Farm Financial Management (CFFM) to integrate a new data gathering process into FINBIN — the largest publicly-available farm financial database in the country (and managed by CFFM). EDF is also working with Minnesota State Farm Business Management (FBM) to gather data from farmers who grow cover crops and are participating in the program. A recent report from FBM on the financial performance of environmental practices presents preliminary data on cover crop financial performance from 17 Minnesota farms growing cover crops. Over the coming years, the dataset will grow to over 85 farms that will be analyzed for financial performance trends. Read the report here.

2. Training Workshops Update

Educators and professionals can register now for the next FINPACK Training for Educators & Professionals, August 3-4 on the University of Minnesota, St. Paul campus. Learn FINPACK from the people who created FINPACK using a case farm approach to give you hands-on experience, covering all of the components of FINPACK. You will evaluate the case farm’s financial situation, explore alternatives, recommend management strategies, and project financial outcomes. Details and registration information here.

The May 10 -11 FINPACK Training workshop for agricultural and commercial lenders was a great success. Mark your calendars for the next session, which will be October 11th & 12th. To be added to the wait-list for the October session, email us.

3. How to Use Core Data in FINPACK+

Wynn Richardson gives an overview of how the FINPACK+ API can connect your core system with FINPACK+. Learn how to import customer, account and loan data from your core system into FINPACK+ to use in a FINPACK credit analysis.

  • Pull customer, account and loan information from your core
  • Select most recent data or opt for end-of-month snapshot
  • Configure the data selected for import
  • Automatically embed deposit and loan information in your loan presentation

The FINPACK+ API lets you automate importing data from your core system, then you can use that data in your credit analysis and embed it in your loan presentation. Customize the data imported and decide how it is incorporated into your presentation.

Contact us to learn more about using Core Data in FINPACK+ and watch the video here.

4. Portfolio Risk Analysis

Each borrower, be they Ag or Commercial, has their own unique business risks. You also need to know how your entire loan portfolio is positioned to face the volatility of today’s business environment. In our May 5th news post, Pauline Van Nurden and David Maguire discuss the use of PRA (Portfolio Risk Analyst) to create a database of your Ag or Commercial borrowers and generate reports that help you see where the stress points are if market conditions change. You can base stress tests on either past or projected financial performance, analyze the financial position and performance of portfolio segments with clear, concise reports, and identify borrowers who contribute most to portfolio risk. In addition, you can provide customers with benchmarks of their financial performance, building customer loyalty in the process. Learn more.

5. How To Use Tasks To Speed Up Credit Decisions

Speeding up the credit decision process is vital. While striving to be as methodical and rigorous as possible in their evaluation of every loan request received, lenders need to get to a decision in as timely a fashion as possible. In our May 20th news post, David Maguire explores using a coherent ‘tickler’ or task system as an efficient way to ensure each credit decision proceeds in a timely manner, giving your customers the fast response they need, and improving your organization’s capacity and efficiency. Allied with customized workflows, the smart use of tasks can be transformative. Read more here.

Relationship Manager at FINPACK | 6123011413 | dmaguire@umn.edu | Website | + posts

David Maguire became the FINPACK Relationship Manager in 2021. He helps Ag and Commercial lenders across the country understand the value of using FINPACK for credit analysis and loan management. David has worked in the marketing, training and education fields in Minnesota, Ireland and Germany.

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