We're Here to Help Your Agricultural Aircraft Business Take Flight
Recently, Dream First Bank’s Ag Lending team (Matt Bennett, Haley Floyd, and Caleb Woods) attended the National Agricultural Aviation Association: Ag Aviation Expo, focused on helping to educate pilots and bring industry experts together to discuss the various technologies available for today's crop dusting business owners.
As one of only a handful of lenders in Kansas with specialization in financing these types of aircraft, it was great for us to be with pilots, business owners, and manufacturers of these amazing machines to talk about the questions they have when it comes to their banking and financing needs.
What we heard from pilots and owners is what we have continually heard: typical banks don’t understand the workings of their business. This industry is tight-knit and not many banks want to lend money on a plane. Unlike loaning money for the purchase of an automobile or delivery truck, plane values are actually increasing – new or used. That means these types of businesses and pilots need longer financing terms to help make that purchase work for their cash flow.
Additionally, the capabilities of these aircraft is ever-changing to make spraying more efficient and help to produce higher crop yields. Technology like improved GPS is continually improving aircraft, improved spray components are more efficient, and there are new tools that allow pilots to have more data on each plane and its efficiencies and safety to make them more profitable.
It was great to meet many of the vendors who have realized this is a great industry that needs their support - and we couldn’t agree more. As a bank, Dream First Bank is committed to providing affordable agricultural aircraft financing options for pilots and supporting them with the tools they need to grow.
We also heard from a lot of younger pilots that they want to one day purchase their own plane as well as current owners who would like to pass their spraying business on to the next generation. Programs available through Dream Frist Bank from the SBA (Small Business Administration) can be a big help to some of those younger pilots with the down payment and longer terms to help with cash flow as they get started.
If you’re looking for a banking partner that can help your dreams of owning your own plane take flight, let’s connect. We’d love to talk with you and explore how we can help.