Elders Rural Bank

Since 1839, the Elders Rural Bank has been committed to assisting Australia's agricultural businesses flourish with financial solutions that support the various needs of farmers. Elders received its banking license in 2000, enabling the company to effectively address the specific concerns of the country's agribusiness sector.

In the late 1990s, the rural bank's parent institution, the Futuris Corporation Limited, and the Bendigo Bank entered into a joint enterprise to provide assistance to farmers, suppliers, and small rural businesses through quality banking services. The Elders Rural Bank came into the country's agricultural business scene, and through the years it has worked to come up with various financial solutions that continue to help their customers today.

The Elders Rural Bank has now expanded their excellent banking services and products, and is now operating through 400 branches in the country which include the Bendigo Bank and the branches of the Bendigo Community Bank. Elders offers a wide scope of financial plans and products for every rural business concerns, as well as competitive interest rates, on-farm services, banking security, and flexibility with regards to seasonal market conditions.

One of the key services offered by the Elders Rural Bank are loans. A businessman, farmer, supplier, or producer may need additional or emergency funds in order to start a small or medium enterprise, or to save a business from bankruptcy. The rural bank has come up with five types of loans developed specifically for producers:

  1. AgriManager provides a convenient and flexible credit option that can be availed either in credit or debit. Through AgriManager, producers and rural entrepreneurs can have full management of their capital purchases and seasonal production expenses. The minimum loan amount is $150,000 which can be paid at any time, without fixed repayment and transaction fees, and with flexible charging options for interest. Accounts can be accessed through Visa debit card, Internet and Phone Banking, and Personal chequebook.
  2. Term Loan gives producers and rural entrepreneurs the opportunity to make the best deal out of business loans by letting them choose the interest rate and features that best supports their borrowing needs. One can choose from variable interest rates, fixed interest rates (90 days, 180 days, and 1 to 5 years for loan amounts of over $100,000), or a combination of both. The Term Loan also offers flexible repayment options, which includes additional repayments, interest only repayments, and principal plus interest repayments.
  3. Seasonal Overdraft gives farmers and producers the opportunity to carry-on finances necessary to make up for short-term or overdrafts. Some of the key features to this loan type include: funds for crop input; restocking through livestock purchases; feedlotting, trading, and backgrounding; rural merchandise; and funds during seasonal opportunity and adversity. The Seasonal Overdraft is attached to the Seasonal Account, with a preferred minimum amount of $20,000. It also has a variable interest, which is computed based on daily balances and charged every month.
  4. Grain Loan is advantageous to farmers who wish to make loans against acceptable grades of grain products such as wheat, barley, and sorghum which are sold through the Elders Grain Pools. Through the Grain Loan, farmers and crop growers can make advance loans, have access to 90% of the Nominated Estimated Pool Return, and are protected against price decreases through an insured loan. The loan is repaid through Elder Grain Distributions, and there is no need to pay for a line or application fee.
  5. Stock Builder helps farmers and rural entrepreneurs with funds necessary for restocking or rebuilding their livestock numbers. Borrowers are given three years to repay the loan, the first year being interest repayments only, and the next two years can be paid through flexible repayments options. The minimum loan for the Stock Builder is $50,000 and interest is available in variable or fixed rates.

Another key service offered by the Elders Rural Bank are savings and investments accounts. Whether for personal or business purposes, farmers and rural entrepreneurs may feel the need to save funds and make investments. The bank offers several accounts for every saving and investment concerns:

  1. Everyday Accounts and Everyday Community Accounts allows customers to place their personal savings with easy fund access through the Elders Rural Bank Visa Debit Card, or the personal chequebook. Local non-profit organizations and community groups can also place their funds in the Everyday Community Accounts without a monthly service fee.
  2. Seasonal Account is recommended for rural entrepreneurs and producers who wish to have a transactional account with a competitive interest rate for their various businesses.
  3. Cash Management Account and Gold Cash Management Account offer interest rates that go higher as the balance increases. These accounts also offer low banking charges and 6 free transactions in a month. For both accounts, the maintaining balance is $5,000 and the banking fees will not be charged if this balance is maintained. For the Gold Cash Management Account, access to funds is through the Visa Debit Card.
  4. Term Deposits and Term Deposits Specials require only a small starting amount, with as low as $500 for Term Deposits. The Term Deposits has a term of 1 month to 5 years, while that of Term Deposits Specials has terms of 4 months and 12 months. Interests for these options are paid either annually, quarterly, monthly, or at the time of maturity.
  5. Money for Living offers variable interest rates for balances amounting to $20,000 and above. The interest, which is subjected to daily computation and paid every month, can be transferred to a different account, thus providing money for living.
  6. Farm Management Deposit Account is advantageous to farmers and producers who wish to save their pre-taxed earnings from the fruitful years and utilize it during unproductive periods.
  7. ERBonline Savings Account and ERBonline Term Deposit are the bank's two online banking services which clients can use to pay for bills (through BPAY) aside from saving personal or business funds. These services can be accessed through the bank's Internet and Phone Banking.

Through these services, The Elders Rural Bank maintains its commitment to the Australian rural communities by continuing its efforts to create the best banking options and services. In the years to come, farmers, producers, and rural entrepreneurs will surely continue to benefit from the rural bank's pledge to support the country's flourishing agribusiness industry.