Farming Without the Bank - - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

Farming Without the Bank

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 It's not always easy to get the money you need to run your business.
But one woman is trying to change that.
Ag Reporter Sarah Gustin explains how to farm without the bank. 

"They are all buying land, feed, grain ands seed, doesn't matter they all have an operation to run." 
Mary Jo Irmen grew up on a farm and understands the cash it takes to run one.
(Mary Jo Irmen / Founder of Farming Without the Bank) "Alot of what they do is given back to the banks as far as interest goes and the struggles of getting loans."
Irmen has been helping finance farmers for 4 years.
Irmen isn't a banker or a loan officer.
She sells life insurance.
(Mary Jo Irmen / Founder of Farming Without the Bank) "When you are borrowing aganist aagainstnsurance policy, you death benefit is collateral. There is one thing that is guarenteeguaranteed is you are going to die. you don't have that concern if you miss a bank payment for a couple of years they are only going to ride you out for so long. with a life insurance policy if you miss a payment it's not a big deal. They know that they will get their money in the end. it gives you the financial ability to help out with the farm." 
Irmen says it's not just an opportunity for farmers.
She says you can pay off a mortgage, car debt or student loan debt.
(Mary Jo Irmen / Founder of Farming Without the Bank) "You don't have to be a farmer to use this concept. If you use money you should be using the concept."
(as) For more information visit farming without the bank dot com or call 751-3917.
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