iFarm Partners With Contain Inc., Increases Accessibility of Vertical Farms
On February 11th, 2021, iFarm officially became a partner with and an official vendor of Contain Inc., an indoor agriculture fintech platform operating in North America and Europe that connects indoor growers with the resources they need. Growers now have the opportunity to lease iFarm vertical farms through Contain Inc.
Dedicated to securing lease financing for indoor growers, Contain Inc. works with private lenders to facilitate leases and create custom insurance solutions. The company organises financing for all indoor farming needs, including LED, greenhouse equipment, and entire plant growth systems like vertical farms.
Why Lease Financing is Important
Building or equipping a vertical farm can require significant amounts of capital, yet indoor growers typically lack financing options when compared to their outdoor farming counterparts. 75% of indoor growers are looking for funding, and many will not receive it from traditional agriculture banks and traditional business banks as farm lending in the United States declined at an average pace of 2% throughout 2020. While it is slightly easier to seek financing options in Europe, there is still great room for improvement.
By becoming an equipment vendor, iFarm has made its vertical farms more accessible to those who are interested in vertical farming but face the obstacle of high capital investment. Through Contain Inc., indoor growers can now lease iFarm’s vertical farms and LED systems without a need for high investment. By acquiring vertical farming equipment more easily, prospective indoor farmers can also scale their operations more quickly and cost-effectively.
How It Works
If you would like to start your indoor farming journey with iFarm, but need financial support, simply sign up to Contain Inc.’s exclusive leasing platform and complete a simple application form. The application requires you to input company basics, financial essentials (i.e. what amount is needed for lease), primary equipment to be purchased, and principal financial institutions. The algorithms can match you to a pool of 28 equipment and financial lenders, ranging from small shops to some of the largest banks in the world. The minimum lease size is typically around $75,000 with no upper limit. Contain Inc. will review your application and decide whether you are eligible for financial support.
Contain Inc. also provides a “Leasing Calculator”, which is a short quiz to help growers figure out their odds of obtaining lease financing offers through Contain Inc.
Get in touch with iFarm today to discuss how to invest in or to lease vertical farming technology.