How Satellites Can Help Remote Farmers Gain Access to Finance
Farmers need access to finance to invest in their farms, boost yields and income, and protect their growing business. However, when it comes to agriculture, financial institutions are often far from the customers they serve. And the more remote the farmer, the more remote their chances of getting the loans and insurance policies they need. Farmers in developing countries may also lack collateral for loans and have a limited financial history or credit score to speak of. Without such information, lenders and insurers can overestimate the risk and undervalue the potential of a farmer’s business. Basically, the system seems to have set many farmers up to fail—but emerging technologies are working to reverse this trend in favor of farmers. GRID, a product offered by agtech company AgSpace, allows farmers and financial institutions to share up-to-date information, better understand risk, and build strong partnerships to put these remote farmers on the financial map. Enabled by Planet’s satellite imagery, GRID provides crop performance monitoring, cropped areas measurements and plant-established maps, hyper-local weather data, soil-mapping and soil health monitoring, fertilizer recommendations to increase growth, and even crop growth models for a yield potential figure before harvest. [caption id="attachment_143496" align="aligncenter" width="798"]
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