Farm gear could help farmers earn money not only while being used but also when they’re sitting idle, according to a couple who received support for their equipment lending platform.
Gear Hub, a farmer-to-farmer lending service, was created by Scott Cameron and Alexandra Tully when the equipment used by their contractors was outdated and inadequate.
"Over the next six months, talking to other farmers, it was quite clear that this is something that isn't around, and it could be of huge benefit to farmers," Cameron said.
Farmers can create a profile on the website and make listings for items that they can lend. Borrowers can put a request, which is then accepted by the owner. Payment transactions can be done on the website, with an invoice to be issued. A booking calendar is also available to show which items are free.
Gear Hub has been supported by the Rural Innovation Lab, which is helping the couple with mentoring and sponsorship.
Mat Hocken, chairman of Rural Innovation Lab, said it was clear the couple had already done a lot of research that would ensure the platform’s success.
“For some people, it's going to be really a way to do the things they need to do on their farm without spending a lot on depreciating assets,” Hocken said.
However, the journey has not been always smooth as Cameron pointed out that insurance had been a potential barrier because all owners’ policies would cover gear that was lent out. No worries though, as the couple was able to give farmers the option to add insurance costs to an item.
“So you can just click and add, pretty much like a rental car,” Cameron explained.
