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Agricultural Loans Strong Financial Sector

July 16th, 2007

 

Agricultural success is closely linked to the financial services provided by the U.S. banking industry, total nearly $28.7 billion yearly.

 

The American Bankers Association reports that farm credit is on the rise with most of the economic boom coming from loans of under $100,000 to small farms, according to the “Farm Bank Performance” report produced by the association’s Center of Agricultural & Rural Banking.

 

“Thanks to the banking industry, rural Americans enjoy unlimited opportunities to finance their farms, ranches, businesses, and homes,” said John Blanchfield, director of the Center for Agricultural & Rural Banking. “Banks provide the broadest array of financial products and services to guarantee that rural Americans have access credit when they need it.”

 

The study, which surveyed the 2,362 farm banks in the United States, found:

 

Bullet Arrow Farm bank employment grew 3.1 percent to 73,429 and salaries and benefits expanded 7 percent to $3.65 billion
Bullet Arrow Agricultural loans at farm banks grew 8 percent to $49.1 billion
Bullet Arrow
Farm banks hold nearly $18.7 billion in loans under $100,000 to small farmers and an additional $10.7 billion in loans between $100,000 and $250,000
Bullet Arrow The 2,362 farm banks held approximately $237.3 billion in assets in 2006, up 7.3 percent from 2005
Bullet Arrow Farm bank income, before taxes, totaled $3.4 billion, $104 million more than the amount earned in 2005

 

 

 

 

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