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: