Kansas banker Shan Hanes testified before a House Agriculture Subcommitee today, offering the association’s perspective on agricultural credit issues in rural America. Hanes, who is president and CEO of Heartland Tri-State Bank in Elkhart, Kansas, acknowledged the current challenges facing the ag economy and urged support for the ABA-backed Enhancing Credit Opportunities in Rural America Act, a bill introduced by Rep. Steve Watkins (R-Kan.) earlier this year.
“The most important fact about this bill is that it will directly and almost immediately help all ag borrowers,” said Hanes. “It would allow banks to lower interest rates on ag real estate loans to borrowers and help ease cashflow needs, while still maintaining an acceptable profit margin and return as monitored by regulators and shareholders.”
Hanes also thanked the committee for its work on the 2018 Farm Bill and discussed the bill’s successes including increasing borrower limits on USDA Farm Service Agency guaranteed loans, the continued support of crop insurance programs, and changes to the agriculture risk coverage and price loss coverage programs.