Agricultural lending by the nation’s farm banks dipped 1.8% to $98.6 billion in 2020 as demand for agricultural production loans declined slightly, according to the American Bankers Association’s annual Farm Bank Performance Report released today.
Though the goals for passing of the reintroduced Enhancing Credit Opportunities in Rural America Act of 2021, commonly known as ECORA, haven’t changed much over the last few years, this Congress may have a better shot at leveling the playing field between farm banks and Farm Credit System lenders, ultimately giving struggling farmers and ranchers greater access to affordable credit options. ABA SVP Ed Elfmann details the importance of ECORA’s passage.
The American Bankers Association today expressed support for the Enhancing Credit Opportunities in Rural America Act, which would end taxation of interest earned from agricultural real estate loans.
Reps. Ron Kind (D-Wis.) and Randy Feenstra (R-Iowa) yesterday introduced the American Bankers Association-backed Enhancing Credit Opportunities in Rural America Act. The bill, H.R. 1977, would end the taxation of interest earned from agricultural real estate loans.
Farm banks have held up well despite challenges to the agriculture industry since 2014, and problem loan levels have remained modest, according to a new report from the FDIC.
Kansas Gov. Laura Kelly yesterday signed into law a bill that will help ensure greater parity at the state level
between banks and the government-sponsored Farm Credit System.
The American Bankers Association joined three other trade groups in a letter to House Rules Committee leaders this week urging them to include an amendment in the next COVID-19 relief bill that would provide funding for the U.S. Department of Agriculture’s business and industry guaranteed loan program.
By Bert Ely As bankers and other FCW readers know all too well, American agriculture…
Are your customers inquiring more about financing hemp production or alternative energy projects such as solar panels on the farm? From a new ABA/Farmer Mac survey.
Homeownership, savings and holding down a job are three keys to financial well-being and moving out of generational poverty, so that’s what Southern Bancorp focuses on in its home Mississippi and Arkansas Delta region, one of the nation’s poorest.