In late October, the U.S. Department of Agriculture (USDA) announced they were establishing the U.S. Domestic Hemp Production Program, which basically creates a consistent regulatory framework around hemp production throughout the U.S. So with efforts underway to get this established, some wonder how farm credit associations will treat farm loans for hemp. Chairman/CEO of the Farm Credit Administration, Glen Smith, recently told …
Nearly $13 Million in Loans Awarded to Florida Agricultural Producers
Governor Ron DeSantis announced nearly $13 million has been awarded through the Florida Small Business Emergency Bridge Loan for agricultural producers. More than 70 applications have been approved from farmers in Bay, Calhoun, Franklin, Gadsden, Gulf, Holmes, Jackson, Jefferson, Leon, Liberty, Okaloosa, Wakulla, Walton and Washington counties. “We remain committed to utilizing all available resources to help Floridians continuing to …
Farm Loan Delinquencies Increase, but Remain Historically Low
(NAFB) — New research shows farm loan delinquencies remain historically low. Several years of persistently low net farm income, collapsing levels of working capital, and rising debt, has sparked concern regarding the overall health of the farm economy. However, Agricultural Economic Insights shows that at the end of 2018, delinquencies rates for non-real estate farm loans totaled 1.84 percent. After …
2018 Farm Bill Increases Farm Loan Limits
Higher limits are now available for borrowers interested in farm loans from the Department of Agriculture. USDA announced last week the increase would help farmers purchase farms or cover operating expenses. The 2018 Farm Bill increased the amount that producers can borrow through direct and guaranteed loans available through USDA’s Farm Service Agency, and made changes to other loans, such …
USDA Launches New Farmers.gov Features to Help with H2A Applications, Managing Loans
Agriculture Secretary Sonny Perdue announced that the U.S. Department of Agriculture (USDA) launched two new features on farmers.gov to help customers manage their farm loans and navigate the application process for H2A visas. “Customer service is our top priority at USDA and these new features will help our customers as they manage their farm loans and navigate the H-2A temporary agricultural …
Federal Reserve: Farm Loan Volume Increasing
Large operating loans made by large agricultural banks led to a significant increase in farm lending in the third quarter of 2018, according to the Kansas City Federal Reserve Bank. The total volume of non-real estate farm loans was more than 30 percent higher than a year ago. A sharp increase in the volume of loans exceeding $1 million was …
USDA Designates Georgia Counties as Primary Natural Disaster Areas
Emergency Support to Producers in Surrounding Counties/Border States Also Available Georgia agricultural producers who suffered losses and damages due to recent natural disasters may be eligible for U.S. Department of Agriculture (USDA) Farm Service Agency (FSA) emergency loans. The loans are made available under the authority of the Secretary of Agriculture, Sonny Perdue, for losses caused by two separate disaster events. …
Rural Mainstreet Economy Expands for June
The Creighton University Rural Mainstreet Index measured above growth neutral in June for a fifth straight month. This is the first time since July 2015 the survey has recorded five straight months of overall indices above growth neutral, according to the monthly survey of bank CEOs in rural areas of a Midwest dependent on agriculture. However, the overall index slid …
SBA Deadline to Apply for Working Capital Loans for 2017 Frost and Freeze in Georgia
The U.S. Small Business Administration is reminding businesses in Georgia that working capital loans are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations located in the counties of Burke, Columbia, Richmond and Screven in Georgia as a result of the frost and freeze on March 4 – 17, 2017. “Businesses that …
Report: Farm Lending Stabilizing
The Kansas City Federal Reserve Bank reports farm lending has stabilized, but risks remain. The Federal Reserve’s Agricultural Finance Databook shows risks in the sector have remained alongside a persistently weak agricultural economy. The volume of non-real estate farm loans originated in the third quarter this year increased about two percent from the previous year. The slight increase followed a …
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