Once a lifeline for farmers during the pandemic, government payments have dwindled, leading to a significant uptick in farm lending now surpassing $100 billion.
According to the American Bankers Association, heightened production costs and an end to pandemic subsidies for farmers has driven up demand for agricultural loans by nearly 7% in the last year. This surge has propelled total farm lending to a staggering $110 billion.
Farm banks are now emerging as vital pillars in supporting small-scale farmers, holding over $40 billion in credit. As of the end of 2023, banks nationwide collectively hold just shy of $200 billion in farm and ranch loans, underscoring the shifting financial landscape of American agriculture.
Related Stories
Key legal & tax insights for farmers, like accumulated earnings tax, using 401(k) to start farming, ag data in court, and maximizing farm home-sale exclusions when selling your farm.
Mon, 11/25/24 – 8 PM ET | 7 PM CT | 6 PM MT | 5 PM PT
A U.S. Federal District Court upheld an Arizona rancher’s legal complaint against the Biden Administration’s decision to halt construction on a U.S.-Mexico border wall violated environmental law and the plaintiff’s property rights.
