Home Red River Farm Net Tricky to Obtain Credit

Tricky to Obtain Credit

During a House Ag Subcommittee meeting this week, former House Ag Committee Chairman Frank Lucas asked farm organization representatives about the availability of credit to put this year’s crop in. U.S. Canola Association President Rob Rynning, from Hallock, Minnesota, answered.
“We just had our meeting with our banker and he informed us it’s taking double time to review their notes and to go through it with farmers and explain things. There are some being refused. It’s a critical period right now.”
American Sugar Alliance economist Jack Roney voiced similar concerns.
“Sugar prices are down 50 percent since 2011. I think bankers are concerned about our ability to maintain a safety net. I think it remains critical for our bankers to see in some sense, there is a safety net for farmers. It’s a concern going forward, but I think it’s important to continue the strong safety net.”