Loans from the Farm Credit Council to young, beginning and small farmers hit an all-time high in 2020 despite challenges from the COVID-19 pandemic.
President and CEO Todd Van Hoose tells Brownfield the company’s report indicates growth in that sector. “The expectation would have been young farmers would have been very reluctant last year, but our numbers look very different than that.” Van Hoose says. “We had big increases in loans to young farmers, big increases in loans to beginning farmers and big increases in loans to small farmers so it’s good news.”
The report shows nearly 220,000 loans were given worth almost $59 billion with many farmers taking advantage of the Paycheck Protection Program.
