More than 76,000 jobs provided by farm banks in rural communities, according to ABA study.
Banks increased farm and ranch lending in 2010, providing the majority of all farm credit, according to the American Bankers Association Center for Agricultural & Rural Banking’s annual Farm Bank Performance Review.
In 2010, the U.S. banking industry held $127.4 billion in farm loans, which includes $68.7 billion in small farms loans with $22.7 billion of that in very small farm loans, according to the report. In 2009, the banking industry held $126 billion in farm loans. The number of small farm loans in 2010 reached nearly 1.2 million, with the vast majority – almost 900,000 – under $100,000.
“Banks continue to meet the credit needs of both large and small farms,” says John Blanchfield, senior vice president and director of the ABA Center for Agricultural & Rural Banking. “Farm income was up in 2010 on the strength of high commodity prices. This has translated into a solid performance on the part of our nation’s farm banks.”
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