The tough farm economy has led some growers to seek loans outside their traditional lenders that contain higher interest requirements. Some producers with little or no cash flow have been looking for capital and are willing to pay those higher rates. Nebraska Farm Bureau Senior Economist Jay Rempe says he’s heard of some of those cases but hasn’t seen a great deal of them so far.
He says it’s usually best to do business with your local lender because they can give you immediate assistance and usually have a better idea of how to help make your operation run more efficiently.
Rempe says it’s likely the recent tough ag economy will force some operators out of business.
Rempe says he’s also heard of some stabilizing of the ag economy in Nebraska where market facilitation payments have helped farmers as well as a little better commodity prices.
