The number of young, beginning and small (YBS) Farm Credit borrowers held strong in 2018 despite the downturn in the economy.
That’s the finding of a survey of farmer customers and prospects by the Farm Credit Administration (FCA).
Survey results show new YBS loan volume and share of new loans increased from 2017 to 2018.
There was a positive increase in quality and quantity of YBS programs and services. In addition, FCA reported more Farm Credit lending associations are tailoring their outreach to a diverse mix of producers.
Report highlights include:
- Nearly 20% of Farm Credit loans were made to young farmers, 30% to beginning farmers and just over 50% to small farmers.
- New loan dollar volume to young farmers increased 7.6% in 2018.
- Loans to beginning farmers jumped 7.1% last year.
- Small-farmer loans increased 6.8%. These numbers demonstrate Farm Credit associations’ ongoing strong support for their customers during challenging times.