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Challenges and opportunities ahead for young farmers

A group with Farm Credit Mid-America was in Washington, DC recently to talk with Congressional delegations about the important role the Farm Credit System plays for the next generation farmers and ranchers.

Dick Poe, senior vice-president of financial services says they took the group to The Hill, to express some of their concerns as they enter into farming – in person.  “They had an opportunity to provide a panel of young farmers to some Congressional folks to ask questions and understand some of the challenges and opportunities this young farmer segment has today,” he says.

He tells Brownfield agriculture has shifted to an economic downturn after some of the most profitable years on record – and that has changed the lending environment.

Poe says young farmers and ranchers need to be prepared because lending is no longer just about capital. “The second component that we think is really important to this segment is knowledge and understanding,” he says.  “Our program specifically uses that as another component to help educate these young farmers in mostly financial type decisions and how they manage their finances and understanding their balance sheets.”

He says this demographic will play a vital role in the continued success of agriculture and it will be key to make sure the group has the tools available to them to succeed.

AUDIO: Dick Poe, Farm Credit Mid-America