Beginning farmers more affected by market volatility
An ag lender suggests new and beginning farmers are affected more by market volatility.
Chris Fitzloff with Compeer Financial tells Brownfield price fluctuations impact all farmers.
“But it seems like our beginning farmers get affected a little bit more, and things are typically a little tighter on the beginning farmer side. So we need to pull out all the stops and the resources to work with them.”
He says young farmers should work with their local Farm Service Agency to keep up on programs.
“They are changing all the time, the (program) limits are changing. For the first time in what seems like forever the interest rates are finally moving up, which isn’t the best thing in the world but it is something we’ve got to stay on top of.”
Fitzloff says Compeer uses Beginning Farmer down payment loans.
“Where FSA will take basically half of the loan and we take the other half.”
He says that results in the farmer having a minimal down payment.
Fitzloff made these comments during an upcoming Compeer podcast, a client partnership with Brownfield.
new and beginning farmers, young farmers, Compeer Financial, ag lending, farm income/prices, podcasts, USDA, FSA,