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More bankers say they will work with hemp businesses in 2020

A recent survey of Wisconsin bankers shows more bankers are willing to work with hemp businesses in 2020.  Scott Birrenkott with the Wisconsin Bankers Association says, “Of half of those that we surveyed that said they are currently not offering services, those half said that in 2020, they have plans to extend to making services to hemp-related customers.”

Birrenkott tells Brownfield more banks are becoming more familiar with hemp-related businesses, but this is new for them and he says growers and processors should expect more questions from bankers. “I would recommend not being put off by that. Instead, go in prepared. Be prepared to share that expertise with their banker so they can better educate them, not only to show that the farmer knows what they’re doing, they understand this business, and they have a plan, and they’re ready for the growing season and the harvest season and where that crop is going to go.”  

Birrenkott says the banking industry is very diverse, so he encourages farmers and processors search for the banking relationship that best fits their business.

Federal bank regulators recently issued written guidance acknowledging hemp as a legal crop, so the Wisconsin Bankers Association’s added three hemp-related questions to their annual Bank CEO Economic Conditions Survey.