Wisconsin bankers see fewer farm loans & lots of PPP in 2nd quarter
Wisconsin banks report increased lending in the second quarter, but less lending for farm loans, agricultural land, and residential loans.
Rose Oswald Poels with the Wisconsin Bankers Association says overall lending was up more than 10% because of the huge growth in commercial loans that were part of the Paycheck Protection Program. She tells Brownfield, “The number of PPP loans that we did overall really was high compared to other states our size.”
Oswald Poels says farm loans are mostly operating loans, and are down slightly in the second quarter, but up slightly for the first half of the year. “In the end of March, it was at 3.9 billion and now it’s up to 4.7, so a little bit on an increase there from the quarter but when you look at the year-over-year perspective, it’s down by just a small amount.”
Oswald Poels says with unemployment up, it has likely affected the number of loan applications. She says banks are also working with 13% more customers who are not current with loans and leases because of COVID-19.