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Agriculture Loans in 2020 Below Trend

by Tiverton    The impact of COVID-19 on the agricultural community has leaked into farm financing. According to economists, the total amount of non-real estate farm loans has been limited. While the total non-real estate loan volumes grew 15 percent since last year, loan volumes were still less than the last three years, and the […]

Farming Listed as Top Rated U.S. Industry in Gallup Poll

by Tiverton    Despite the hardships that came with COVID-19 this year, farmers were still dedicated to providing produce, earning them favor with consumers. In a recent Gallup Poll, farming and agriculture are listed as the top-ranking U.S. industry among 25 other major sectors. This is the first time in the poll’s 20-year history tracking […]

Dairy Farmers Recovering After COVID-19 Profit Losses

The last six months have greatly impacted dairy farms. With shoppers being limited on their milk purchases during the quarantine period and a 50% demand reduction at restaurants, farmers found themselves forced to dump good milk. About 10% of the milk produced had nowhere to be delivered, causing farmers to discard excess productions and cut […]

Focusing on Mental Health in the Ag Community

by Tiverton  The farm community has experienced a variety of external stressors this year. From wildfires and drought to the financial and relational tolls of a pandemic, the impact on mental health has been felt widely.  Most sectors of agriculture have been affected by the added stress, but farmers aren’t the only ones who are […]

Market Access a Primary Concern for Farmers

by Tiverton  Farmers are growing more concerned about their market access as a result of COVID-19 than their financial situation, a Purdue University poll shows. 45 percent of producers said their ability to network and connect with the ag community is the primary concern after COVID — a percentage which increased from August to September. […]

U.S. GDP Reduced Due to COVID-19

by Tiverton  A Texas A&M University AgriLife study has shown that COVID-19 will reduce U.S. gross domestic by 11.9% or $2.5 trillion. This is equivalent to 19 million full-time jobs. Beyond the borders of the United States, the World Bank predicts that COVID-19 created a global recession that has impacted the economy of more countries […]

Financial Assistance Available to Farmers Impacted by Wildfires

by Tiverton    Agricultural producers whose farms have been affected by the recent wildfires may qualify for loans and other financial assistance from the USDA. Due to more than 2 million acres of land being burned by wildfires, the USDA has partnered with FEMA and other organizations to create a Disaster Resource Center for farmers […]

Farm Storage Facility Loan Borrowers Can Now Defer Payment

by Tiverton  The USDA’s Farm Service Agency (FSA) is now offering annual installment deferral options for farm storage facility loan borrowers who have experienced hardship from the pandemic or other production challenges. It’s a one-time annual installment payment deferral option with no fees or prepayment penalties for borrowers who choose this FSFL loan flexibility option. […]

Farm Lending Slows, More Pessimistic Outlook for Agricultural Economic Conditions

Commodity prices and closed markets aren’t the only effects of the pandemic. Farm lending has slowed and lends to a more pessimistic outlook for agricultural economic conditions. The slowdown is consistent across all types of loans, and delinquency rates on farm loans have steadily increased.    Takeaway: Government lending programs likely supplemented the financing needs […]

More Farmers Declare Bankruptcy Even with Billions in Aid

Despite a $7 billion injection from the Department of Agriculture to mitigate losses caused by the coronavirus pandemic, The Wall Street Journal reports that more U.S. farmers are filing for bankruptcy. Why it Matters: Farmers are fighting for their livelihood as commodity values are plummeting, supply chains are being cut off, and markets are closing […]