Banking Advisor: Most dairy farmers don’t fully understand how banks assess credit
A leading financial and banking advisor says he doubts if most dairy farmers fully understand the dynamics of banking.
Maybe when you’re sitting on a $600 million pile, you can afford to risk upsetting the lending set, but more than a few farmers seem to agree with the sentiment.
In the latest Federated Farmers bank survey they added a new question: ‘Do you think New Zealand banks are presently demonstrating a positive commitment to support farming through difficult periods of high interest rates?’
Feds’ Richard McIntyre says it’s “incredibly disappointing” that only one in five farmers responded with a ‘yes’ to that question.
“At a time when farmers are really struggling, I would have hoped to see our banks stepping up to help, but instead they seem to be tightening the screws.”
