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Farm Credit CEO sees financial struggles
The CEO of a farm credit organization says many of their clients are having a difficult time financially.
Kathy Heustess is with ArborOne Farm Credit in South Carolina.
“Liquidity is an issue for them. The ability to pay their short-term debt is more concentrated and more difficult for them. I’m seeing stress on some net worth.”
She says the pain runs deep as many farmers struggle to stay afloat.
“One of my farmers looked at me and said he was ashamed to say he sat down in his chair last night and cried. He said in 40 years he never felt the way he does at this point and he doesn’t know how he’s going to repay his loan.”
She says institutions like hers are using every farm credit enhancement available to help farmers weather the economic downturn.
Heustess made her comments during a Farm Credit media briefing January 16th.
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