Rural Issue

Stress in the ag economy

The American Bankers Association (ABA) is recommending farmer’s take steps now to deal with the downturn in the ag economy.

Steve Apodaca, senior vice president of the ABA’s Center for Agricultural and Rural Banking says farmers should meet with their banker and others to talk about key financial considerations.

“Do I have the proper life insurance so that if a disaster happens, my family, my farm will be protected and the loan will be paid off,” Apodaca said. “Am I dealing with all the small financial problems ahead of time, so they don’t become big problems.”

But Apodaca says one of the most important things a farmer can do is keep the line of communications open with their lender.

Audio: Steve Apodaca, American Bankers Association

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