At Stone Bank, we recognize the importance of staying informed about economic trends and their impact on various industries, including agriculture.
In a recent article in the Arkansas Democrat-Gazette, Ryan Loy, extension economist for the University of Arkansas System Division of Agriculture, sheds light on the evolving interest rate landscape and its implications for farmers and consumers.
As we approach the end of the year, Loy notes that financial experts anticipate one more interest rate increase. While the outcomes remain uncertain, farmers are urged to consider the implications for their financial planning. Rising interest rates can significantly affect the cost of operating loans, making timing a critical factor for those in need of such loans.
Farmers are encouraged to assess their financing needs and explore options that align with their long-term financial goals. Loy highlights the appeal of loans from the U.S. Department of Agriculture’s Farm Service Agency, particularly for beginning farmers and ranchers or those affected by the pandemic, as they offer competitive rates of approximately 4.5%.
As one of the nation’s Top 5 USDA lenders and a Top 10 FSA lender, we understand the financial needs of the agricultural community. Our Bolder Bankers are committed to assisting you in navigating the intricacies of government-guaranteed financing in the farming and agriculture sector.
To explore the nuances of interest rates and their impact on farming, read the full article HERE.