Agricultural Credit Council loans to young, novice and small farmers hit an all-time high in 2020 despite concerns over the COVID-19 pandemic.
President and CEO Todd Van Hoose told Brownfield that the company’s report shows growth in the sector. “You would expect young farmers to be very reluctant to take the lead last year, but our numbers look very different.” – says Van Hoose. “We’ve had a big increase in loans to young farmers, a big increase in loans to start-up farmers and a big increase in loans to small farmers, so this is good news.”
The report shows that nearly 220,000 loans worth nearly $ 59 billion have been disbursed, and many farmers have benefited from the Wage Protection Program.