How are Producers Dealing With Current Downturn

How are growers, ranchers and producers across the U.S. handling the current economic downturn?  Heather Malcolm is a Montana Ag Banker, she recently spoke at the National Agriculture Bankers Conference, in Indianapolis.  She said many of her clients, dealing with low commodity prices have called asking if there is anything bankers can do to help farmers stay on their property.  She said yes, there are.

“Our bank is not asking anybody to leave.  We’re going to work with our customers to come up with the best solution, whether its rolling a portion to next year, or looking at  a rebalancing of their debts, there are several ideas like that that we can help the customers stay in business that’s what we’re going to do.”

So what can you do to help your banker –bower relationship?  Malcolm said be proactive, contact your banker before problems arise, have all needed paperwork and be honest.  She said she’s less likely to help those that come last minute and have no recommendations how to tighten the belt.

“The lenders as well as the producers, are going to have to work harder.  The easy days are gone.  The bonus with most ag producers and ag lenders is they’re not afraid of hard work.  They’re not afraid of going through multiple different cash flows to find the one that’s going to work to keep the business in operation.”

If you have a story idea for the Washington Ag Network, call (509) 547-1618, or e-mail gvaagen@cherrycreekradio.com