By Jacob Bunge and Kirk Maltais Nov. 10, 2019 5:30 am ET .
“They keep their finger on you,” said Mr. Kron, who has borrowed from ARM over the past three years at interest rates of about 8%. Comparable rates at more-traditional banks are between 2% and 5%. “A lot of balance sheets deteriorated to below what a lender would accept,” said Curt Hudnutt, head of North America rural banking at Rabobank, one of the world’s largest farm banks.
“We can keep the grower farming,” said Billy Moore, president of insurance and field operations at ARM. The 10-year-old firm, backed by private equity, lends to 1,600 farmers in 19 states. Mr. Moore said the firm’s loan volume has grown at a 40% rate over the past three years. Dry weather hurt Mr. Jobe’s rice, bean and corn crop in a recent year. When he tried to make a claim, his insurance company said he hadn’t properly documented his crop losses. Loan payments carrying an interest rate of about 9% piled up. Mr. Jobe said ARM turned down his request for a new loan. A few months later, he filed for bankruptcy.Mr. Moore of ARM declined to comment on the specifics of Mr. Jobe’s case. He said such outcomes are rare.
“Trade wars are good and easy to win.” America’s farm families can thank President Donald Shit-For-Brains for this, and no one else.
Suck it MAGAsshats
🍊🤡
Call it what it is USA Farmers have and always be dependent on glorified welfare payments from the govt.
This was what I expected. They were going along their business until Dumb Trump came and messed up their lives. Really bad. Really really bad
I guess the &24B in Trump welfare reparations for his stupid trade war only goes to megacorps and Brazilians
Have Wind Energy and Banks partner to offer 0% or negative interest on farm loans if a wind turbines is allowed on the farm. Negative interest means paying farmer to use the loan.
Epstein didn't kill himself!
How's that vote for Trump looking now, farmer Brown?!? You reap what you sow, as you well know!!!!
That’s your boy
I like the poor farmer who can get a loan after suffering years of failed crop. What other business could you go to a bank and say, Hey I've lost money 5 years now, but give me some money?
Funny how people are all about human rights until you have some skin in the game. Supporting China with their human rights violations is OK because there is money tied to it. And I didn't hear this much complaining when the car plants got hit with the tariffs or steel.
Um, maybe farmers shouldn't but a new multi-million combine every other year? Or rush to plant so early that weather works against them. Maybe not pushing costly hi tech gadgets at them would be good too. Or not using expensive GMO seed.
peteach65 Trump great Job
No worries. Trump and Uncle J.Powell will provide the financial socialism to bail out the farmers.
Multiple challenges. Weather, economy & political climate. Trump Admin inflicts trade war w/China, doesn't believe in climate change & lies to ag. In spite of increasing debt, BK & losses the ag community will continue to vote for Trump. Why is that?!
So the bankers won't work with the farmers, Exactly who owns these banks? The farmers feed us so the stupid greedy bankers should help the farmers not suck them dry of $$. Tariff $$ should also be used to help them and I thought we were going to do this
We were told that the tariffs are working?
Because wsj just wants to make up stuff about dummies
This is fake news - the farmers are okay.
I was not, and never will be too big/sympathetic/symbolic to fail. Gotta make it in this world. Spiderweb economics with a libertarian rationale? I don't get it.
Really tired of the farmers articles. They voted for Trump. He screwed them. They overwhelmingly say they will vote for him again. They are getting what they so richly deserve.
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