about two years ago by Jim Taylor, RFD Radio Network
The farm economy runs in cycles and an ag lending expert recommends farmers to not only get to know their banker, but also understand their own business. That’s the message from Curt Covington—Senior Vice President of Ag Finance at Farmer Mac. He says it’s a good practice for farmers to “think” like their bankers.
Covington says bankers need to stay with farmers in the bad economic times if they were with them in the good times because farmers have good memories. Last year, Farmer Mac purchased a record $1-billion in first mortgages through 1,500 applications from rural community banks throughout the U.S.