A leader with the American Bankers Association says farmers should take several key steps to navigate a high interest rate environment.
Ed Elfmann, senior vice president of agricultural and rural banking policy, says communication is key. “Make sure that you’re talking to your banker and you understand what’s going on so there aren’t any surprises for anyone.”
He tells Brownfield producers need proper documentation for renewals. “When you walk into that renewal, you need to have those conversations to make sure that things line up the way they need to line up for your operation.”
Elfmann says every bank operates differently.