Over the course of this year, my involvement in nine ag lending schools has allowed me to keep a pulse on practices in the field. At some schools, we conduct lender-borrower panels that are generally the highlight of the educational experience. The following are some perspectives from these panels.
Many panelists would like their lender to visit their operation. While these panelists were not the average producers, having a lender who understands their business, industry and family is important to them.
Some lenders in this summers’ schools were reluctant to teach their producers about financial information. Why? The common response was if they understand their financial information, they are more likely to go to the competition. Wow! A message to all producers: If you have a lender who takes time and effort to assist you in learning the business, then a little loyalty is expected in return.
Editor’s note: David Kohl, Corn & Soybean Digest trends editor, is an ag economist specializing in business management and ag finance. He recently retired from Virginia Tech, but continues to conduct applied research and travel extensively in the U.S. and Canada, teaching ag and banking seminars and speaking to producer and agribusiness groups. He can be reached at firstname.lastname@example.org.