Farm Credit System loan volume jumps 10%

The Farm Credit Administration released its quarterly report on the ag economy and the performance of the Farm Credit System, whose growth is largely generated by tax free ag real estate lending.

Numbers: Gross loan volume has increased to $321 billion—a jump of 10 percent over a year ago—while total FCS assets exceed $400 billion.

Grassroots: ICBA is encouraging community bankers to urge Congress to support the Enhancing Credit Opportunities in Rural America (ECORA) Act (H.R. 1977), which would exempt from taxation interest income on farm real estate and rural mortgage loans.

Contact Congress now.