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Carolina Farm Credit makes a concerted effort to finance young, beginning, small and minority farmers by offering programs designed to meet the needs of such applicants to the fullest extent of their credit worthiness.
What is a Young, Beginning, Small or Minority Farmer?
- A Young farmer is one who is 35 years of age of younger.
- A Beginning farmer is one who has 10 or fewer years farming, ranching or aquatic agriculture experience.
- A Small farmer is one who generates less than $250,000 in annual gross agricultural or aquatic sales.
Carolina Farm Credit believes that Young, Beginning, Small and Minority Farmer loans can be made on a safe and sound basis and supports making these types of loans part of the overall loan portfolio.
In order to better serve the needs of these farmers, Carolina is a Farm Service Agency (FSA) Preferred Lender. To help manage credit risk, Carolina recommends participation in the FSA and/or other guarantee programs.
The Board of Directors of Carolina Farm Credit believe our Young, Beginning, Small and minority Farmers are extremely important to the future of our cooperative. Over the last several years we have worked to develop educational opportunities for this group. One such event is the association’s Agricultural Leadership Institute which is held in the spring for a group of young, beginning, small, minority farmers which are community leaders and highly respected by their peers. This event is an intense weekend of management, transition, and business planning seminars.
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| The following table shows the total number and amount of loans we had outstanding as of December 31, 2008, and shows the number and amount of loans with young and beginning farmers as of December 31, 2008 |
Dollars reported in thousands
Table 1
Young and Beginning Farmers and Ranchers – Number/Volume of Loans Outstanding
December 31, 2008 |
Category |
Number of
Loans |
Percent of
Total |
Volume
Outstanding |
Percent of
Total |
1. Total loans and commitments
outstanding at year-end |
13,682 |
|
$1,447,533 |
|
2. Young farmers and ranchers |
2,148 |
15.70% |
$138,248 |
9.55% |
3. Beginning farmers and ranchers |
2,679 |
19.58% |
$205,089 |
14.17% |
This table indicates the number and amount of loans outstanding to small farmers as of 12/31/08.
Dollars reported in thousands
Small Farmers and Ranchers - Number/Volume of Loans Outstanding by Loan Size |
Number/Volume Outstanding |
$0 - $50,000 |
$50,001 –
$100,000 |
$100,001 –
$250,000 |
$250,001 and
greater |
Total number of loans and commitments outstanding at year-end |
9,215 |
2,109 |
1,596 |
762 |
Total number of loans to small farmers and ranchers |
7,576 |
1,695 |
1,197 |
365 |
Number of loans to small farmers and ranchers as a % of total number of loans (line 2 /line 1 * 100 = 00.00% |
82.21% |
80.37% |
75.00% |
47.90% |
Total loan volume outstanding at year-end |
156,379 |
164,519 |
284,661 |
841,974 |
Total loan volume to small farmers and ranchers |
125,901 |
122,145 |
186,786 |
166,293 |
Loan volume to small farmers and ranchers as a % of total loan volume (line 5 / line 4 * 100 = 00.00%) |
80.51% |
74.24% |
65.62% |
19.75% |
The next two tables show the number and amount of new loans made during 2008
and the number and amount of these loans that were made to young, beginning and small farmers.
Dollars reported in thousands
Young and Beginning Farmers and Ranchers – Gross New Business During 2008
Number/Volume of Loans |
Category |
Number of
Loans |
Percent of
Total |
Volume
Outstanding |
Percent of
Total |
Total gross new loans and commitments made during 2008 |
5,759 |
|
988,790 |
|
Total loans and commitments made to young farmers and ranchers |
819 |
14.22% |
86,010 |
8.70% |
Total loans and commitments made to beginning farmers and ranchers |
967 |
16.79% |
115,214 |
11.65% |
Small Farmers and Ranchers - Gross New Business by Loan Size
Number/Volume of Loans |
Number/Volume |
$0 - $50,000 |
$50,001 –
$100,000 |
$100,001 –
$250,000 |
$250,001 and
greater |
Total number of loans and commitments made during 2008 |
3,173 |
932 |
890 |
764 |
Total number of loans made to small farmers and ranchers during 2008 |
2,530 |
606 |
478 |
235 |
Number of loans to small farmers and ranchers as a % of total number of loans (line 2 /line 1 * 100 = 00.00% |
79.74% |
65.02% |
53.71% |
30.76% |
Total gross loan volume of all new loans and commitments made during 2008 |
56,509 |
66,180 |
146,282 |
719,819 |
Total gross loan volume to small farmers and ranchers |
43,242 |
42,276 |
77,216 |
116,240 |
Loan volume to small farmers and ranchers as a % of total gross new loan volume (line 5 / line 4 * 100 = 00.00%) |
76.52% |
63.88% |
52.79% |
16.15% |
In order to insure that we are reaching young, beginning, and small farmers, we are involved in many different activities and sponsorships throughout our 54 county area. Several of these activities are listed below:
1. Conducted Ag Leadership Institute for 39 individuals from across territory. It is a 3-day educational seminar that addresses farm transition, farm business planning, risk management, succession planning and family & business management.
2. Major sponsor for NC Jr. Beef Roundup.
3. Provided more than $ 47,000.00 in funds to 4-H and FFA within our territory and State.
4. Fund 4 scholarships at both NCSU and NC A &T in College of Ag and Life Sciences.
5. Ongoing sponsorship of the Farm Credit Showmanship Circuit, which allowed children from 12 county area to exhibit their fitting and showmanship skills.
We, at Carolina Farm Credit, are aware of the importance of attracting and insuring young, beginning, and small farmers remain involved in agriculture in North Carolina. We, therefore, place a great deal of emphasis on our young, beginning and small farmer programs and feel it is important for you to be aware of what we are doing. Based on the 2002 Agricultural census data, Carolina Farm Credit’s ratio of loans to young farmers is 15.69% of our total loan portfolio, and this significantly exceeds the ratio of young farmers to total farmers in our territory, which is 4.75%. Carolina Farm Credit’s ratio of loans to beginning farmers is 19.58% of our total loan portfolio which compares favorably with the beginning farmers to total farmers in our territory of 25.47%. According to these same statistics, 93.29% of total farmers in our territory are small farmers and 79.18% of our loans are to small farmers. We feel these statistics prove we are serving young, beginning and small farmers in our territory.
Carolina does not discriminate in any credit transaction on the basis of race, color, national origin, religion, sex, marital status, age, public-assisted income, or because a right was exercised under the Consumer Credit Protection Act.
For additional information, call your local Carolina Farm Credit office, or call toll-free 1-800-521-9952
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