(Lincoln, NE.) – Farm Credit Administration CEO Glen R. Smith, of Atlantic, spoke with KJAN recently, about the Farm Credit System’s “Young, Beginning and Small (YBS) Farmer” program, something he’s been pushing for. FCA defines young farmers as those who are 35 years of age or younger, those who have been farming for less than 10-years, and small farmers with gross annual sales of less than $250,000. Plans for promoting the program were put on hold last year – like most other things – due to the pandemic.
Smith said he has been interested in the YBS since he came to the SBA four-years ago, especially in the relationship formed between lenders and young farmers.
Both the dollar volume of the System’s total loans outstanding and the dollar volume of YBS loans outstanding increased in 2020. The total number of loans outstanding both for the System as a while and for YBS borrowers, also grew in 2020.
Glen R. Smith
The dollar volume of loans made in 2020 increased significantly for the System as a whole, and even more for the YBS categories. The number of loans made during the year also increased substantially. In a statement at the FCA’s August Board meeting, Smith said “The Farm Credit System has made consistent efforts to serve YBS Farmers, but the average age of American Farmers has continued to rise.” He said also, “USDA reported in 2017 that the average age of U.S. Farm producers was 57.5, up 1.2 years from 2012. There obviously is work to be done in continuing to improve and advance the System’s YBS programs. It makes sense from a business development standpoint. It makes sense for the security of American agriculture.”
The symposium in Lincoln, NE, featured a series of in-depth panel discussions, with those in attendance having heard from farmers who are getting started in both traditional and nontraditional operations. Attendees also learned about financial and risk management resources available to farmers to grow their operations.
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