Wisconsin farmers struggling to get loansMADISON, Wis. — Wisconsin farmers are having a tough time getting loans needed for spring planting.
MADISON, Wis. — Wisconsin farmers are having a tough time getting loans needed for spring planting.
A survey of banks by the Federal Reserve Bank of Chicago says that’s partly because 8 percent of agricultural loans in Wisconsin are severely delinquent.
The survey says about 11 percent of Wisconsin farmers with credit probably won’t qualify for loans needed to plant and buy feed for livestock.
The University of Wisconsin-Madison estimates net farm income dropped 56 percent in Wisconsin last year to about $1 billion — the lowest level since 2002. The Journal Sentinel reports the farm loan repayment problem is roughly twice as bad in Wisconsin as in states that are not as dependent on the dairy industry.