Kansas banker Shan Hanes testified before the House of Representatives Agriculture Committee’s Commodity Exchanges, Energy and Credit Subcommittee, offering the banking industry’s perspective on agricultural credit issues in rural America.
Hanes, president and CEO of Heartland Tri-State Bank in Elkhart, Kansas, acknowledged the current challenges facing the ag economy and urged support for the Enhancing Credit Opportunities in Rural America Act, a bill introduced by Rep. Steve Watkins (R-Kan.) earlier this year.
“The most important fact about this bill is that it will directly and almost immediately help all ag borrowers,” said Hanes. “It would allow banks to lower interest rates on ag real estate loans to borrowers and help ease cashflow needs, while still maintaining an acceptable profit margin and return as monitored by regulators and shareholders.”
Additionally, Hanes emphasized the critical role of the country’s 1,772 farm banks as the primary source of credit to farmers and ranchers in the United States.
“Banks like mine are proud of the work we do to support our nation’s farmers and ranchers. The agricultural community is a critical part of our economy and America’s banks remain committed to serve it through good times and bad.” Read Hanes’ full testimony.