| Summary Results of Financial Services Survey |
| Lending Sources |
% of Survey Respondents |
| Commercial Bank |
66 |
| Farm Credit Service |
35 |
| Farm Service Agency (USDA) |
10 |
| Insurance Company |
3 |
| Equipment Manufacturer / Dealer |
30 |
| Individual or Family Member |
11 |
| Crop Input Supply Firm / Dealer |
17 |
| None – Do not currently borrow |
14 |
|
| Services Currently Using from a Financial Institution |
| Operating Loan |
71 |
| Equipment Loan |
56 |
| Real Estate Loan |
51 |
| Multi-Peril Crop Insurance |
22 |
| Hail Insurance |
11 |
| Life Insurance |
10 |
| Mortgage Insurance |
1 |
| Equipment / Facility Leasing |
9 |
|
| Anticipated Financial Services Will use 3 Years from Now |
| Operating Loan |
68 |
| Equipment Loan |
57 |
| Real Estate Loan |
59 |
| Multi-Peril Crop Insurance |
22 |
| Hail Insurance |
11 |
| Life Insurance |
11 |
| Mortgage Insurance |
2 |
| Equipment / Facility Leasing |
14 |
|
| Major Crops Produced by Survey Respondents |
| Corn |
75 |
| Soybeans |
73 |
| Wheat |
55 |
| Cotton |
5 |
| Hogs |
7 |
| Cattle |
46 |
| Other |
29 |
|
| Importance of Timely Loan Approval |
| Extremely Important |
60 |
| Very Important |
27 |
| Somewhat Important |
7 |
| Not Important |
6 |
|
| Importance of Lender's Understanding of Agriculture |
| Extremely Important |
75 |
| Very Important |
18 |
| Somewhat Important |
2 |
| Not Important |
5 |
|
| Importance of Lowest Interest Rate |
| Extremely Important |
41 |
| Very Important |
37 |
| Somewhat Important |
19 |
| Not Important |
3 |
|
| Importance of a Dependable Source of Credit |
| Extremely Important |
69 |
| Very Important |
19 |
| Somewhat Important |
6 |
| Not Important |
6 |
|
| Length of Time in Farming or Ranching |
| < 5 Years |
2 |
| 5 – 9 Years |
5 |
| 10 – 19 Years |
10 |
| 20 – 40 Years |
65 |
| > 40 |
18 |
|
| Gross Sales |
| < 100,000 |
20 |
| 100,000 – 249,000 |
42 |
| 250,000 – 500,000 |
22 |
| > 500,000 |
17 |
|
