Southern IA | dirtclod10 - 12/20/2024 14:30
Had a friend that was due for a renewal in September for a guaranteed line of credit. Their balance for the line of credit was in the mid six figure range. The FSA office contacted their bank and had them fill out a delinquent form, (they weren’t delinquent because of non payment, just because of the slow renewal process). They had a good crop and paid the line back 3 weeks ago.Last week they received a check for the “delinquent” amount they had on their line in September.
Banker said this is also happening on mortgage payments, too.
it used to be someone would use another's money to finance a business opportunity and then the fruitfulness of that success gave the person a sense of pride to be able to pay that lender back plus some interest for the time value on the money they were loaned. With all the entitlement everyone seems to have in ag and casually filling out the paperwork to get PPP loans forgiven based on supposed hardships, all the pride seems to be in who can most successfully scam the system and justifying why it is ok for them to feed at the hog trough rather than putting in the work to earn what they have on their own credibility. |
Rewarding poor business
