Farmers In Crisis
Joe Peiffer was recently quoted in the Wall Street Journal in an article entitled “Farmers in Crisis Turn to High-Interest Loans as Banks Pull Back.” You can read the full article here: WSJ 11/10/2019 or read the highlights below:
“Some bankruptcy attorneys said costlier terms from nonbank lenders can make it hard for farmers to shore up their finances. Joe Peiffer, an attorney in Iowa, said a client secured a $500,000 loan from Fora Financial, a New York-based small-business lender. The loan carried an interest rate above 30%, Mr. Peiffer said, and required daily payments through automatic withdrawals from the farm’s account.
“The money was extremely expensive,” Mr. Peiffer said. He said the farmer, who declined to be interviewed, has liquidated his operation. Fora didn’t respond to requests for comment.”
If you feel you are in financial crisis, or are considering borrowing from a nonbank lender, such as Fora or Farm Op Capital, we suggest you call ABLS first to let us help assess your options.