southern MN | IADAVE - 5/26/2022 11:00
I would not be surprised a bit the big boys are getting write downs. Especially if only interest.
Same old story in all business's. They think they have to have the big accounts, even if they lose money on them.
They were writing down the big ones in the 80's. I was a small guy. Still am. Any way, I didn't ask for a write down but the loan officer told me I could pay mine back with a job over a long time. He even had the job picked out for me.
But the big guy could never pay the interest, let alone the principal.
FYI, I was in such bad shape I paid every one off when harvest was over. I still had all my machinery and some money left over.
Yup. The big high fliers got write downs plus a sweetheart deal on more land, which was taken away from small timers that were current or nearly current but upside down.
Was sickening.
Local credit union gets a lot of business, they have somewhat different rules than banks so it depends what the credit union wants to work with.
Paul |