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By:
Dale Hershey, SVP, Director of Agricultural Lending, Univest Bank and Trust Co. September 6, 2022
With 52,000 farms and 7.3 million acres of farmland, agriculture is one of the largest enterprises in Pennsylvania. It has an annual economic impact of $135.6 billion and employs more than 575,000 individuals in the Commonwealth.
However, ongoing inflation and rising interest rates have farmers across central Pennsylvania considering their expenses and business plan. Many farmers take out loans to help navigate the complexities of today’s business environment and they need to consider if they have loans maturing. If so, they are subject to repricing at current rates which have steadily increased so…
By:
Dale Hershey, SVP, Director of Agricultural Lending, Univest Bank and Trust Co. May 9, 2022
The beginning of 2022 has seen quite a few challenges for the American economy overall and specifically the agricultural industry. Escalating inflation and interest rate hikes by the Federal Reserve have hinted at continued high costs for everything from daily expenses to business supplies and employee wages. A third wrench was thrown into the mix with the Russian invasion of Ukraine. Those two countries supply roughly 30% of global wheat exports, 20% of corn exports and more than 70% of the world supply of sunflower oil. The associated disruption has exacerbated already strained supply chains.
By:
Dale Hershey, SVP, Director of Agricultural Lending, Univest Bank and Trust Co. October 21, 2020
Pennsylvania has a robust cash crop industry — from corn, soybeans and alfalfa to more niche products like produce, tobacco and hemp. While cash crops can prove to be relatively resilient, they can come with their own risks that could have a drastic impact on growers’ financial welfare. 2020 has proved to be a challenging year for many within the agriculture industry, so it is especially important for farmers thinking about the cash crop sector to consider three key factors that could impact their success.
Know the market. Perhaps the most important factor for farmers to consider is who will…
By:
Dale Hershey, SVP, Director of Agricultural Lending, Univest Bank and Trust Co. March 7, 2020
For next generation farmers, starting new farming operations or growing the family farm can come with multiple financial challenges. Most equipment and livestock purchases or land acquisitions require large sums of money to complete. Therefore, working with a team of agricultural lending professionals to finance growth and transitions can provide families with the security they need to carry on their farming tradition.
Finding a lender that understands the unique needs of farmers is especially important in areas like Lancaster County, Pa., where the total value of all crops produced exceeds $1 billion annually and 12% of the total county workforce…
