Heavy demand for loans from Rural Bank

Press, 6 August 1981, Page 11

Heavy demand for loans from Rural Bank

PA Wellington The value of loans authorised by the Rural Bank during the last financial year was a record of $369.69 million, and it now has mortgage investments of almost $l4OO million, to over 40.000 clients, said its annual report. The report said that the greatest demand involved loans for the development of pastoral and horticultural properties. Loans approved under the livestock incentive and land

development encouragement schemes increased to $173 million. The bank received about 3000 more applications than last year, 19,261 for $264 million. Those approved totalled $369.69 million, about $63 million more than last year. There was a significent increase in the amount lent to sharefarmers, particularly sharemilkers, reflecting increases in herd numbers. The report said that the demand for finance meant

that 2366 applications, for $106.17 million, had to be refused. The number of farmers assisted on to the land this year was 1236, up 1118 on the previous year. Loans totalling $105.11 million were approved, compared to $86.11 million for the previous year. Of the 1659 applications received for standard settleement, 880 totalling $74.70 million were approved, and 104 loans for special settlements. at a cost of $20.05 million, were granted.