Farm finance sought
PA Tauranga Federated Farmers of New Zealand has asked the Government for a scheme to help finance farmers whose debt
might cause their usual financier to turn his back.
The scheme would involve a Government guarantee for a proportion of seasonal finance, the fed-
eration’s chief executive, Mr Rob McLagan, of Wellington, told the Bay of Plenty Federated Farmers’ conference in Tauranga.
“A farmer who is in debt to his financier and shows a deficit budget for
the next season might not be given credit,” Mr McLagan said. “We are asking the
Government to guarantee a large part of the increased deficit, which will give confidence to the financier to lend to the farmer,” he said.
The Rural Bank would pay the financier a yet-to-be determined proportion of the debt. The Government has yet to respond to the request.
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Bibliographic details
Press, 31 May 1986, Page 2
Word Count
142Farm finance sought Press, 31 May 1986, Page 2
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