Factors Influencing Farmers’ Preferences for Lender Attributes
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Data from a survey of Midwest producers are used to examine the credit-source decisions of
farm borrowers. The lender attributes preferred by producers are identified in terms of their
importance in selecting credit providers. The influence of farm business information on farmers’
interest rate sensitivity and loyalty is investigated. Regression results indicate that patrons of the
Farm Credit System are more likely to be highly price-sensitive. Furthermore, the likelihood for
strong borrower loyalty is found to be higher for smaller, less leveraged, and more tenured farms
and by those who source financing from bank institutions.