Wisconsin bankers see fewer farm loans & a lot of PPP in 2nd quarter
Wisconsin banks report elevated lending within the second quarter, however much less lending for farm loans, agricultural land, and residential loans.
Rose Oswald Poels with the Wisconsin Bankers Affiliation says total lending was up greater than 10% due to the massive development in business loans that have been a part of the Paycheck Safety Program. She tells Brownfield, “The number of PPP loans that we did overall really was high compared to other states our size.”
Oswald Poels says farm loans are largely working loans, and are down barely within the second quarter, however up barely for the primary half of the 12 months. “In the end of March, it was at 3.9 billion and now it’s up to 4.7, so a little bit on an increase there from the quarter but when you look at the year-over-year perspective, it’s down by just a small amount.”
Oswald Poels says with unemployment up, it has probably affected the variety of loan functions. She says banks are additionally working with 13% extra prospects who will not be present with loans and leases due to COVID-19.