From The Land
Highly efficient small-area farming operations are providing a solid foundation for growth for a northern NSW community based financial institution, against a backdrop of widespread global financial uncertainty.
The 54,000-member Bananacoast Credit Union (BCU), – started almost 40 years ago by a group of banana growers who were having trouble getting finance from banks – has lifted its lending to small-area primary producers by more than 20 per cent in the past six months.
While some of that is the result of bringing in new members who were previously bank clients, most of the increase has gone to fund new farms or expand existing farm businesses.
Producers looking to acquire additional or larger properties, take advantage of the good North Coast season and build up stock numbers, increase their mechanisation on-farm, improve soils and build up infrastructure have propelled the credit union into optimistic ground at a time when many Australian financial institutions struggle to deal with mass downturns in the economy.
BCU agribusiness specialist, Rod Cross, Coffs Harbour, said the coastal farmers his organisation dealt with – which cover industries ranging from beef and dairy to macadamias, blueberries, stone fruit, sugar cane, potatoes and bananas – had built businesses positioned to meet the needs of their markets.