Banks Threaten “Less Access to Credit” In Response to Federal Debt Relief for Black Farmers

Banks Threaten “Less Access to Credit” In Response to Federal Debt Relief for Black Farmers

Black farmers have been hit the hardest by industry consolidation, predatory loan terms, and high foreclosure rates. Now, an effort by the Biden administration to provide $4 billion in debt relief for minority farmers is being met with staunch opposition from banks, who don’t want the financial support to Black farmers to cut into their profits on the loans.

Why This Matters: Since 1920, the number of Black-owned farms has declined from one million to under 40,000.

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