Local Agriculture Loan Survey

The University of New Mexico Bureau of Business and Economic Research (BBER) has been commissioned to analyze the market for local agriculture loans in New Mexico. This study is grounded in the philosophy that all New Mexico residents should have access to robust food and agriculture systems that are locally embedded, offer healthy and affordable food, and grow a resilient and diverse local farm and ranch economy. To this end, we are gathering information about your business' financing needs, availability of financing, and other related information.

Importantly, No identifying information will be recorded and your response de-identified, therefore your participation is anonymous.

Your participation is an important part of this study. Do you have 10 minutes to participate in the survey?

If you have any questions regarding the survey, please contact Julian Baca at 505-277-7069 (jbaca63@unm.edu) at BBER.

Question Title

* 1. Would you like to complete the survey in English, Spanish, or another language?

English

Spanish

Other (please specify)

Question Title

* 2. If a language other than English, would you please provide a telephone number to reach you at for a call back?

Question Title

* 3. In what type of agricultural production are you engaged? (Check all that apply)

Milk from cows

Cattle and calves

Hay

Grains, oilseeds, dry beans, dry peas

Fruits, tree nuts, and berries

Vegetables, melons, potatoes

Nursery, greenhouse, floriculture, and sod

Cotton and cottonseed

Horses, ponies, mules, burros, and donkeys

Other animals and other animal products

Sheep, goats, wool, mohair, and milk

Aquaculture

Poultry and eggs

Hoggs and pigs

Cut Christmas trees and short rotation wood crops

Tobacco

Other/comments (please specify)

Question Title

* 4. Where is your farm/ranch located?

Town/city

County

Zip code

Comments

Question Title

* 5. Is your farm or ranch family owned/operated?

Family owned and operated

Family owned

Family operated

Other (please specify)

Question Title

* 6. What is the legal structure of your farm/business?

Sole Proprietorship

Limited Liability Corporation

Limited Partnership

Limited Liability Partnership

General Partnership

Corporation

Nonprofit Corporation

Joint Venture

S-Corporation

Other (please specify)

Question Title

* 7. How many acres do you have in production (either ranching or farming)?

0.5 or less

0.5 to 0.9

1.0 to 1.9

2.0 to 2.9

3.0 to 3.9

4.0 to 4.9

5.0 to 9.9

10 to 14.9

15 to 19.9

20 to 49.9

50 to 99.9

100 to 199

200 to 299

300 to 399

400 to 499

500 to 999

1,000 to 1,499

1,500 to 1,999

2,000 to 2,499

2,500 to 2,999

3,000 to 4,999

5,000 to 9,999

10,000 to 14,999

15,000 to 14,999

15,000 to 19,999

20,000 to 24,999

25,000 to 49,999

50,000 or more

Other/comments (please specify)

Question Title

* 8. What were your 2017 revenues?

less than $1,000

$1,000 to $4,999

$5,000 to $9,999

$10,000 to $14,999

$15,000 to $19,999

$20,000 to $24,999

$25,000 to $29,999

$30,000 to $34,999

$35,000 to $39,999

$40,000 to $44,999

$45,000 to $49,000

$50,000 to $74,999

$75,000 to $99,999

$100,000 to $124,999

$125,000 to $149,000

$150,000 to $174,999

$175,000 to $199,999

$200,000 to $299,999

$300,000 to $399,000

$400,000 to $499,999

$500,000 to $999,999

$1,000,000 or more

Other/comments (please specify)

Question Title

* 9. Is your farm/business woman, minority, or veteran owned?

Woman-owned Business Enterprise (WBE)

Minority-owned Business Enterprise (MBE)

Veteran-owned Business

None of the above

Question Title

* 10. What is the ethnicity of the farm/business owner?

White or Caucasian

Black or African American

Hispanic or Latino

Asian or Asian American

American Indian or Alaska Native

Native Hawaiian or other Pacific Islander

Another race

Don't know

Decline response

Other (please specify)

Question Title

* 11. Farming experience and age of farm.

Average years agricultural experience of owners/principals:

Combined years agricultural experience of owners/principals:

Year farm was founded:

Comments or DR (specify):

Question Title

* 12. I have sources of income other than farming. (check all that apply)

I have full-time employment outside the farm.

I have part-time employment outside the farm.

My spouse/partner has full-time employment outside the farm.

My spouse/partner has part-time employment outside the farm.

I have retirement income.

I have income from personal investments.

I receive income from a family trust.

Other or DR (please specify)

Question Title

* 13. Hours spent farming/ranching per week during the growing season.

Less than 20 hours

20 to 30 hours

30 to 40 hours

40 to 50 hours

50 to 60 hours

60 to 70 hours

70 to 80 hours

Over 80 hours

Other or DR (please specify)

Question Title

* 14. Affordability and accessibility of credit.

	Strongly agree	Agree	Neutral/Undecided	Disagree	Strongly Disagree	Don't know
I think there is abundant availability of credit to me as an agricultural producer.	I think there is abundant availability of credit to me as an agricultural producer. Strongly agree	I think there is abundant availability of credit to me as an agricultural producer. Agree	I think there is abundant availability of credit to me as an agricultural producer. Neutral/Undecided	I think there is abundant availability of credit to me as an agricultural producer. Disagree	I think there is abundant availability of credit to me as an agricultural producer. Strongly Disagree	I think there is abundant availability of credit to me as an agricultural producer. Don't know
I am able to quickly access credit when I need it.	I am able to quickly access credit when I need it. Strongly agree	I am able to quickly access credit when I need it. Agree	I am able to quickly access credit when I need it. Neutral/Undecided	I am able to quickly access credit when I need it. Disagree	I am able to quickly access credit when I need it. Strongly Disagree	I am able to quickly access credit when I need it. Don't know
I am able to access all the credit that I need.	I am able to access all the credit that I need. Strongly agree	I am able to access all the credit that I need. Agree	I am able to access all the credit that I need. Neutral/Undecided	I am able to access all the credit that I need. Disagree	I am able to access all the credit that I need. Strongly Disagree	I am able to access all the credit that I need. Don't know
I am able to access credit at competitive interest rates.	I am able to access credit at competitive interest rates. Strongly agree	I am able to access credit at competitive interest rates. Agree	I am able to access credit at competitive interest rates. Neutral/Undecided	I am able to access credit at competitive interest rates. Disagree	I am able to access credit at competitive interest rates. Strongly Disagree	I am able to access credit at competitive interest rates. Don't know
I am able to access credit on favorable loan terms.	I am able to access credit on favorable loan terms. Strongly agree	I am able to access credit on favorable loan terms. Agree	I am able to access credit on favorable loan terms. Neutral/Undecided	I am able to access credit on favorable loan terms. Disagree	I am able to access credit on favorable loan terms. Strongly Disagree	I am able to access credit on favorable loan terms. Don't know
I typically have to wait too long for credit decisions.	I typically have to wait too long for credit decisions. Strongly agree	I typically have to wait too long for credit decisions. Agree	I typically have to wait too long for credit decisions. Neutral/Undecided	I typically have to wait too long for credit decisions. Disagree	I typically have to wait too long for credit decisions. Strongly Disagree	I typically have to wait too long for credit decisions. Don't know
In my experience the loan application process is too complicated.	In my experience the loan application process is too complicated. Strongly agree	In my experience the loan application process is too complicated. Agree	In my experience the loan application process is too complicated. Neutral/Undecided	In my experience the loan application process is too complicated. Disagree	In my experience the loan application process is too complicated. Strongly Disagree	In my experience the loan application process is too complicated. Don't know

Comment or DR (please specify)

Question Title

* 15. How familiar are you with the following lenders?

	Very Familiar	Familiar	Somewhat Familiar	Unfamiliar	Never heard of them
NM Farm Credit	NM Farm Credit Very Familiar	NM Farm Credit Familiar	NM Farm Credit Somewhat Familiar	NM Farm Credit Unfamiliar	NM Farm Credit Never heard of them
Agrow Credit Corporation	Agrow Credit Corporation Very Familiar	Agrow Credit Corporation Familiar	Agrow Credit Corporation Somewhat Familiar	Agrow Credit Corporation Unfamiliar	Agrow Credit Corporation Never heard of them
Farm Credit Services	Farm Credit Services Very Familiar	Farm Credit Services Familiar	Farm Credit Services Somewhat Familiar	Farm Credit Services Unfamiliar	Farm Credit Services Never heard of them
First American Bank	First American Bank Very Familiar	First American Bank Familiar	First American Bank Somewhat Familiar	First American Bank Unfamiliar	First American Bank Never heard of them
James Polk Stone Community Bank	James Polk Stone Community Bank Very Familiar	James Polk Stone Community Bank Familiar	James Polk Stone Community Bank Somewhat Familiar	James Polk Stone Community Bank Unfamiliar	James Polk Stone Community Bank Never heard of them
Joe Stubblefield & Associates	Joe Stubblefield & Associates Very Familiar	Joe Stubblefield & Associates Familiar	Joe Stubblefield & Associates Somewhat Familiar	Joe Stubblefield & Associates Unfamiliar	Joe Stubblefield & Associates Never heard of them
Tri-State Livestock Credit Corp	Tri-State Livestock Credit Corp Very Familiar	Tri-State Livestock Credit Corp Familiar	Tri-State Livestock Credit Corp Somewhat Familiar	Tri-State Livestock Credit Corp Unfamiliar	Tri-State Livestock Credit Corp Never heard of them
USDA Farm Services Agency	USDA Farm Services Agency Very Familiar	USDA Farm Services Agency Familiar	USDA Farm Services Agency Somewhat Familiar	USDA Farm Services Agency Unfamiliar	USDA Farm Services Agency Never heard of them
Nusenda Credit Union	Nusenda Credit Union Very Familiar	Nusenda Credit Union Familiar	Nusenda Credit Union Somewhat Familiar	Nusenda Credit Union Unfamiliar	Nusenda Credit Union Never heard of them
American Farm Bureau Federation	American Farm Bureau Federation Very Familiar	American Farm Bureau Federation Familiar	American Farm Bureau Federation Somewhat Familiar	American Farm Bureau Federation Unfamiliar	American Farm Bureau Federation Never heard of them
The Bank of Clovis	The Bank of Clovis Very Familiar	The Bank of Clovis Familiar	The Bank of Clovis Somewhat Familiar	The Bank of Clovis Unfamiliar	The Bank of Clovis Never heard of them
Pioneer Bank	Pioneer Bank Very Familiar	Pioneer Bank Familiar	Pioneer Bank Somewhat Familiar	Pioneer Bank Unfamiliar	Pioneer Bank Never heard of them
PenFed Credit Union	PenFed Credit Union Very Familiar	PenFed Credit Union Familiar	PenFed Credit Union Somewhat Familiar	PenFed Credit Union Unfamiliar	PenFed Credit Union Never heard of them
Western Heritage Bank	Western Heritage Bank Very Familiar	Western Heritage Bank Familiar	Western Heritage Bank Somewhat Familiar	Western Heritage Bank Unfamiliar	Western Heritage Bank Never heard of them
Accion	Accion Very Familiar	Accion Familiar	Accion Somewhat Familiar	Accion Unfamiliar	Accion Never heard of them
First American Bank	First American Bank Very Familiar	First American Bank Familiar	First American Bank Somewhat Familiar	First American Bank Unfamiliar	First American Bank Never heard of them
First New Mexico Bank	First New Mexico Bank Very Familiar	First New Mexico Bank Familiar	First New Mexico Bank Somewhat Familiar	First New Mexico Bank Unfamiliar	First New Mexico Bank Never heard of them
AgriBank	AgriBank Very Familiar	AgriBank Familiar	AgriBank Somewhat Familiar	AgriBank Unfamiliar	AgriBank Never heard of them
AgriFirst	AgriFirst Very Familiar	AgriFirst Familiar	AgriFirst Somewhat Familiar	AgriFirst Unfamiliar	AgriFirst Never heard of them
American Ag Credit	American Ag Credit Very Familiar	American Ag Credit Familiar	American Ag Credit Somewhat Familiar	American Ag Credit Unfamiliar	American Ag Credit Never heard of them

Comment or DR (specify)

Question Title

* 16. How likely are you to apply for a loan with the following lenders?

	Very Likely	Likely	Neutral/Undecided	Not Likely	Never	I'm not familiar with the lender
NM Farm Credit	NM Farm Credit Very Likely	NM Farm Credit Likely	NM Farm Credit Neutral/Undecided	NM Farm Credit Not Likely	NM Farm Credit Never	NM Farm Credit I'm not familiar with the lender
Agrow Credit Corporation	Agrow Credit Corporation Very Likely	Agrow Credit Corporation Likely	Agrow Credit Corporation Neutral/Undecided	Agrow Credit Corporation Not Likely	Agrow Credit Corporation Never	Agrow Credit Corporation I'm not familiar with the lender
Farm Credit Services	Farm Credit Services Very Likely	Farm Credit Services Likely	Farm Credit Services Neutral/Undecided	Farm Credit Services Not Likely	Farm Credit Services Never	Farm Credit Services I'm not familiar with the lender
First American Bank	First American Bank Very Likely	First American Bank Likely	First American Bank Neutral/Undecided	First American Bank Not Likely	First American Bank Never	First American Bank I'm not familiar with the lender
James Polk Stone Community Bank	James Polk Stone Community Bank Very Likely	James Polk Stone Community Bank Likely	James Polk Stone Community Bank Neutral/Undecided	James Polk Stone Community Bank Not Likely	James Polk Stone Community Bank Never	James Polk Stone Community Bank I'm not familiar with the lender
Joe Stubblefield & Associates	Joe Stubblefield & Associates Very Likely	Joe Stubblefield & Associates Likely	Joe Stubblefield & Associates Neutral/Undecided	Joe Stubblefield & Associates Not Likely	Joe Stubblefield & Associates Never	Joe Stubblefield & Associates I'm not familiar with the lender
Tri-State Livestock Credit Corp	Tri-State Livestock Credit Corp Very Likely	Tri-State Livestock Credit Corp Likely	Tri-State Livestock Credit Corp Neutral/Undecided	Tri-State Livestock Credit Corp Not Likely	Tri-State Livestock Credit Corp Never	Tri-State Livestock Credit Corp I'm not familiar with the lender
USDA Farm Services Agency	USDA Farm Services Agency Very Likely	USDA Farm Services Agency Likely	USDA Farm Services Agency Neutral/Undecided	USDA Farm Services Agency Not Likely	USDA Farm Services Agency Never	USDA Farm Services Agency I'm not familiar with the lender
Nusenda Credit Union	Nusenda Credit Union Very Likely	Nusenda Credit Union Likely	Nusenda Credit Union Neutral/Undecided	Nusenda Credit Union Not Likely	Nusenda Credit Union Never	Nusenda Credit Union I'm not familiar with the lender
American Farm Bureau Federation	American Farm Bureau Federation Very Likely	American Farm Bureau Federation Likely	American Farm Bureau Federation Neutral/Undecided	American Farm Bureau Federation Not Likely	American Farm Bureau Federation Never	American Farm Bureau Federation I'm not familiar with the lender
The Bank of Clovis	The Bank of Clovis Very Likely	The Bank of Clovis Likely	The Bank of Clovis Neutral/Undecided	The Bank of Clovis Not Likely	The Bank of Clovis Never	The Bank of Clovis I'm not familiar with the lender
Pioneer Bank	Pioneer Bank Very Likely	Pioneer Bank Likely	Pioneer Bank Neutral/Undecided	Pioneer Bank Not Likely	Pioneer Bank Never	Pioneer Bank I'm not familiar with the lender
PenFed Credit Union	PenFed Credit Union Very Likely	PenFed Credit Union Likely	PenFed Credit Union Neutral/Undecided	PenFed Credit Union Not Likely	PenFed Credit Union Never	PenFed Credit Union I'm not familiar with the lender
Western Heritage Bank	Western Heritage Bank Very Likely	Western Heritage Bank Likely	Western Heritage Bank Neutral/Undecided	Western Heritage Bank Not Likely	Western Heritage Bank Never	Western Heritage Bank I'm not familiar with the lender
Accion	Accion Very Likely	Accion Likely	Accion Neutral/Undecided	Accion Not Likely	Accion Never	Accion I'm not familiar with the lender
First New Mexico Bank	First New Mexico Bank Very Likely	First New Mexico Bank Likely	First New Mexico Bank Neutral/Undecided	First New Mexico Bank Not Likely	First New Mexico Bank Never	First New Mexico Bank I'm not familiar with the lender
AgriBank	AgriBank Very Likely	AgriBank Likely	AgriBank Neutral/Undecided	AgriBank Not Likely	AgriBank Never	AgriBank I'm not familiar with the lender
AgriFirst	AgriFirst Very Likely	AgriFirst Likely	AgriFirst Neutral/Undecided	AgriFirst Not Likely	AgriFirst Never	AgriFirst I'm not familiar with the lender
American Ag Credit	American Ag Credit Very Likely	American Ag Credit Likely	American Ag Credit Neutral/Undecided	American Ag Credit Not Likely	American Ag Credit Never	American Ag Credit I'm not familiar with the lender

Specify any lenders not listed that you had a good experience with that you would borrow from again:

Question Title

* 17. I don't apply for loans because:

	Strongly agree	Agree	Neutral/Undecided	Disagree	Strongly disagree
Banks are not very trustworthy	Banks are not very trustworthy Strongly agree	Banks are not very trustworthy Agree	Banks are not very trustworthy Neutral/Undecided	Banks are not very trustworthy Disagree	Banks are not very trustworthy Strongly disagree
I don't like giving my personal and financial information to banks	I don't like giving my personal and financial information to banks Strongly agree	I don't like giving my personal and financial information to banks Agree	I don't like giving my personal and financial information to banks Neutral/Undecided	I don't like giving my personal and financial information to banks Disagree	I don't like giving my personal and financial information to banks Strongly disagree
Banks are not transparent	Banks are not transparent Strongly agree	Banks are not transparent Agree	Banks are not transparent Neutral/Undecided	Banks are not transparent Disagree	Banks are not transparent Strongly disagree

Other or DR (please specify)

Question Title

* 18. If land is owned, do you have a mortgage or is it paid-off?

I own my land

I am paying on a land mortgage

Lease

Family land (specify the number of years the land has been in the family):

Question Title

* 19. What types of agricultural financing or grants have you applied for in the last 12-months?

Short-term (12-months or less)

Line of Credit

Land Loan

Credit Card

Lease

Agricultural Grant

Other (specify)

Question Title

* 20. Reasons for seeking financing? (Check all that apply)

Operating expenses (materials, payroll, etc.)

Equipment

Land

Expansion

Other (please specify)

Question Title

* 21. Total dollar amount of loans secured in last 12-months?

Question Title

* 22. If approved for a loan, how much did you receive as a % of the asking amount? (last 12-months)

100%

90%

80%

70%

60%

50%

40%

30%

20%

<10%

NA - Not Applicable (have not applied for loan in last 12-months)

Other (please specify)

Question Title

* 23. Source(s) from which you received a loan and/or grant in the last 12-months? (Check all that apply)

Agricultural bank

Commercial bank

USDA (FSA or otherwise)

Credit union

Family, friend, colleagues

SBDC

Online lender

Payday or title lender

NA - Not Applicable (have not received a loan or grant in the last 12-months)

Other (please specify)

Question Title

* 24. If you applied for a loan in the last 12-months for which you were declined, the reason(s) given include (Check all that apply):

Insufficient collateral

Inadequate documentation

Weak business performance

Low credit score

Lack of credit history

Insufficient revenues to support expansion

I have not applied for a loan in the last 12-months

Other (please specify)

Question Title

* 25. Would you accept private equity investments in your farming/ranching business (either a private investor or a private equity or venture capital fund)?

	Very Likely:	Likely:	Neutral/undecided:	Unlikely:	Absolutely Not:	I am not familiar and could not say:
Private Investor (e.g. a private individual like a local lawyer or entrepreneur)	Private Investor (e.g. a private individual like a local lawyer or entrepreneur) Very Likely:	Private Investor (e.g. a private individual like a local lawyer or entrepreneur) Likely:	Private Investor (e.g. a private individual like a local lawyer or entrepreneur) Neutral/undecided:	Private Investor (e.g. a private individual like a local lawyer or entrepreneur) Unlikely:	Private Investor (e.g. a private individual like a local lawyer or entrepreneur) Absolutely Not:	Private Investor (e.g. a private individual like a local lawyer or entrepreneur) I am not familiar and could not say:
Private Equity or Venture Capital Fund	Private Equity or Venture Capital Fund Very Likely:	Private Equity or Venture Capital Fund Likely:	Private Equity or Venture Capital Fund Neutral/undecided:	Private Equity or Venture Capital Fund Unlikely:	Private Equity or Venture Capital Fund Absolutely Not:	Private Equity or Venture Capital Fund I am not familiar and could not say:

Comments or (If "Unlikely" or "Absolutely not" then why not?) or DR:

Question Title

* 26. What is your total outstanding farm-related debt?

less than $1,000

$1,000 to $4,999

$5,000 to $9,999

$10,000 to $14,999

$15,000 to $19,999

$20,000 to $24,999

$25,000 to $29,999

$30,000 to $34,999

$35,000 to $39,999

$40,000 to $44,999

$45,000 to $49,000

$50,000 to $74,999

$75,000 to $99,999

$100,000 to $124,999

$125,000 to $149,000

$150,000 to $174,999

$175,000 to $199,999

$200,000 to $299,999

$300,000 to $399,000

$400,000 to $499,999

$500,000 to $999,999

$1,000,000 or more

Other (please specify)