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Private lending remains the main channel for farmers' financing
"Nowadays, farming alone can easily cost hundreds of thousands of yuan, and the loan matter still has no clue." Recently, Zhang Tuanjie, head of the Xiangrui Agricultural Planting Cooperative in Shiyuan Township, Qi County, Henan Province, was quite helpless. The Qi County Rural Credit Union, which has been reluctant to grant loans, also has its own difficulties: besides the borrower having few collateral assets, the vegetable planting industry is also easily affected by natural disasters and sales difficulties, making it an industry with relatively high costs and high risks. Farmers' "difficulty in getting loans" and the rural credit union's "difficulty in granting loans" seem like two ropes tied into a dead knot, impossible to cut or untie, restricting farmers from becoming wealthy and the rural credit union's own development.
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