Challenges and opportunities: A recap of the GrainGrowers International Women's Day Farm Finance Event
In Lower Norton (VIC), GrainGrowers hosted a Farm Finance Workshop for International Women's Day on Friday 8 March 2024. The event was created in response to grower feedback and designed to develop existing skills and offer thought-provoking content. Carmen Quade from AgriFocused delivered a presentation, which covered topics ranging from the impact of rising interest rates; to the challenges posed by escalating land prices and the event offered invaluable insights and strategies for growers in regard to both of these challenges and more.
"I just do the books." is how Carmen Quade began her workshop on finance this International Women's Day. "How many of us have said that at some point? Try and consider that it's not a matter of ‘just’. Why do we negate our roles in farm businesses? You do the books, you don't 'just' do them."
One of the key discussions centered around the implications of rising interest rates on loan accessibility. As interest rates continue their upward trajectory, accessing loans becomes increasingly challenging for growers looking to expand operations or invest in new equipment. “Start shifting your mindset to what can you do, rather than what you can't." What can you build on from the skills you already have?
"There are 100 ways to build a fence. You're not going to know it all, so ask questions.”
Renae Piggott
Further discussion revolved around escalating land prices, which present another formidable obstacle for those in agriculture. With land prices soaring, growers are grappling with the daunting task of securing viable acreage without breaking the bank. "Know your numbers," was just one of the messages of the day, stressing the importance of being well-versed in your data to negotiate favourable loan terms in such a climate. Outlined on the day were several tips about how to best present yourself to your lender.
- Get external advice, especially if chasing a larger property
- Have your data in front of you (e.g. annual report)
- Communicate as much and as early as possible with your bank
During the panel held after the workshop, GrainGrowers General Manager Communications and Grower Engagement Roma Christian Rahmé facilitated a discussion with Carmen, Pru Cook the director of Nine Creeks Consulting and Renae Piggott, a farm management consultant for AgAsset. Together, they spoke about some of the challenges they'd overcome as women in the agricultural field. Roadblocks ranged from being the only woman in the room early on, and facing imposter syndrome head-on, to the sense of isolation that came with moving to remote areas away from existing support networks.
"Even if your experience is different from everyone else around the table, it's still valid and needs to be heard, especially if you're the only woman at the table," emphasised Pru. Diversity of perspective enriches the discourse and fosters innovative solutions to complex problems – of which there are many in agriculture.
A question from the audience after the panel concluded, focused on the successful aspects of succession planning – a nuanced financial and emotional issue all farms face in time. The consensus was unanimous. Involving the next generation in farm finance conversations is crucial for long-term sustainability. "Bring your kids into your farm finance conversations because one day they'll have to make those decisions too," encouraged Renae. By imparting financial literacy and involving them in decision-making processes, farmers can assure a smooth transition of knowledge and responsibilities between hands.
