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02-28-2010, 11:00 AM
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BH: Excellent piece on equine lending by Ryan Conley
Important background piece by Ryan Conley in BH that details the collapsing relationship between Bluegrass region lending institutions and the breeders. The situation is tenuous at best and desperate by some measurements. Conley himself, who was the Bloodhorse's excellent business correspondant for several years, lost his full time position about 4-5 months ago and is now writing as a freelancer.
Equine Lending's Stormy Climate By Ryan Conley http://www.bloodhorse.com/horse-raci...stormy-climate In both good times and bad Kentucky horsemen always felt secure that their bankers could be counted on to pump in needed funds and keep their operations humming. But now, cash-strapped breeders and owners grasping for that longtime lifeline are often finding nothing at the end of the rope. Financial institutions long thought of as allies of the state’s $4-billion equine industry have been forced to become less friendly to clients already struggling against oppressive economic dynamics. Lending programs from banks servicing the historic equine industry of Central Kentucky have plummeted by 60% in the last two years, according to David Switzer, executive director of the Kentucky Thoroughbred Association, from an estimated $1 billion in 2007 to a current level of about $400 million.
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