Most people don’t wake up and wonder how interest rates changed overnight. Rates rarely cross people’s minds until a car payment is due, a new home is being purchased, or a credit card bill arrives in the mail. The cost of money is an important price in the world, but what does that mean for the people and businesses borrowing it? Community National Bank President Alex Hardin says borrowing costs touch nearly every operation:
“You got borrowing costs. Let’s just talk about the ag community. The carrying cost of just operating your ag operation, it is a huge cost. Being a small business, if you need to borrow money, that eats into the bottom line, that eats into the payroll, and health benefits. It all comes into play on how much you are going to borrow, what the cost of that is, and then ultimately, we are in it to make a profit.”
Community National Bank has served the local community since 1964.
