It's just the beginning for Spenda!, page-1565

I look at it in a very binary way, absent no specific expertise on carrots vs other products... Either they are a good credit risk and banks or other specialised lenders are already there sub 10% (6-8%). Either there are some question marks attached to what they do (could be the way the business is structured) or they want capital to grow and current lenders have maxed out capacity. And then yes, there is an opportunity to earn >10%. But the point is still that you cannot foreclose a farmer. So if anything goes wrong, you won't see your $ coming before quite some time. And if you do many like these, well, you'd better have extremely good underwriting expertise to avoid the banana skins. Which means they would need to hire ex bankers / fund managers. In SME space, the people they got from Invigo seem to have the adequate profile. But not here. I don't think my views are uncommon in the market. And therefore the SP will reflect the risks accordingly. But I do think that tech has a lot to offer to farming generally. I was on a very large farm over the weekend, and if you just look at the way business is done, so much could be digitalised in terms of data gathering. Which is what Fresh Supply Co is trying to do (I think, I have not gone through them in any details). Will that really help with lending? I am sceptical as the underlying security you may get will never be really yours... I would very much stick with the facilitation of lending/processing in this space, and not be exposed in anyway.