Why Is This Bank Betting Big on Parmesan Cheese

🧀 At Italy’s Credito Emiliano, a unique banking practice since 1953 allows local farmers to use their Parmigiano Reggiano Cheese as collateral for loans, providing vital support to the agricultural community. 🐄 The Parmesan Cheese production process starts with approximately 3,500 family-owned farms, where many generations have proudly continued the tradition of Cheese crafting. 💹 The market for Parmigiano Reggiano is highly volatile, with prices fluctuating sharply; a single wheel, adhering to strict production standards, can be worth over a thousand dollars. 🏦 Through Credito Emiliano’s program, farmers receive immediate cash for their Cheese, which the bank safeguards in controlled conditions, significantly reducing risks associated with aging Cheese. 💼 This innovative banking method is part of a wider trend of accepting unconventional collateral, demonstrating the banking sector’s adaptability in supporting various industries and communities.

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