Young business aces abound at the junior livestock show, including an agriculture podcast host and an aspiring loan officer.

A Federal Reserve survey of bankers shows clients are finding opportunities to borrow and invest, though demand for mortgages is muted.

One consequence is slower economic growth overall.

Small and medium-size businesses are increasingly getting loans from nonbank entities like hedge funds or private equity firms.

In Southern California and South Carolina, businesses are looking for loans. But in the Midwest, owners are hesitant to borrow.

It’s common for banks to sell of loans to other investors. What’s unusual are the sharply lower prices those potential buyers are offering.

That’s one takeaway from the latest Beige Book, a snapshot of the economy from the 12 Federal Reserve banks around the country.

They’re setting aside more cash to cover delinquencies and taking closer looks at prospective borrowers.

Banks are reporting increased lending to both consumers and businesses.

In the words of one business owner: “Why would I want to go into any type of expansion?”