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This $200M bank is backed by Parmesan Cheese and is lending people money for cheese
In Northern Italy, Credito Emiliano treats cheese like gold
The bank currently holds 430,000 wheels of Parmesan worth about $200 million
Real Parmesan takes two to three years to get ready
This leaves farmers with millions of dollars in premature products they can’t sell, while still needing to pay for cows, bills, and workers
By using young cheese as security for a loan, farmers get cash immediately
The bank provides up to 80% of the value upfront so these businesses stay running
While the loan is active, the cheese stays in high tech vaults where experts look after it
If a farmer can't pay, the bank simply sells the aged cheese for a profit
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