The world of banking is often a serious one but sometimes banking has a lighter side which we thought would be fun to explore.
Now you may be thinking the above title would have been good for an April Fools joke, but believe it or not there really is a bank that accepts Parmesan cheese as collateral on loans.
As strange as it sounds, it is actually a very smart idea.
Here is a snippet:
Since 1953, the regional bank Credito Emiliano has accepted curious collateral for small-business loans: giant wheels of Parmigiano-Reggiano cheese.
Known locally as Credem, the bank is the subject of a new Harvard Business School case study, “Credem: Banking on Cheese.” The case explains how the bank essentially replaces an expensive part of the operations process for dairy farmers in the Emilia Romagna region of Northern Italy.
Curious? You can read the full article by following this link, ‘A Bank That Accepts Parmesan As Collateral: The Cheese Stands A Loan’