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August 31, 2016
Borrowers who have teamed up with Farm Credit of the Virginias to tackle their lending needs are getting a healthy dividend check. Through a unique and growing patronage refund program, Farm Credit of the Virginias has refunded customer-owners the equivalent of two months of interest earned on their loans in 2015.
This year, local agricultural lender Farm Credit of the Virginias is celebrating its 100th year of providing support to agriculture, forestry, and rural communities. “We are pleased that we have the ability as a cooperative with a 100-year legacy to support and strengthen the position of the American farmer and other agricultural businesses that this nation depends on for nourishing its families,” stated Farm Credit of the Virginias CEO Dave Lawrence. Through their patronage refund program, Farm Credit of the Virginias has returned over $198 million of profits to its borrowers since 2001.
Representative Robert Hurt visited farmers and rural community members in his district. “Farm Credit’s century-long dedication to the agriculture industry is inspiring,” said Hurt, “and their patronage program continues to be a valuable benefit for this area.” The cooperative’s customers received over $4 million in Hurt’s district this year.
Farm Credit of the Virginias provides over $1.8 billion dollars in financing to more than 11,000 farmers, agribusinesses and rural homeowners throughout Virginia, West Virginia and western Maryland. Farm Credit is a cooperative capitalized largely through investments made by farmers, ranchers and the rural homeowners and businesses that borrow from them. In fact, as part of a nationwide network they are the largest single provider of agricultural credit in the United States and have been for 100 years. Farm Credit helps maintain and improve the quality of life in rural America and on the farm through its constant commitment to competitive lending, expert financial services and for facilitating and sharing knowledge and resources through the Farm Credit Knowledge Center. For more information, visit www.FarmCreditKnowledgeCenter.com or www.FarmCreditofVirginias.com
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