Patronage - Making a Difference in Agriculture

March 6, 2024

AgCarolina Farm Credit recently announced a $49 million dollar patronage refund for our member-owners. This patronage distribution reduces interest costs for our borrowers by approximately 1.75%. Farm Credit is unique in that it follows a cooperative model and distributes its profits to our members. Why, though? Why do we share our profits with our members? Because we’re member owned and it makes a difference in agriculture and rural communities.

As a local lending cooperative, we work with our members to positively influence our rural communities. By financing agricultural operations and rural living, we are investing in the future of agriculture. This allows our ag members to provide a stable, safe food source for the world. Ensuring the success and vitality of agriculture in eastern North Carolina is more than providing jobs or economic strength in the community. It’s about preserving heritage, continuing legacies, and creating communities for the future. These goals are at the heart of our members too. They continually implement innovations to become better at what they do and ensure the future. With a passion for the communities that they live and work in, our members give back to those communities in so many different ways. 

The very presence of farmers and those that work in agriculture creates dynamic and enriched communities. We believe that by being their financial partner and supporting their endeavors, we are simultaneously supporting the communities where they are. By delivering a strong patronage, such as this year’s $49 million, dollars are invested back into operations and as a result are also circulated through communities. We are proud to support those that feed, fuel, and clothe consumers. Their impact extends far beyond fields and barns, but also to classrooms, hospitals, boardrooms, and beyond. Patronage refunds are more than just an investment into our members, it’s an investment into communities and the families who live there. 

Together, we are making a difference in agriculture and rural areas across the state. 

So, why do we share our profits with our members? Because as your local lending cooperative, we believe in agriculture. We love and believe in rural communities. We want to support those who feed, fuel, and clothe us. We want to make a difference in agriculture. Together, with our members, we are doing just that. 

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