January 25, 2022
We recently announced that we have another record-breaking patronage refund for our customer-owners. We were able to reduce interest costs for our borrowers by approximately 2.76% by returning profits. Farm Credit is unique in that it follows a cooperative model and distributes its profits to our customers rather than solely to our owners. Why, though? Why do we share our profits with our customers? Because we’re customer owned and it makes a difference in agriculture and rural communities.
As a cooperative, we work with our customers to positively influence our rural communities. By financing agricultural operations and rural living, we are investing in the future of an important industry. This allows our ag customers 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 customers 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 customers 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 record-breaking patronages, such as this year’s $31 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 customers, 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 customers? It’s more than because it’s the cooperative model – but it’s because 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 customers, we are doing just that.