Farm families get spring dividends

Over $133,000 comes in from AgGeorgia Farm Credit just in time for planting season.

Floyd County agribusinesses have shared over $133,000 Patronage Refund Program dividends issued this month from AgGeorgia Farm Credit. The spring dividends returned to farmers all over the state totaled more than $11.1 million.

This year marks 29 consecutive years the agribusiness cooperative has been able to return a portion of its profits to its members. The money comes in at a time when many farmers are starting the process of getting soybeans and corn into the ground for the season.

“Profit sharing is really at the heart of the cooperative model,” said AgGeorgia CEO Jack Drew in a news release. “Our patronage refund program does just that, lowering our members’ cost of borrowing while complementing our already competitive upfront interest rates.”

“Even if they are familiar with cooperatives, most new members are surprised that the refunds

are significant relative to their interest paid,” said AgGeorgia CFO Carrie McCall. “The patronage refund reduces our members’ cost of borrowing considerably, this year lowering the average member’s stated rate by 1.36 percent.” That boils down to every dollar of interest expense paid by the borrowers, they are able to recover 25 cents back.

Jessica Bassett, a marketing specialist for AgGeorgia, said the number of Floyd County farm families that shared in proceeds from the Patronage Refund Program this spring — 66 — almost doubled the number that received a similar distribution in fall 2016 — 35.

In addition to the payments to Floyd County borrowers, AgGeorgia Farm Credit paid 43 borrowers in Chattooga County $114,920.08; 76 members in Gordon County received a total of $178,116.07; 85 members in Bartow County got back $123,487.71; and 35 program participants in Polk County shared $59,494.34.