Field Notes Blog > Harvest Membership’s Rewards this Fall
Harvest Membership’s Rewards this Fall
October 10, 2018
AgChoice Farm Credit is a member owned cooperative serving over 10,000 customers with 102 years of lending expertise. This fall, AgChoice implores existing and prospective customers to harvest the rewards of cooperative membership, especially during this challenging agricultural economic cycle.
Loan fees reduced through December 31, 2018
Any new money loans originating no earlier than September 1 and closing no later than December 31 are eligible for up to $1,000 off loan fees. New and existing borrowers are eligible, and some restrictions apply. More information is available on AgChoice’s website.
“As a cooperative, it’s AgChoice’s responsibility to support customer-owners in both good and challenging times through various forms of profit sharing,” said Curtis. “By reducing loan fees through yearend, we hope to also reduce the burden on our borrowers’ wallets when they seek the financing they need.”
Additional $5 million patronage paid to customer-owners
AgChoice’s Board of Directors approved a one-time special patronage distribution of $5 million to customer-owners this September. This means that customer-owners received $26.3 million of AgChoice’s profits in 2017.
The combined April annual patronage and September special patronage equates to 35.1% of the interest customer-owners paid to AgChoice in 2017. Patronage is a form of cooperative profit sharing, not a return of interest paid. However, using a fixed percentage of interest paid ensures that profits are shared equitably among customer-owners (the more business you do with the cooperative, the greater the benefits).
“Our Board of Directors understands agricultural cycles; elected by our fellow customer-owners, we experience the good and challenging times, too,” said Shawn Wolfinger, AgChoice Board Chair. “We’re pleased to distribute these additional cooperative profits to help our customer-owners.”