Farm Credit customers receive #036;18 million in benefits

Published 12:00 am Monday, January 24, 2005

Staff Report

Customers of Farm Credit who live in Virginia received patronage refund checks totaling more that $18 million in 2004.

In a recent ceremony in Washington, U.S. Sens. George Allen and John Warner joined board chairmen from the three Fram Credit associations in Virginia to announce the distribution of the refunds to farmers and rural residents in the state.

Email newsletter signup

Greg Farmer, president of Colonial Farm Credit, explained that Farm Credit is organized as a customer-owned cooperative.

&uot;Our customers share in the profitable operation of their company through a patronage refund,&uot; he said, &uot;reducing their borrowing costs and returning money to the rural communities where they live.&uot;

Valley Farm Credit, Farm Credit of the Virginias and Colonial Farm Credit provide more than $1.8 billion in financing to nearly 18,000 farmers, agribusinesses and rural homeowners in Virginia.

They loan funds for home purchase and construction, land and farm purchases, equipment, farming expenses, and horse and livestock purchases.