AgSouth Distributes Sponsorship Program Funds
STATESBORO, Georgia – AgSouth Farm Credit score CEO Pat Calhoun introduced that the customer-owned co-op was distributing $ 40 million in income beginning in 2020 to its member-borrowers, the best return from common patronage on high of that 30 years of distribution of patronage from the affiliation.
Members of the cooperative play a vital function in serving to farming and rural communities receive dependable credit score by doing enterprise with AgSouth. That is carried out by way of the patronage program, and the distribution is voted on by the board of administrators. Though not assured, AgSouth has distributed back-to-back kickbacks for the previous 33 years, grossing over $ 580 million in revenue since 1988.
“AgSouth is as soon as once more proud to proceed its decades-long dedication to co-op administrators by making this robust distribution to our members,” Calhoun stated. “This 12 months’s $ 40 million kickback exceeds our common 2019 kickback distribution by $ 1.1 million. These funds instantly help our shoppers and the communities we serve. “
Regional Enterprise Growth Director Troy Brownlee added, “Batesburg members will obtain a mixed quantity of over $ 1.9 million in money from these distributions.”
AgSouth’s Batesburg department encompasses Newberry, Lexington and Saluda counties. The $ 1.9 million went to these three counties, in response to Lyndsey Sutherland, digital marketer for AgSouth.
AgSouth Farm Credit score supplies loans for land, tools and manufacturing agriculture; crop insurance coverage; rental; and actual property mortgages. The affiliation serves 93 counties in South Carolina and Georgia and is headquartered in Statesboro, Georgia. AgSouth is an equal housing lender and an equal alternative supplier.