Financement agricole plans a distribution of patronage before the season


MAHOMET – In response to last year’s unprecedented conditions facing agriculture and the economy in general, the board of directors of Farm Credit Illinois (FCI) said that a one-time distribution of $ 10 million Preseason sponsorship dollars would be distributed this week to members of the cooperative’s farming family.

In addition, $ 30 million will be paid to members the week of June 14, as a traditional annual cash sponsorship. FCI will also distribute $ 2.7 million in sponsorship separately to eligible loans from its agri-food loan portfolio of the Capital Markets Group, bringing the cooperative’s total sponsorship to $ 42.7 million. This represents 48.5% of the Association’s 2020 net profits paid to borrowing members in 2021.

“This year’s special preseason patronage recognizes the unusual circumstances and challenges members faced in 2020,” said Eric Mosbey, Chairman of the FCI Board of Directors. “Cash sponsorship is a tangible demonstration of the value of cooperative membership.

“As farmers prepare for a new crop year, FCI is celebrating cooperative participation by offering two separate sponsorship payments in 2021,” said Aaron Johnson, President and CEO of FCI. “Even in times of economic volatility, FCI is able to fulfill its mission of helping farm families succeed through cash sponsorship. “

Source link

Leave A Reply

Your email address will not be published.