By: Ag. Reporter Mollie Goode
As farmers are facing uncertainty in future markets, Farm Credit Mid-America plans to return $31 million to its Kentucky customers.
Farm Credit is a farmer-owned cooperative that, with the help of the patronage program has been able to return more than $1.5 billion in the past nine years to customers in Arkansas, Indiana, Kentucky, Missouri, Ohio and Tennessee.
The Farm Credit Mid-Americ’s Board of Directors makes the patronage program decision regarding eligibility for return earnings and plans to return $260 million across the country in the Spring of 2025.
A news release from Farm Credit Mid-America says the amount customers receive will vary based on the number of earnings generated by the business in 2024 and the customers can use the return in several ways, which can include the purchasing of new equipment and paying down debt.
Mark Barker, senior vice president of agriculture lending for Kentucky says the cooperative exists to secure the future of rural communities and they achieve this through putting their customers first. He sympathizes with farmers saying he understands how challenging it can be with an unpredictable market, so the company plans to show their commitment to farmers through the earring returns.
Photo from Farm Credit Mid-America.