UPPER SANDUSKY, OH (CRAWFORD COUNTY NOW)—AgCredit is returning $22 million in patronage to its members across 18 counties in Northwest Ohio, the credit union announced. The return, averaging about 1.05% off members’ interest rates, marks the 38th consecutive year of the program.
Ashley Snyder, a senior account officer at AgCredit’s Upper Sandusky branch, spoke with Randy Bigley on Community Spotlight about the patronage and other services offered by the farmer-owned cooperative.
“We are a farmer-owned co-op, and we return our profits back to our members,” Snyder said. “So you become a member when you take a loan out from us, and then we return part of the interest that you pay us in a patronage. Or it’s comparable to a dividend return.”
The credit union held association-wide patronage parties at its various offices last week, and this week employees are delivering checks to members in person or by mail.
In addition to the patronage return, AgCredit is also highlighting its participation in the Ohio LINK program, which helps reduce interest rates on operating loans for farmers.
“It is nearly a 40-year-old product from the state,” Snyder said. “And it allows lending institutions to reduce the interest rate on operating loans as well as fixing the rate on that product for the entire year for them.”
Snyder emphasized that there are no fees associated with the LINK program.
With spring planting underway, AgCredit is working with members to renew or establish their operating lines of credit.
“It’s springtime and we’re working with members to renew or establish their operating lines of credit,” Snyder said.
AgCredit has branches in several Northwest Ohio communities, including Derby, Cyrus, and Upper Sandusky. Those seeking more information can visit any local office or the credit union’s website at agcredit.net.