Farm Credit System a reliable source of credit for farmers, ranchers
In 1916, Congress established the Farm Credit System to provide a reliable source of credit for the nation’s farmers and ranchers. Today, the Farm Credit System is the largest single provider of credit to American agriculture, providing more than $191 billion in loans, leases and related services annually, to those who live and work in rural America.
As part of the Farm Credit System, American AgCredit is the sixth largest Farm Credit cooperative in the nation, in providing financial services to agricultural and rural customers throughout Kansas, Colorado, Oklahoma, New Mexico, Nevada and California, as well as to capital markets customers in more than 30 states across the nation. The Association serves customers from 30 office locations and offers a broad range of agricultural loan and leasing services supporting farmers and ranchers in six Western states and beyond.
According to Byron Enix, CEO of American AgCredit, “Farmers and ranchers need to have ready access to credit in an ever changing landscape of weather and economic challenges. Our company was created to support those needs and provide a stable financial resource for the entire industry.”
“Our mission is to serve farmers and ranchers and provide sound, reliable financing at competitive rates, said Greg Reno, regional vice president. We strive to be the most efficient and most competitive lender to agriculture in any given area we serve.”
American AgCredit’s stockholder-elected board of directors recently approved a patronage dividend for the year ended Dec. 31, 2013. As a result, dividend checks totaling $37 million were recently distributed to the cooperatives shareholders. Sterling, Kan., board member John Engelland said, “Since 2005 we’ve been able to return more than $217 million to our members.”
“We are focused on being the leader in delivering financial services with value, to all of agriculture,” added Enix. The 98-year-old American AgCredit has nearly 7,000 stockholders, administers 15,000 loans and manages more than $10 billion in assets. The company has grown 40 percent since 2008, and currently employs 420 people nationwide.
American AgCredit finances more than 200 different commodities as part of its service to Agriculture. Major market segments include wheat, beef, dairy, vegetables, winegrapes, cotton, field crops, timber, and other permanent plantings. Enix believes that the strength of the company is built on its relationships. “We hire people who understand agriculture. And our top people—loan officers and underwriters—understand how to run an agricultural bank. We’re like a family and have exceptional employees with tremendous longevity.”
American AgCredit offers a young, beginning and small farmer/rancher loan program (YBS Program), designed to provide diverse and accessible financing options, alternate financing and guarantee options for farmers and ranchers who are just getting started as well as small or part-time operations.
“We keep an eye on the trends,” Greg Reno said. “As agricultural operations grow, we have to grow as well. Eighty-five percent of the nation’s food supply today comes from 15 percent of the producers. Through a larger pool of capital, American AgCredit can serve both the larger and smaller segments of our industry—and as a lender committed to agriculture, we need to support the entire spectrum.” For more information call 316-729-3440.