Farm Credit Illinois provided zero percent interest on operating loans during October and November to more than 2,800 farm families – accumulating $3.02 million of total interest credit. This special “Harvest Interest Returns” program automatically applied to existing FCI operating loans on balances up to $500,000.
“In the challenging economic cycles of agriculture, farmer’s working capital levels are stressed,” says Tom Tracy, FCI President & CEO. “Harvest Interest Returns provided timely relief to our membership with operating loans while thanking the farm families working tirelessly through the harvest season.”
“As a farmer-owned cooperative, Directors see tighter margins reflected in our own balance sheets,” says Mark Miller, FCI Board Chair. “We recognized it was the Association’s role to give back a portion of the year’s success.”
Farm Credit Illinois is a farmer-owned and directed agricultural lending cooperative serving 11,000 farm families, agribusinesses, and rural landowners in the southern 60 counties of Illinois with competitive and flexible financing and crop insurance expertise. The Association manages a $4.2 billion loan portfolio, sells 1.4 million acres of crop insurance coverage, and employs 220 staff based in the Mahomet central office and 14 regional office locations. The U.S. Farm Credit System supports rural communities, farm families, and agriculture with reliable, consistent credit and financial services today and tomorrow.