Local area benefits from AgGeorgia Credit payout

AgGeorgia Farm Credit customers recently received a welcomed envelope in their mailboxes. Last week the agricultural cooperative mailed out checks totaling nearly $7.5 million to their members statewide.

This included $535,862 to members of the Perry and Montezuma Branches, which serves Bibb, Crawford, Houston, Macon, Peach and Taylor counties. When added to the $2.7 million in cash sent to members earlier this year, AgGeorgia has paid out more than $10 million in cash in 2014 alone.

Adding to the good news for AgGeorgia members is the fact that no income taxes are due on the disbursement of nearly $7.5 million. The recent payout was a surplus revolvement from the Association’s 2003 and 2004 Patronage Refunds, and taxes were paid on this portion at that time.

AgGeorgia CEO Jack Drew noted the refunds distinguish Farm Credit in the marketplace and benefit the farming community.

“Like other lenders, Farm Credit charges competitive interest rates on its loans,” said Drew. “Unlike other lenders, Farm Credit returns its profits to its patrons, thereby reducing their effective cost of borrowing. That’s one of the benefits of doing business with your Farm Credit cooperative.”

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