AgCredit Offers Support to Members
AgCredit offers support to members during this challenging time of uncooperative weather.
Dear AgCredit Member,
The wet conditions we’ve been experiencing over these past few months have been extremely challenging for many of you. These conditions are unprecedented for our area, and we understand the anxiety and stress many of you are feeling. It’s our mission to assist you, along with all our members, to overcome the hurdles this sort of weather presents. Through our continued partnership, we’ve made it through droughts, low commodity prices and other weather events, and we’ll do it again this season.
We know everyone’s situation is unique, but I want to assure you there are a variety of options we can explore if you’re experiencing financial difficulty because of the recent weather. Those options may include deferring principal on term loans, extending loan terms on existing loans or restructuring your loan over additional years to preserve cash.
While there’s no single solution that’s right for everyone, I’d like to encourage you to contact your account officer as soon as possible if you’re facing potential cash flow issues. Your account officer will work with you to determine the best option(s) for your individual operation. They’ll work with you to obtain any additional information that may be necessary, such as your adjusted 2019 crop acres, including any prevent plant acres; current inventories; and forward-looking cash flow statements.
Another unknown is how the Market Facilitation Program will be administered in 2019 and if any adjustments will be made by the USDA to various government programs. We’ll continue to monitor these programs and will be back in touch with you as more information becomes available.
Though these conditions are challenging for us all, we view this season as another opportunity to serve our rural community and return profits to our borrowers. Our board recently approved accelerating the distribution of the final $10 million of allocated surplus typically received in September to July for members who had eligible loans in 2013.
One of my favorite quotes is, “Your cooperative’s success is a result of everyone working cooperatively together.” Please know your account officer is ready to work with you in this challenging environment if you do need some assistance.
Brian J. Ricker