AgGeorgia Distributes Over $10million to Members

Franklin and Hart Counties AgGeorgia members will be getting some extra cash thanks to a $10 million surplus of funds from AgGeorgia Farm Credit.

AgGeorgia announced recently checks totaling $10,067,900 were mailed out last week.

About $520,000 is being distributed to AgGeorgia members in Franklin County alone.

According to AgGeorgia CEO Jack Drew, the money is coming from a surplus revolvement from their 2004 and 2005 Patronage Refunds.

“Our ability to share profits with our members is distinctive,” said AgGeorgia CEO Jack Drew.  “Like other lenders, AgGeorgia charges competitive interest rates.  Unlike other lenders, the profits we make come back to the borrowers.”  Drew added, “It is a great feeling to know we are re-investing in Georgia communities, as so much of this refund goes to members in rural areas where the impact of these dollars is proportionately greater.

Drew said because taxes on the money were paid at that time, recipients will not have to pay income tax on the funds.

AgGeorgia Farm Credit is an agricultural lending cooperative with over 4,000 members.
This latest cash infusion is in addition to the $4.04 million in cash sent earlier this year to their borrowers.

This marks the 27th consecutive year the cooperative has returned profits to its members, with over $300 million in cash being paid out since 1988.