As a farmer-owned cooperative, we know that a little extra capital can make a big difference in operations of New Mexico’s farmers and ranchers. Patronage allows us to give back a portion of what we earn directly to those who deserve it most. Farm Credit of New Mexico, is pleased to announce the distribution of $11.8 million dollars in cash patronage to be paid to Stockholders by March 31,2020. The patronage payment is based on each Stockholder’s average loan balance during 2019. This cash distribution effectively reduces member interest rates by approximately 0.75%.
Patronage is one of the unique benefits of being a Farm Credit of New Mexico customer.
Farm Credit of New Mexico is farmer and rancher owned since 1916, as a customer, you are an owner, and owners get their share of the profits. Since the inception of the Patronage Program in 2005, $119.5 million dollars has been given back by Farm Credit of New Mexico.
Alan Feit, Farm Credit of New Mexico’s President/CEO stated, “As a cooperative, our patronage program is something we are very proud of.” He continued saying “Our focus remains on the success of New Mexico Agriculture. In these challenging times, the longevity and consistency in our patronage program shows the strength and dedication of the Association.”