Southwest Georgia Farm Credit announces distribution of 2023 profits

BAINBRIDGE – Southwest Georgia Farm Credit on Wednesday announced that it will distribute $6.4 million in 2023 profits to customers in the spring.

The financial services cooperative has returned more than $159 million through its patronage program over the last 34 years.

“Our economies encountered major disturbances this past year,” SGFC President and CEO Paxton Poitevint said. “In addition to low commodity prices and low yields, the continued pressure of inflation combined with the highest interest rates we’ve seen in the last decade impacted the cost of everyday life, and consumer confidence declined.

“Yet, amidst the uncertainty, Southwest Georgia Farm Credit remained steadfast in its commitment to serve its customers through a challenging economic cycle to achieve core earnings and capitalize for future growth. These earnings contribute to the advantage of a cooperative structure, allowing our member-owners to benefit from our patronage program, effectively lowering their cost to conduct business and furthermore, ensuring their success.”

The 2023 patronage dividend is equal to 13.18% of the interest a customer paid in, which is comparable to getting back almost two months’ worth of interest paid on a loan, according to the cooperative, and the profits they distribute to their member-owners have a lasting impact on their operations and the rural economies they support.

“Amid all the changes in our world and the advancements we’ve made as an association, one thing remains the same,” Poitevint said. “We are still in the business of people. It is our mission to offer the expertise and services our producers and landowners expect in their times of need from an organization with over 100 years of history, no matter the obstacles. That is why I would like to thank our member-owners for their trust in Southwest Georgia Farm Credit.”

Patronage distributions are made when SGFC’s Board of Directors deem that the association’s financial performance is such that a distribution is warranted.

Headquartered in Bainbridge, SGFC supports farmers and farm businesses, as well as rural property owners, providing safe, sound, dependable financing. The cooperative is part of the Farm Credit System, a nationwide network of agricultural and rural lending institutions cooperatively owned by their borrowers.

Farm Credit’s mission is to help maintain and improve the quality of life in rural America and on the farm, through its constant commitment to competitive lending and expert financial services.

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