Offices Closed December 24 & 25 | AgGeorgia Launches Crop Insurance Division
AgGeorgia Farm Credit is pleased to announce the cooperative’s response to Hurricane Helene’s historic damage inflicted across Georgia. This includes a distribution of $6 million to borrowers, a $100,000 donation to the Weathered But Strong: Hurricane Relief Fund, and loan programs for members impacted by the storm.
“In communicating with members, so many are rebuilding while worrying about their livelihoods, holding on to the farm, and providing for their family,” said AgGeorgia CEO Rob Crain. “As a member-owned cooperative, our focus is always on our member-borrowers, and our goal is to exhaust all options to assist during these challenging times.”
The primary outlet to quickly assist comes in the form of an early Patronage Distribution. Patronage distributions are normally disbursed in April, based on overall profits from the year prior. However, because of the exceptional circumstances and challenges presented to members by Helene, AgGeorgia is distributing $6 million through an Early Patronage Distribution to be issued on October 31, 2024. This disbursement is considered to be a portion of the expected 2024 refund to be paid in April 2025. AgGeorgia’s board already declared a cash dividend of over $14 million in April and a nearly $8 million surplus revolvement in July. The upcoming distribution brings the total paid to borrowers in 2024 to over $28 million.
Second, as a statement of support for Georgia farmers, AgGeorgia’s Board of Directors voted to make a $100,000 donation to the Weathered But Strong: Hurricane Relief Fund. This fund is made possible by a united effort of over 40 of Georgia’s leading ag organizations, with 100% of the donations going directly to farmers in need. Beginning in November, farmers will be able to apply for funds to aid in their recovery, providing relief to cover damages and lost crops.
“We deeply appreciate the generosity of AgGeorgia and all our partners who have stepped up to help our farming families,” said Lily Baucom, Executive Director of the Georgia Foundation for Agriculture. “Every dollar raised will go toward supporting the farmers who work tirelessly to feed and sustain us, and we are committed to getting these funds into their hands as quickly as possible.”
To learn more and contribute to the Weathered But Strong: Hurricane Relief Fund, visit www.SupportGeorgiaFarmers.org.
Finally, AgGeorgia has established the following programs to assist AgGeorgia members impacted by Helene. Current borrowers interested in any of the below programs should contact their loan officer or servicing branch.
- Emergency Loan Program - Loans of up to $100,000 to existing members for storm-related needs. Loans will be structured with a variable rate and 12-month maturity, priced at Prime minus 1%, with no fees and minimal underwriting requirements.
- Payment Deferrals/Extensions - Installment or maturity payments due in September, October, and/or November may be deferred for up to 90 days.
- Foreclosure Moratorium - In place through year end.
“AgGeorgia Farm Credit’s mission is to improve the lives of Georgia’s farmers, families, and rural communities,” said CEO Rob Crain. “We are committed to leaning into this mission as our members recover from Hurricane Helene.”
About the Weathered But Strong: Hurricane Relief Fund
The Weathered But Strong: Hurricane Relief Fund is a collaborative effort between The Georgia Department of Agriculture, Georgia Foundation For Agriculture, Georgia Farm Bureau and over 40 Georgia agricultural organizations to provide direct financial relief to farmers impacted by Hurricane Helene. The fund is managed by the Georgia Foundation for Agriculture, a registered charity (Georgia Charity Number: CH015635; EIN: 47-2035360). 100% of all donations go directly to farmers in need. To learn more about the Georgia Foundation for Agriculture, visit www.GaFoundationAg.org.
