AgGeorgia Farm Credit is pleased to announce the promotion of Mitch Adams to Regional Lending Manager.  Mr. Adams began his career with AgGeorgia in 2015 as a Loan Officer in the Chatsworth Office.  He graduated from The University of Georgia with a Bachelor of Science in Forest Resources and started his professional career working as a Consultant Forester with Geer Forestry Services.  Prior to working at AgGeorgia, Mitch worked for Whitfield County in Mapping/GIS and real estate records for 14 years.

As Regional Lending Manager, Mitch will be responsible for the business development activities and member service for six branches (Cartersville, Clarkesville, Chatsworth, Gainesville, LaFayette, and Rome) that serve 28 counties in North Georgia. 

Mr. Adams resides in Dalton with his wife, Alison, and children, Hayden, Hudson and Harrison.  He looks forward to continuing serving farmers and rural residents of North Georgia in his new role.

AgGeorgia Farm Credit is pleased to announce the addition of Kristin Smith as Member Service Representative in the Clarkesville Office.  A native of Banks County, Ms. Smith graduated from the University of North Georgia with a bachelor’s degree in Business Administration.  Kristin worked an internship with Fieldale Farms the summer of 2022 and gained valuable experience. “It was eye-opening to see what all goes into the poultry business and what it takes to get it to grocery store shelves,” she explained.

Ms. Smith looks forward to servicing the financing needs of residents of Banks, Habersham, Rabun, Stephens, Towns and Union Counties.

AgGeorgia Farm Credit is pleased to announce the hiring of Faith Cotter as a Consumer Ag Loan Officer in our Cordele Branch.  A native of Palm City, Florida, Faith is a graduate of Abraham Baldwin Agricultural College in Tifton where she received a bachelor's degree in Ag Business. “ABAC is a wonderful school and I loved being a part of it,” Cotter said. She was very involved during her time at ABAC, particularly in the MANNRS, an organization that promotes the academic and professional advancement of Minorities in Agriculture, Natural Resources and Related Sciences.  She was previously employed with the University of Georgia system for two years and was involved in FFA and 4-H in high school.  In her spare time, Faith enjoys being with horses.  “I love all things horses,” she said.

Miss Cotter is looking forward to using her experience and association with agriculture to service the financing needs of residents in Crisp, Dooly and Wilcox Counties.

AgGeorgia Farm Credit is pleased to announce the addition of Karen Parker as Consumer Ag Loan Officer in the Cartersville Office.  A native of Bibb County, Mrs. Parker graduated from Georgia Tech with a Bachelor of Science in Management.  Karen worked with SunTrust Bank, Middle Georgia for ten years; she spent most of that time managing banking relationships for clients in the North Macon market and was also involved in various marketing initiatives, training, and community outreach before becoming a Branch Manager. During her banking career, she also taught professional development courses for Georgia AIB.  Mrs. Parker earned her MBA with a concentration in Marketing from Mercer University in 2001.  She then joined IOS Capital as a credit analyst.  

Karen and her husband, Mitch, live in Rockmart where they built their home on his family’s former farm, with their two children, Lorene and Clinton. Lorene was featured in the AgGeorgia Leader magazine in Fall 2019 due to her FFA involvement, which is how Karen became a fan of AgGeorgia!  Mrs. Parker is a graduate of LEAD Polk and has been involved extensively in community service throughout her life.  LEAD Polk is an educational program designed to teach individual and community leadership skills.  Her passion lies in being a loyal blood donor and advocating for its importance.

Mrs. Parker looks forward to using her banking experience to service the financing needs of residents of Bartow, Cherokee, Cobb, Paulding, Polk, Gordon and Pickens Counties.

Andy Crook, Leasing Representative

Proper resource management is crucial to any successful business operation. Resources of people, equipment, materials and cash flow should be utilized effectively.  Financing options like equipment, vehicle or facilities leasing can be another tool in the toolbox to help manage your business.  This can be a great way to maximize tax benefits, preserve capital and manage capital expenditures in the most efficient way.

Why Lease?

The old adage of ‘buy things that appreciate, lease things that depreciate’ applies with equipment. Leasing preserves cash, working capital and credit lines for day to day expenses or other projects such as expansions.  Leasing can also act as a cash flow management tool with payments being structured to match the operation’s cash flow and any profits generated by the leased equipment.  Leases are generally fixed-rate financing and allow the business to lock in a fixed rate to mitigate potential interest rate increases. 

Equipment leases typically are the first type of lease that comes to mind when considering this financing option and with good reason - equipment and vehicles used in agriculture are ideal for leasing.  With the dramatic pace at which ag equipment is increasing in cost and the rapid technology changes with each new model year, taking advantage of the latest and possibly the most efficient equipment can require a large outlay of cash.  A lease can be structured with a replacement cycle in mind.  For example, a new planter could be put on a three-year lease.  At the end of the lease, there are options to purchase, return or trade in the equipment on a new model.  The lease payments cover only those three years, not the full purchase price of the planter.  Cash isn’t tied up in equipment and there is flexibility at the end of the lease depending on the needs of your business.  A planned replacement cycle ensures access to reliable, low maintenance equipment at all times.  There’s also a leasing program for vehicle fleets that are considered in the equipment category.  “If farmers, including corporate farm operations, have a fleet of trucks, even over-the-road trucks, they can be leased through our program,” explains Andy Crook, AgGeorgia’s Farm Credit Express and Leasing Ambassador.  “Obviously tractors are commonly thought of for lease products, but other excellent possibilities include irrigation and poultry equipment.  A few of the less obvious options include refrigeration equipment [coolers], ear tags for cows or dairy farms and wine barrels.”  

Under a facilities lease, 100% financing is typically available and there are no down payment requirements.  This means minimizing out of pocket costs for down payments or soft costs associated with a project.  “With facility leases, AgGeorgia doesn’t take a lien on the real estate [for facilities less than $500,000] which is huge,” said Crook.  “Financing for the total construction amount plus soft costs with no down payment is something that AgGeorgia can offer through the leasing program that’s not offered through our convention loan programs.  In fact, we’re not aware of any other financing or lending institution that offers this type of leasing option.”  Facilities can include barns, equipment storage, greenhouses, grain bins, buying points and even slaughter houses, just to name a few examples. All invoices related to construction are funded and rolled into the lease with only interest on the accumulating principal being due prior to lease commencement.  The shortened write-off period with a true lease is particularly attractive to many businesses as well.  And while there is an origination fee, no other fees such as appraisal, attorney or closing are incurred.

Maximizing Tax Benefits

Leasing can help businesses maximize tax benefits.  Capital expenditures are generally depreciated under a schedule based upon the property.  For example, normally a business owner who bought a piece of equipment with a five-year expected life would depreciate the cost of that equipment on their tax return gradually over those five years.  By leasing, a business can effectively manage both cash flow and tax benefits during the term of the lease.  Under a ‘true lease,’ a business can lease equipment or facilities and write off the lease payments as operating expenses over the term of the lease, reducing taxable income.  This type of lease provides the business with level tax deductions in future years.  It also offers the ability to shorten the write-off period as compared to traditional depreciation schedules.  For example, a machine shed can be placed on a 7 year lease.  Typically, a machine shed is depreciated over 20 years.  By expensing the lease payments over 7 years rather than depreciating over 20 years, the write-off period is greatly reduced with a lease. A typical true lease on a structure will have a minimum 15% purchase option at the end of the lease and offer flexibility at lease end to purchase or return the equipment, or renew the lease.

By leveraging the various tools available, you can manage and improve your business operationally and financially. “There are tons of opportunities with leasing within AgGeorgia and our territory,” Crook says.  “Most folks think their financing need won’t fit into our leasing program but once all the options are explained, many times it does.  There’s a lot of opportunity people don’t think about. ”

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For more information on leasing options and to see if leasing is right for you, contact Andy Crook at the Perry Office at 478.987.8300 Ext 224, on his cell phone 478.244.0865, or his email acrook@aggeorgia.com.

Tax incentives can change from year to year and it’s critical to work with your tax advisor to properly plan capital expenditures to take advantage of any potential tax benefits.

AgGeorgia Farm Credit is pleased to announce the promotion of Adam Dye to Regional Lending Manager.  Mr. Dye began his career with AgGeorgia in 2014 as a Loan Officer in the Washington Branch.  In 2016, he transitioned into the role of Credit Administrator where he was responsible for the credit underwriting and approvals for nine branches across North Georgia.  He worked in the Capital Markets department leading up to his promotion.  As Regional Lending Manager, Adam will be responsible for the business development activities and customer service for two branches, Royston and Washington, that serve 10 counties in Northeast Georgia. 

He is a graduate of The University of Georgia with a Bachelor of Science in Agribusiness.  He has a diverse work background including commercial beef cattle production, hay production, commercial tree farming, and experience in the nursery business.

Mr. Dye resides in Hartwell with his wife, Caitlin.  He looks forward to continuing serving farmers and rural residents of Northeast Georgia in his new role.
 

AgGeorgia Farm Credit is pleased to announce the hiring of Ryan Hardin as a Commercial Loan Officer in the LaFayette branch.  A native of Cedar Bluff, AL, Mr. Hardin is a graduate of Auburn University with a Bachelor of Science in Agribusiness.  Ryan previously worked as a Farm Loan Officer with the Farm Service Agency and worked for Auburn’s Poultry Science Department throughout his college career. Growing up, his family was in the cattle business; at the age of 15 he obtained a youth loan from FSA and purchased cows of his own.  

Mr. Hardin started his career with AgGeorgia in 2016 as a credit analyst and was later promoted to a commercial loan officer.  In 2021, he left AgGeorgia to run his farm full time, which includes cattle, hay and four breeder hen houses.  After finding great employees to help to manage the operation, he rejoined the AgGeorgia team in November of 2022.  

He looks forward to using his agricultural and financial knowledge and experience to service the needs of residents of Catoosa, Dade and Walker Counties.

AgGeorgia Farm Credit is pleased to announce the promotion of Caroline Perry as a Credit Analyst in the Gainesville Office.  A native of Forsyth County, Ms. Perry graduated from The University of Georgia with a major in Agribusiness and minor in Agricultural Economics.  She has experience in banking and poultry and is passionate about the agriculture industry. Caroline is excited to continue to support Georgia’s agriculture industry from a new perspective and utilize her degrees to better serve the members of AgGeorgia.  She lives in Sandy Springs with her Goldendoodle, Hank. 

Ms. Perry looks forward to using her passion and experience in agriculture and banking to service the financing needs of residents of Banks, Barrow, Dawson, Forsyth, Hall, Jackson, Lumpkin and White Counties.