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Farm Credit issues special patronage payment
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Farm Credit Illinois said Monday that a one-time $10 million pre-season patronage distribution is being delivered this week to the cooperative’s members.
An additional $30 million will be paid to members in mid-June as the traditional annual cash patronage and $2.7 million in patronage will be distributed separately to qualified loans in its Capital Markets Group agribusiness loan portfolio. Patronage is distributed based on the business value each borrower contributed to the cooperative in 2020.
“This year’s special pre-season patronage recognizes the unusual circumstances and challenges members faced in 2020,” according to Farm Credit Illinois board Chairman Eric Mosbey.