By Scout Nelson
South Dakota's farmers and ranchers have been handed a substantial financial gift. Recently, Farm Credit Services of America (FCSAmerica) distributed an impressive $57.3 million in cash-back dividends to its eligible customer-owners.
This gesture is part of FCSAmerica's ongoing commitment to share its financial success with those who fuel the agricultural industry.
Jason Edleman, FCSAmerica's senior vice president in South Dakota, highlighted the uniqueness of their patronage program, emphasizing its role in reducing borrowing costs and bolstering rural economies.
"By putting money directly into the hands of our farmers and ranchers, we're not just reducing expenses; we're investing in their futures and the communities they support," Edleman stated.
The 2024 dividends equate to a 1% return on the customer's average daily loan balance over the year, a benefit that reflects both the cooperative's robust financial health and its dedication to its members.
Detailed county-level distribution data is accessible through an interactive map, showcasing the widespread impact of these dividends.
Looking ahead, FCSAmerica's Board of Directors has green-lighted another round of cash-back dividends from the cooperative's 2024 earnings, the specifics of which will be decided in December.
Since introducing its patronage program in 2004, FCSAmerica has returned over $618 million to its South Dakota members, underscoring its role as an important financial partner in the region's agricultural development.
This year's dividend distribution not only signifies a direct financial boon for the recipients but also acts as a catalyst for further investment in South Dakota's agricultural operations, families, and rural communities at large.
Photo Credit-farm-credit
Categories: South Dakota, Business, Government & Policy